MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
SWEETS OF OMAN SAOG |
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Registered Office : |
Sweets of Oman Building, Road No. 8, Rusayl Industrial Estate, PO Box 49 Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
01.01.1989 |
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Com. Reg. No.: |
1/28686/2 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Production and marketing of chocolate and sugar confectionery |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 200,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SWEETS OF OMAN SAOG
Country of Origin : Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 1st January 1989
Commercial Registration Number : 1/28686/2
Issued Capital : RO 700,000
Paid up Capital : RO 700,000
Total Workforce : 120
Activities : Production and marketing of chocolate and sugar confectionery
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
SWEETS
OF OMAN SAOG
ADDRESS
Registered & Physical
Address
Building : Sweets of Oman Building
Street : Road No. 8
Area : Rusayl
Industrial Estate
PO Box : 49
Town : Rusayl
124
Country : Sultanate of Oman
Telephone : (968) 24446278 / 24446279 / 24446280
Facsimile : (968) 24446276
Email : sweets@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Rusayl.
KEY PRINCIPALS
Name Position
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Redha Bhacker Suleiman Jaffer Chairman
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Mahdi Abdul Baqi Vice
Chairman
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Mohamed Bin Suleiman Al Ismaili Director
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Mohammed Bin Abdul Hussain Bin Bhacker Director
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Ceruseri Srinivasan Badrinath Director
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Ali Malallah Habib Al Lawati Director
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S K Rao Director
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S. Balakrishana General
Manager
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Arthur J B Colaco Marketing
Manager
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M M Raghavan Operations
Manager
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S. Mukherjee Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
January 1989
Legal Form :
Societe Anonyme Omani
General - SAOG (Omani Public Joint Stock Company)
Commercial Reg. No. : 1/28686/2
Issued Capital : RO 700,000
Paid up Capital : RO 700,000
Name of Shareholder
(s)
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Redha Bhacker Suleiman Jaffer
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Sabco LLC
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Zubair Enterprises
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Omani
businessmen and private investors
OPERATIONS
Activities: Engaged in the production and marketing of chocolate and sugar confectionery, including toffees,
fudges, eclairs, bon bons, enrobed chocolates and premium gift boxes.
Production
Capacity: 3,000
tonnes per annum
Import
Countries: France, Italy
and Turkey
Export
Countries: Canada, New
Zealand, United Kingdom, Africa and the Gulf Region
Brand Names: CHIKO,
CHIKO BON BONS, CHIKO BONNY, CHIKO BINSY, CHIKO ECLAIRS, CHIKO FARIS,
CHIKO
TOFFEES, CHIKO TWIST, CHIKO ROYAlE, and CHIKO NARJEELA
Operating Trend: Steady
Subject has a
workforce of 120 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales RO 3,529,708 RO 4,278,208
Total Expenditure RO 3,186,678 RO 4,023,208
Profit before
extraordinary RO 343,030 RO 255,000
Item and tax
Extra ordinary item RO 273,845 -
Provision for tax RO 73,237 RO 27,000
Net profit after
tax RO 543,638 RO 228,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were released by the subject.
BANKERS
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Bank Muscat
SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 561399 / 708543
Fax: (968) 561036
Acc No. 0103-400080081018
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Sweets Of
Oman SAOG was established in 1989 and is engaged in the production and marketing of chocolate and sugar confectionery.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk and the above credit figure is
admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.22 |
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UK Pound |
1 |
Rs.73.03 |
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Euro |
1 |
Rs.63.14 |
RATING
EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)