MIRA
INFORM REPORT
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Report Date : |
12.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
DHOFAR FISHERIES INDUSTRIES COMPANY SAOG |
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Registered Office : |
Raysut Industrial Area, PO Box
2438, Salalah 211 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
01.01.1997 |
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Com. Reg. No.: |
2/11512/3 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Fishing, Processing, Canning and
Marketing of Fish Related Products |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 50,000 |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
DHOFAR FISHERIES INDUSTRIES COMPANY SAOG
Country of Origin : Sultanate of Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 1st January 1997
Commercial Registration Number : 2/11512/3
Issued Capital : RO 2,540,000
Paid up Capital : RO 2,540,000
Total Workforce : 190
Line of Business :
Fishing, processing, canning and marketing of fish
related products
Financial Condition : Poor
Payments : Nothing detrimental uncovered
COMPANY NAME
DHOFAR FISHERIES INDUSTRIES COMPANY SAOG
ADDRESS
Registered & Physical Address
Location : Raysut Industrial Area
PO Box : 2438
Town : Salalah 211
Country : Sultanate of
Oman
Telephone : (968) 23219140 / 23219141
Facsimile : (968) 23219217
Email : dhofarfisheries@dhofarfisheries.com
Premises
Subject operates from a medium sized suite of offices, processing
facilities and warehousing that are owned and located in the Industrial Area of
Salalah.
KEY PRINCIPALS
· Awadh
Mohamed Bmkhalef Chairman
· Azzan
Ahmed Al Shanfari Deputy
Chairman
· Mohamed
Ahmed Al Abadi Director
· Hussain
Malalaha Director
· Mohamed
Jubara Hassan Al Marar Director
· Raffy
Kozajian Director
· Abdulrahman
Al Shaye Director
· Salem
Tamaan Al Mashaani General Manager
· Hamid
Dahman Bin Salman Al Nahdi Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
January 1997
Legal Form : Sharikat Al
Mousahama Al Omania (Societe Anonyme Omani
General - SAOG) (Omani Public Joint Stock Company)
Commercial Reg. No. : 2/11512/3
Issued Capital : RO 2,540,000
Paid up Capital : RO 2,540,000
Name of Shareholder (s) Percentage
· Oman
and Emirates Investment Holding Company SAOG 99.13%
· Omani businessmen
& private investors 0.87%
Note to the Legal Form
Public Joint stock companies may not be incorporated without the prior
approval of the Ministry and the issuance of a license to that effect. Public
joint stock companies must have a minimum capital of RO 150,000.
LINE OF BUSINESS
Operations : Engaged in fishing, processing,
canning and marketing of fish related products.
The factory, which is situated
in Raysut Industrial Area, Dhofar Region, is one of the most modern factories
worldwide facilitated with latest European technology and standards
"HACCP". The plant has an annual production capacity of 22 million
tuna cans per year on a single shift operation basis, 27 million sardine cans,
1800 metric tone of a whole tuna loins Fresh/ Frozen, 1800 metric tone of fish
meal and 250 metric tone of fish oil. The factory has storage capacity for 3000
metric tonnes, increasing the export volume of frozen fish for more than 14000
tonnes of Tuna and Sardine per year. To comply with this vast production
capacity, the company has obtained its own fishing vessels.
Import Countries : Spain
Brand Names : BLUE OCEAN
Subject has a workforce of approximately 190 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below:
Currency : Riyal Omani (RO)
Balance Sheet
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31/12/06 |
31/12/05 |
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ASSETS |
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Non-current
assets |
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Property, plant and equipment |
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8,401,510 |
8,974,837 |
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Investments available for sale |
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6,671 |
7,890 |
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---------------- |
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Total non-current assets |
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8,408,181 |
8,982,727 |
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Current assets |
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435,748 |
183,599 |
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Accounts and other receivables |
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599,809 |
382,930 |
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Bank balances and cash |
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424,698 |
276,566 |
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Total current assets |
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1,460,255 |
843,095 |
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Total assets |
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9,868,436 |
9,825,822 |
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========= |
========= |
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EQUITY AND LIABILITIES |
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Equity |
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Share capital |
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2,540,000 |
5,000,000 |
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Accumulated losses |
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(2,538,452) |
(9,354,337) |
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Fair value reserve |
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4,315 |
5,534 |
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5,863 |
(4,348,803) |
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Liabilities |
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Non-current liabilities |
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4,951,459 |
5,988,679 |
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491,540 |
545,978 |
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17,512 |
15,540 |
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5,460,511 |
6,550,197 |
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Current liabilities |
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1,183,017 |
923,980 |
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Accounts and other payables |
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471,527 |
324,877 |
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Amounts due to the Parent company |
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535,018 |
4,783,071 |
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Current portion of term loans |
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2,212,500 |
1,592,500 |
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4,402,062 |
7,624,428 |
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Total liabilities |
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9,862,573 |
14,174,625 |
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Total equity and
liabilities |
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9,868,436 |
9,825,822 |
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Statement of Income |
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31/12/06 |
31/12/05 |
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INCOME |
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Sales |
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2,254,004 |
1,511,710 |
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Cost of sales – excluding depreciation |
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(2,230,560) |
(1,443,347) |
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23,444 |
68,363 |
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Cost of sales – depreciation |
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(572,762) |
(571,928) |
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Gross loss |
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(549,318) |
(503,565) |
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Other income |
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6,661 |
4,971 |
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(542,657) |
(498,594) |
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EXPENSES |
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General and administration |
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(354,533) |
(319,406) |
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Selling and distribution |
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(126,253) |
(24,706) |
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Net financing costs |
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(620,672) |
(589,357) |
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(1,101,458) |
(933,469) |
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Net loss for the
year |
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(1,644,115) |
(1,432,063) |
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========= |
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Local sources consider subject’s financial condition to be Poor.
BANKERS
·
Bank Dhofar Al Omani Al Fransi
Mutrah Business
District
PO Box: 1507
Muscat 112
Tel: (968)
24790466
Fax: (968)
24797246
·
Bank Muscat SAOG
PO Box 134
Ruwi 112
Tel: (968)
24703044
PAYMENT HISTORY
Subject has a loan from a commercial bank for RO 2,260,499 repayable in
monthly instalments of RO 30,000 commencing June 2004, RO 35,000 from January 2006
and RO 40,000 from January 2008. The Company has defaulted on the loan
repayment of RO 60,000 during the year. The loan is secured by a corporate
guarantee of the Parent Company, pledge of the shares of certain founder
promoters and a second charge over the property, plant and equipment of the
Company.
No further information was available on this matter.
GENERAL COMMENTS
Dhofar Fisheries Industries Company SAOG was established in
1997 and is engaged in fishing, processing, canning and marketing of fish
related products.
The company has conducted a number of restructuring plans
during the year to improve its financial situation however it made a loss of RO
1,644,115 for 2006. As such a measure of caution is advisable and a close
monitoring of subject’s business development is recommended.
Maximum suggested credit figure: US$ 50,000
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%)