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MIRA
INFORM REPORT
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Report Date : |
21.10.2008 |
IDENTIFICATION DETAILS
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Name : |
FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO) |
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Registered Office : |
Road No. 21, Plot
No. 225/226, Rusayl Industrial Area, PO Box
200 & 989 & 60, Ruwi 112, Muscat |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
10.05. 1998 |
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Com. Reg. No.: |
1/59063/4, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Producers and Marketers of Flexible Packaging Laminates
and Materials |
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$ 300,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)
Country of Origin :
Legal Form : Limited Liability Company – LLC
Registration Date : 10th May 1998
Commercial Registration Number : 1/59063/4,
Chamber Membership Number : 1021/1
Issued Capital : RO 4,000,000
Paid up Capital : RO 4,000,000
Total Workforce : 52
Activities : Producers and marketers of flexible packaging laminates and materials.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 300,000
COMPANY NAME
FLEXIBLE INDUSTRIAL
PACKAGES CO SAOG (FIPCO)
ADDRESS
Registered & Physical Address
Street : Road No. 21, Plot No. 225/226
Area : Rusayl Industrial Area
PO Box : 200 & 989 & 60, Ruwi 112
Town : Muscat
Country : Sultanate of Oman
Telephone : (968-24) 446121 / 626121 / 707770
Facsimile : (968-24) 446890 / 626890 / 782141
Email : fipco@omantel.net.om
Premises
Subject operates
from a medium sized suite of offices, a factory and storage facilities that are
owned and located in the Industrial Area of Muscat.
KEY PRINCIPALS
Name Nationality Position
·
Usama
Bon Mohammad Bin Ali Al Barwani Omani Chairman
·
Sushil
Kumar Srivastava - Vice
Chairman
·
Khamis
Mubarak Khamis Omani Managing
Director
·
Mohamed
Radi Hassan Sulaiman Omani Director
·
Murali
Chidamaram - Director
·
Jehan
De Souza - Director
·
M. K.
Shagahan - Director
·
Mohamed
Al Kendi Omani Finance
Manager
·
Vivek
Bhatt Indian Production
Manager
LEGAL FORM & OWNERS
Date of Establishment : 10th
May 1998
Legal Form :
Omani Public Joint Stock
Company (Societe Anonyme Omani General – SAOG)
Commercial Reg. No. : 1/59063/4,
Muscat
Chamber Member No. : 1021/1
Issued Capital : RO 4,000,000
Paid up Capital : RO 4,000,000
Name of Shareholder (s)
·
Usama
Bon Mohammad Bin Ali Al Barwani
·
Sushil
Kumar Srivastava
·
Khamis
Mubarak Khamis
·
Mohamed
Radi Hassan Sulaiman
·
Murali
Chidamaram
·
Jehan
De Souza
·
M. K.
Shagahan
·
Trans
Gulf Industrial Investment Company
·
National
Industrial Investment Company
·
Muscat
Overseas Co LLC
Sultan Qaboos Street
PO Box : 488, Ruwi 112
Muscat
Tel : (968) 703844
/ 703225 / 703226
Fax : (968) 793071
Email : corporate@muscatoverseas.com
·
Omani
businessmen and private investors
OPERATIONS
Activities: Engaged in the production and marketing of
flexible packaging laminates and materials.
Production
Capacity: 1,300 tonnes per
year.
Import
Countries: Germany and Asia
Export
Countries: Saudi Arabia,
Iran and South Africa
Operating Trend: Steady
Subject has a
workforce of 52 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 31/12/07 31/12/06
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ASSETS |
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Non-current assets: |
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Property, plant and equipment |
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1,898,743 |
1,734,239 |
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Current assets: |
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Inventories |
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782,131 |
453,751 |
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Accounts receivable and prepayments |
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1,120,784 |
1,128,851 |
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Cash at bank and in hand |
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411,009 |
43,485 |
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2,313,924 |
1,626,087 |
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Total assets |
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4,212,667 |
3,360,326 |
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SHAREHOLDERS’ EQUITY AND LIABILITIES |
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Shareholders’ equity: |
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Share capital |
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1,500,088 |
1,500,088 |
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Legal reserve |
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73,895 |
67,746 |
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Revaluation reserve |
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24,877 |
- |
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Accumulated losses |
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(355,523) |
(410,864) |
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1,243,337 |
1,156,970 |
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Non-current liabilities: |
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Borrowings |
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1,416,461 |
1,410,732 |
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1,416,461 |
1,410,732 |
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Current liabilities: |
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Borrowings |
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655,703 |
154,000 |
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Accounts payable and accruals |
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897,166 |
638,624 |
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1,552,869 |
792,624 |
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Total liabilities |
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2,969,330 |
2,203,356 |
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Total shareholders’ equity and liabilities |
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4,212,667 |
3,360,326 |
Income Statement
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Turnover |
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2,463,101 |
1,846,425 |
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Cost of sales |
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(2,032,405) |
(1,565,582) |
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Gross profit |
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430,696 |
280,843 |
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Other income |
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47,801 |
51,470 |
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Administrative and general expenses |
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(144,110) |
(121,805) |
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Operating expenses |
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(205,700) |
(132,522) |
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Profit from operations |
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128,687 |
77,986 |
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Finance costs – net |
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(67,197) |
(56,060) |
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Profit before tax |
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61,490 |
21,926 |
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Taxation |
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- |
- |
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Net profit for the year |
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61,490 |
21,926 |
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
National
Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box 751
Muscat 112
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
·
Oman
Arab Bank
Head Office
Muttrah Business District
PO Box 2010
Muscat 112
Tel: (968) 24700161 / 24706265
/ 24706267
Fax: (968) 24797736
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Flexible Industrial
Packages Co SAOG (FIPCO) commenced operations in 1998 and is engaged in the
production and marketing of flexible packaging laminates and materials.
According to local
sources subject is making steady progress in the local business market as well
as exporting products to Saudi Arabia, Iran and South Africa.
The company’s
operating history is clear with nothing detrimental uncovered regarding the
manner in which payment obligations are fulfilled. As such the subject is
deemed a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.88 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
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%)