MIRA
INFORM REPORT
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Report Date : |
12.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SUN PACKAGING CO. LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.04.1997 |
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Com. Reg. No.: |
1/56564/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers
and distributors of printed packaging material, flexible packaging such as
BOPP, OPA, PET, PVC, foil, paper, CPP and LLDPE films. |
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 : |
RO 200,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
COmpany NAME
Sun
Packaging Co. LLC
ADDRESS
Building :
Street : Way No. 21
Area : Rusayl Industrial Area, Plot No. 218
P.O.Box No.: 125
Town : Rusayl 124
Country :
Telephone : (968) 2444 6864 / 2444 6865 / 2444 6866 /
Fax : (968) 2444 6867
E-Mail : suryaprrakash@sunpackaging.net
/ info@sunpackaging.ne
Website : www.sunpackaging.net
Shortform Name :
SPCO
Trading Styles :
Sun Packaging
Also Known As :
Sun Packaging Company LLC (SPCO)
SENIOR COMPANY PERSONNEL
Name Position
1. Brig. Masoud
Humaid Malik Al Harthy Group Chairman
2. Mehdi Mohamed
Jawad Al Abduwani Chairman
3. Deelep
Shanbak General Manager
4. Surya
Prrakash Accounts Manager
Total Employees :
135
PAYMENTS
No complaints have
been heard regarding payments from local suppliers
or banks.
Subject is a
subsidiary of Al Anwar Holdings SAOG, an investment
holding company
that is publicly traded and listed on the
Securities Market.
Al Anwar Holdings SAOG invests in industrial
ventures,
financial services, manufacturing sectors in
throughout the
region.
We consider it is
acceptable to deal with subject for LARGE amounts.
Opinion on maximum
credit : RO 200,000
Trade risk
assessment :
Opinion on the
credit figure of US DLRS 150,000 :
We consider the
above figure to be within the company's financial
capabilities.
PRINCIPAL BANKERS
NAME : BANK DHOFAR
Branch : Main Branch
PO Box : 1442
Town : Ruwi 112
Telephone: (968)
2483 1090 / 2483 5854
Fax :
(968) 2483 1892
The company also
has an account with :
Bank
Main Branch
Ruwi 112
Telephone: (968)
2470 3044 / 2478 8638
Fax : (968) 2478 9886 / 2478 8638
FINANCIAL INFORMATION
Private companies
in
or disclose
balance sheets. However, the subject interviewed
offered the
following information :
Sales
turnover : RO 9,800,000 - 2008 – exact *
: RO 9,200,000 - 2009 - exact
: RO 9,700,000 – 2010 – exact
: RO 11,000,000 – 2011 –
projected
Net profit : RO 50,000 - 2008 – exact *
: RO 350,000 - 2009 - exact
: RO
400,000 – 2010 – exact
: RO 450,000 – 2011 – projected
* Decrease in
sales turnover and net profit in 2008 was due to the
global economic
downturn and unfavourable market conditions.
Financial year
ends 31 December.
The following
consolidated balance sheets information as of 31
March 2010 applies
to Al
Anwar Holdings SAOG, subject's parent
company :
31 Mar 2010 31 Mar 2009
(in
thousands of RO)
ASSETS
Cash &
Cash Equivalents
1,889 306
Securities & Short-term Investments 3,546 3,168
Net Receivables 2,758 3,426
Current receivables 2,758 3,426
Total
Inventory
2,018 2,118
Provision (Inventory) (39) (24)
Net Inventory 1,979 2,094
Due from Sister Companies/Associates 184 251
Prepaid
Total Current Assets 11,310 10,207
Fixed Assets 3,779 3,833
Total Long
term Investments
18,265 17,459
Intangibles 63 63
Total Long Term Assets 22,107 21,355
Total Assets 33,417 31,562
LIABILITIES & SHAREHOLDERS EQUITY
Short Term Debt 4,624 4,509
Current Portion of Long Term Debt 1,267 772
Accounts Payable 1,865 2,793
Accrued Expenses 334 206
Due To Sister Companies 28 33
Total Current Liabilities 8,118 8,313
Long Term Debt 4,674 5,511
Total Long-term Liabilities 4,674 5,511
Total Liabilities 12,792 13,824
Total
Provisions 425 341
Total Liabilities & Provisions 13,217 14,165
Minority Interest 725 580
Total
Shareholders' Equity 19,475 16,817
Total Liabilities &
Shareholders' Equity 33,417 31,562
Comm. & Contingent Liabilities 6,552 6,946
CONSOLIDATED INCOME
STATEMENT
Gross Revenue 9,254 13,147
Cost of Goods Sold
(9,122) (12,768)
Gross Margin 132 379
Net Operating Profit 132 379
Interest Expense (729) (815)
Interest Income 65 12
Total
Investment Income
3,664 3,135
Other Income 224 408
Minority Interests (145) (209)
Net Profit Before Taxes/Zakat 3,211 2,910
Tax / Zakat Provision (67) (295)
Net Profit After Taxes or Zakat 3,144 2,615
Net Profit After Unusual Items 3,144 2,615
Earnings Per Share (units) 0.029 0.026
Financial year
ends 31 March.
LEGAL STATUS AND HISTORY
Date Started : 1
April 1997
History : The
subject company was established in
C.R. No. :
1/56564/8 (expiry date : 5 September 2012)
Chamber of
Commerce Membership No. : 986 (issued on 1/04/1998,
expires on
1/02/2012)
Authorised Capital
: RO 1,500,000 (increased from RO 500,000 in 2008)
Paid up Capital :
RO 1,500,000 (increased from RO 500,000 in 2008)
Limited Liability
Company with the following shareholders :
1. Al Anwar
Holdings SAOG
62.50%
Al Hamriya 131
Telephone: (968) 2469 2503 / 2469 2504
Fax
: (968) 2469 2507
Chairman : Brig. Masoud Humaid Malik Al
Harthy
2. H.E. Hassan Bin
Ihsan Naseeb Al Naseeb 12.50%
(Omani national)
3. Amin Bakr Habib
Murad 12.50%
(Omani national)
4. Brig. Masoud
Humaid Malik Al Harthy 12.50%
(Omani national)
Personal Profile
on Brig. Masoud Humaid Malik Al Harthy :
He is a Omani
national, holds a diploma in management with an
experience of 32
years in military service in addition to over two
decades as a
business man, a board member in several companies.
Mehdi Mohamed
Jawad Al Abduwani :
He is a Omani
national, holds a Post Graduate Diploma in Development
Planning Technique
(DPT) and a bachelor’s degree in economics. He is
currently the
Director General of Development Planning at the
Ministry of
National Economy, Sultanate of
participated in
the formulation of the long term development strategy
for Oman 2020
(1996-2020), and at present leading the team of
implementation. He
is also a board member and chairman in several
companies,
operating in various fields of the economy.
Parent Company
Al Anwar Holdings
SAOG (AAH) was promoted and established in the year
1994 by a group of
prominent business families in
objective to
contribute in industrial development of Sultanate of
has been
instrumental in pioneering industrial development in
sectors such as
Ceramic Tiles, Aluminium Profile, Investment
Castings,
Stationery, Transformers & Switch gears, Paints and Glass.
The company has
promoted and nurtured many industries during its
existence of last fifteen
years. To name a few they are:
Affiliated
companies of Sun Packaging Co. LLC :
Associates
Affiliated
companies of Al Anwar Holdings SAOG :
1. Al Anwar Blank
Company SAOC (AABCO)
Al Hamriya 131
Telephone: (968) 2469 2503 / 2469 2504
Fax
: (968) 2469 2507
2. Voltamp Energy
SAOG (fmly Voltamp Manufacturing Co. LLC)
PC 124
Telephone: (968) 2444 6518
Fax
: (968) 2444 6584
3. National
Aluminium Products Company SAOG (NAPCO)
Rusyal 124
Telephone: (968) 2444 6450 / 2444 6110
Fax
: (968) 2444 6453 / 2444 6449
4. Al Maha
Ceramics Company SAOC (AMCC)
PC 112
Telephone: (968) 2457 1981
Fax
: (968) 2457 1983
5. Falcon
Insurance Company SAOC (FIC)
Telephone: (968) 2456 6470
6. Taageer Finance
Company SAOG
Ruwi 112
Telephone: (968) 2481 0123
Fax
: (968) 2481 1143
7. Almondz Global
Securities Limited
Scindia House, 2nd Floor,
Janpath
Telephone: (91 11) 4151 4666
Fax
: (91 11) 4151 4665
8. Addax
Securities
First Floor
9. Al Anwar
Securities SAOC
Al Hamriya 131
Telephone: (968) 2469 2503 / 2469 2504
Fax
: (968) 2469 2507
10.Majan Glass
Company SAOG
Sohar 327
Telephone: (968) 2675 1654
11.Al Anwar Ceramic
Tiles Co. SAOG
Al Harthy Complex PC 118
Telephone: (968) 2457 1359 / 2457 1675
Fax
: (968) 2457 1680
ACTIVITIES
The Company is
involved in the following activities :
Manufacturers and
distributors of printed packaging material,
flexible packaging
such as BOPP, OPA, PET, PVC, foil, paper, CPP and
LLDPE films.
Subject caters to
the following industries :
- Snack Foods
- Biscuits
- Chocolates &
Confectionary
- Ice Creams
- Extruded
products (Pasta/Pofak)
- Fruit Juices /
Fruit Concentrates
- Milk Powder/
Breakfast Cereals/Soups/Baking Powder/Creamer
- Tomato Paste /
Ketchup/Mayonnaise/Sauces
- Personal care
(Shampoos/soaps etc.)
- Edible Oil /
Food grains / Flour/Sugar/Spices and Pulses
- Tea / Coffee / Other
Beverages
- Wrap around
labels
- Laundry &
Hygiene product
- Retort / Ready
to eat foods
Subject also have
clients who use ready-made Pouches in the following segments:
- Pet Food – Dry
and Wet
- Garden
Fertilisers
- Sea Food
- Frozen Foods
NACE Code : 2222 /
2592
Imports machinery
and raw materials from Europe and
Exports worldwide,
mainly to UAE, Iran, Yemen, Syria, Turkey, Jordan, Egypt, Morocco, Algeria,
Sudan Senegal, Ethiopia, Malawi, South Africa, UK, Denmark, Russia, Pakistan,
India, Afghanistan, Sri Lanka and USA.
FACILITIES
The Company has
the following facilities :
Owned premises
comprising administrative offices and a manufacturing
unit with warehousing
facilities located at the heading address.
In 2004 subject
completed its expansion programme with an investment
of RO 825,042 in
an eight colour printing machine, a lamination
machine and a
slitting machine. This almost doubled the capacity of
the company.
Subject previously
used the following numbers :
Telephone: (968)
626 864 / 626 277
Fax : (968) 626 867
SPECIAL NOTE
The bankers name
given by you : HSBC Middle East is incorrect. Please
note that
subject's principal bankers are given in "Principal
Bankers"
section.
Interviewed: Surya
Prrakash (Accounts Manager).
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.69 |
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1 |
Rs.73.12 |
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Euro |
1 |
Rs.64.39 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.