MIRA
INFORM REPORT
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Report Date : |
17.05.2011 |
IDENTIFICATION DETAILS
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Name : |
OMANI EURO FOOD INDUSTRIES SAOG |
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Registered Office : |
Dhofar House Medinat Al Sultan Qaboos |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
30.04.1997 |
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Com. Reg. No.: |
3/14876/9 |
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Legal Form : |
Public Joint Stock Company |
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Line of Business : |
Manufacture of foodstuffs for babies and children |
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$ 100,000 |
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Status : |
Satisfactory |
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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 |
SUMMARY
Company Name : OMANI EURO FOOD INDUSTRIES SAOG
Country of Origin :
Legal Form : Public Joint Stock Company
Registration Date : 30th April 1997
Commercial Registration Number : 3/14876/9
Issued Capital : RO 5,100,000
Paid up Capital : RO 5,100,000
Total Workforce : 52
Activities : Manufacture of foodstuffs for babies and children.
Financial Condition : Poor
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
OMANI EURO FOOD INDUSTRIES SAOG
ADDRESS
Registered & Physical Address
Building : Dhofar House
Area : Medinat Al
Sultan Qaboos
PO Box : 23
Town : Jawharat Al
Shatti 134
Country :
Telephone : (968) 24692388
/ 24691266
Facsimile : (968) 24604484
Email : babyfood@omantel.net.om
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Jawharat Al Shatti.
Branch Office (s)
Location Description
· Sohar Industrial
Estate Factory
premises covering 7,500
Sohar square
metres
KEY PRINCIPALS
Name Position
· Hamood Abdullah
Mubarak Al Alawi Chairman
· Dr Shalan Edan Vice
Chairman
· Dr Naufel Hamid
Rashid Director
· Dr Mohammed Ahmed
Ateiah Director
· Dr Mohammed Ali
Jaffer Director
· Mohammed Ali Naki Director
· Muna Siraj Uldin Director
· Kanna Biran Sales
& Marketing Manager
LEGAL FORM & OWNERS
Date of
Establishment : 30th
April 1997
Legal Form : Public Joint Stock
Company
Commercial Reg. No. : 3/14876/9
Issued Capital : RO 5,100,000
Paid up Capital : RO 5,100,000
Name of Shareholder (s) Percentage
·
· Arab Authority for
Agricultural Inv & Dev 30.69%
· Ministry of
Defence Pension Fund ]
]
· Bank of
]
· Kuwait Industries
Holding Co ]----
3.51%
]
·
]
· Rossi &
Catelli (
OPERATIONS
Activities: Engaged in the manufacture of foodstuffs for babies and children, including
infant milk, milk powder,
biscuits and cereals.
Import Countries: Europe and
Subject has a workforce of 52 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Balance Sheet 31/12/10 31/12/09
Assets
Non-current assets
Property, plant and equipment 4,711,588 4,946,266
Current assets
Inventories 395,965 282,849
Accounts and other receivables 199,417 290,206
Bank balances and cash 127,612 90,068
Total current assets 722,994 663,123
Total assets 5,434,582 5,609,389
Equity and Liabilities
Equity
Share capital 5,100,000 5,100,000
Contribution towards private placement 602,358 -
Accumulated losses (4,366,077) (3,986,806)
Total equity 1,336,281 1,113,194
Liabilities
Non-current liabilities
Non-current portion of Government soft loans 2,561,066 2,465,522
Deferred government grant 1,168,934 1,290,478
Non-current portion of vehicle lease finance 1,780 1,243
Employees’ end of service benefits 18,486 14,521
Total non-current liabilities 3,750,266 3,771,764
Current liabilities
Accounts and other payables 303,724 394,672
Current portion of Government soft loans 26,000 20,000
Current portion of vehicle lease finance 3,574 3,466
Amounts due to related parties 14,737 218,629
Bank borrowings - 87,644
Total current liabilities 348,035 724,431
Total liabilities 4,098,301 4,496,195
Total equity and liabilities 5,434,562 5,609,389
Income Statement
Sales 1,524,018 1,212,935
Cost of sales (1,518,822) (1,217,918)
Gross profit / (loss) 5,196 (4,983)
Other income 2,663 8,541
7,859 3,558
General and administration expenses (180,590) (178,187)
Selling and distribution expenses (80,099) (74,589)
Finance costs (126,441) (131,047)
(387,130) (383,823)
Loss for the year (379,271) (383,823)
Local sources consider subject’s financial condition to be Poor.
BANKERS
·
Bank of
Greater
Muttrah
PO Box:
6326, Ruwi
Tel:
(968) 24701769
Fax:
(968) 24796488
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.07 |
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1 |
Rs.72.97 |
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Euro |
1 |
Rs.63.57 |
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.