MIRA INFORM REPORT

 

 

Report Date :           

24.02.2012

 

IDENTIFICATION DETAILS

 

Name :

FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)

 

 

Registered Office :

Road No. 21, Plot No. 225/226, Rusayl Industrial Area, P O Box 200 & 989 & 60, Ruwi 112, Muscat

 

 

Country :

Oman 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.05.1998

 

 

Com. Reg. No.:

1/59063/4, Muscat

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Producers and marketers of flexible packaging laminates and materials

 

 

No. of Employees :

85

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 10th May 1998

Commercial Registration Number            : 1/59063/4, Muscat

Chamber Membership Number                : 1021/1

Issued Capital                                        : RO 4,000,000

Paid up Capital                                      : RO 4,000,000

Total Workforce                                     : 85

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)

 

 

company 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) 24446121 / 24626121 / 24707770

Facsimile          : (968) 24446890 / 24626890 / 24782141

Email                : fipco@omantel.net.om / info@fipco.net

 

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 Bin Mohammad Bin Ali Al Barwani     Omani                                       Chairman

 

·         Sushil Kumar Srivastava                                   -                                          Vice Chairman

 

·         Lakshmi Narasimhan                                         -                                          Director

 

·         Khalid Mohammad Obaid                                   -                                          Director

 

·         Adel Yousuf Saleh A Saqabi                              -                                          Director

 

·         Tariq Bin Mohammed Bin Ali Al Barwani             -                                          Director

 

·         Murali Chidambaram                                         -                                          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

 

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)                                                       Percentage

 

·       MB Holding Company LLC                                                     34.28%

 

·       Trans Gulf Industrial Investment Co SAOG                               20.27%

 

·       Al Safat Investment Co KSC                                                   16.89%

 

·       Al Marjan Financial Services Company                                    11.27%

 

·       Omani businessmen and private investors                               17.29%

 

 

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 85 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

Balance Sheet                                                                                     31/12/10                           31/12/09

 

Income Statement

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.77.19

Euro

1

Rs.65.29

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.