MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

 

 

Registered Office :

Mahdah Road Al Buraimi Industrial Area PO Box: 436 Al Buraimi 512

 

 

Country :

Sultanate of Oman

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

November 1990

 

 

Com. Reg. No.:

8/14320/9, Muscat

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacture and distribution of chemicals and pharmaceuticals

 

 

No. of Employees :

225

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Start Date                                             : November 1990

Registration Date                                   : 6th January 1991

Commercial Registration Number            : 8/14320/9, Muscat

Membership Number                              : 7

Issued Capital                                        : RO 1,050,000

Paid up Capital                                      : RO 1,050,000

Total Workforce                                     : 225

Activities                                               : Manufacture and distribution of chemicals and pharmaceuticals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Firoz Ahmed Khan, Finance Manager

 

 

 

COMPANY NAME

 

OMAN CHEMICALS & PHARMACEUTICALS LLC (OCPLLC)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Mahdah Road

Area                 : Al Buraimi Industrial Area

 

PO Box             : 436

 

Town                 : Al Buraimi 512

Country             : Sultanate of Oman

 

Telephone         : (968) 25642320 / 25642278 / 25653414 / 25654156 / 25653413 / 25650058 / 25651155

Facsimile          : (968) 25651003 / 25650611 / 25640611

Email                : ocpllc@omantel.net.om

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a factory that are owned and located in the Industrial Area of Al Buraimi.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Humaid Bin Nasser Al Nuaimi                                                            Managing Director

 

·       Jassim Bin Humaid Bin Nasser Al Nuaimi                                           Director

 

·       Nasser Bin Humaid Bin Nasser Al Nuaimi                                           Director

 

·       Dr Khalid Hussein                                                                             General Manager

 

·       Firoz Ahmed Khan                                                                            Finance Manager

 

·       Sheikj Baji                                                                                        Production Manager

 

·       K N Rao                                                                                           Operations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject was founded in November 1990 and was incorporated on 6th January 1991

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 8/14320/9, Muscat

 

Membership No.          : 7

 

Issued Capital              : RO 1,050,000

 

Paid up Capital            : RO 1,050,000

 

Name of Shareholder (s)

 

·       Humaid Bin Nasser Al Nuaimi

 

·       Jassim Bin Humaid Bin Nasser Al Nuaimi

 

·       Nasser Bin Humaid Bin Nasser Al Nuaimi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Buraimi Group of Companies, which includes the following concerns:

 

·       Al Buraimi Garments

Al Buraimi

PO Box: 169

Muscat 512

Tel: (968) 25651050 / 25650057

Fax: (968) 25650824

 

·       Al Buraimi Hotel

Sohar Road

Al Buraimi

PO Box: 330

Muscat 512

Tel: (968) 25652010

Fax: (968) 25652011

 

·       Al Buraimi Cars

     Muscat

 

·       Dubai Steel Factory

Dubai

     United Arab Emirates

 

 

OPERATIONS

 

Activities: Subject is engaged in the manufacture and distribution of chemicals and pharmaceuticals, specialising in  penicillin, but also including the following products:

 

                 -  Amoxicilline Trihydrate Poudre

                 -  Amoxicilline Trihydrate Compactee

                 -  Amoxicilline / Acide Clavulanique

                 -  Ampicilline Trihydate Poudre

                 -  Ampicilline Trihydrate Compactee

                 -  Ampicilline Sodique / Cloxacilline

                 -  Sodique

                 -  Flucloxacilline Sodique

 

                 Subject is ISO 9001 accredited.

 

Production Capacity:   200 metric tonnes per month

 

Import Countries: France, Germany, Spain and the United Kingdom

 

International Suppliers:

 

·       Interchemical                        France

 

Export Countries: Argentina, Columbia, Brazil, Mexico Venezuela, Austria, Cyprus, Denmark, Germany, Italy,

Russia, Switzerland, Netherlands, United Kingdom, Iran, Iraq, Jordan, Saudi Arabia, Syria, UAE, Yemen, Algeria, Egypt, Ethiopia, Kenya, Morocco, Nigeria, Sudan, Tunisia, Uganda, Bangladesh, Hong Kong, South Korea, Malaysia, India, Indonesia, Pakistan, Singapore, Taiwan, Thailand, and Vietnam

 

Operating Trend: Steady

 

Subject has a workforce of approximately 225 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                RO 6,110,000                            RO 6,943,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Firoz Ahmed Khan, Finance Manager

 

 

BANKERS

 

·       Oman International Bank

Al Jaame Street

     PO Box: 4216

     Muscat

     Tel: (968) 24703614 / 24707328 / 24793450

 

·       National Bank of Oman Limited (SAOG)

PO Box: 9

Buraimi 512

Tel: (968) 25650345 / 25650346

Fax: (968) 25650346

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2008

Credit amount                                        150,000

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Oman Chemicals & Pharmaceuticals LLC (OCPLLC) was incorporated in 1991 and is well established in the local business market. It is owned by members of the Al Nuaimi family who are wealthy and respected Omani businessmen.

 

According to local sources subject’s operating history is clear with nothing detrimental uncovered regarding the manner in which payments are made.

           

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.92

UK Pound

1

Rs.86.03

Euro

1

Rs.69.13

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.