MIRA INFORM REPORT
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Report Date : |
11.06.2012 |
IDENTIFICATION DETAILS
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Name : |
DHOFAR CATTLE FEED CO SAOG |
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Registered Office : |
Raysut Industrial
Area, |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
13.01.1983 |
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Com. Reg. No.: |
2/01752/0 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Subject operates through several divisions Feed Mill Division and Farm Division |
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No. of Employees
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600 persons |
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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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Oman |
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 : DHOFAR CATTLE FEED CO SAOG
Country of Origin : Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 13th January 1983
Commercial Registration Number : 2/01752/0
Issued Capital : RO 7,700,000
Paid up Capital : RO 7,700,000
Total Workforce : 600
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
DHOFAR CATTLE FEED CO SAOG
Registered &
Physical Address
Location : Raysut Industrial Area
PO Box : 1220 & 1298
Town : Salalah 211
Country : Sultanate of Oman
Telephone : (968) 23210551 / 23210360
Facsimile : (968) 23210886
Email : dcfco@omantel.net.om / saeedalshanfari@dcfoman.com
Premises
Subject operates
from rented premises located in the Raysut Industrial Area and consists of a
medium sized suite of offices, and 400 hectares of agricultural land rented
from the Ministry of Agriculture and Fisheries. The area is used for cattle
breeding, dairy products manufacturing and grass cultivation.
Branch Office (s)
Location Description
·
PO Box:
1273, Ruwi 111 Dairy
Processing Plant
Muscat
Tel: (968) 24799268
·
Garzaiz
Farm Owned
Farm
PO Box: 298
Salalah 211
Tel: (968) 23225381 / 23219228
/ 23225382 / 23225866
Fax: (968) 23219070 / 23225482
·
Sahnout
Farm Owned
Farm
PO Box: 298
Salalah 211
Tel: (968) 23296561
Name Position
·
Sheikh Hamoud Bin Musthail Ahmed Al
Mashani Chairman
·
Sheikh Ahmed Bin Abdullah Saeed Al
Rawas Vice Chairman
·
Saeed Bin Salim Ahmed Al Shanfari Managing
Director
·
Sheikh Abdullah Bin Hamed Hamoud Al
Gafri Director
·
Sheikh Mohamed Bin Abdullah Fatah
Zabanoot Director
·
Sheikh Mohamed Bin Abdullah Saeed Al
Rawas Director
·
Sheikh Ahmed Bin Alawi Abdullah Al
Ibrahim Director
·
Sheikh Amer Bin Ahmed Ali Al Rawas Director
·
Sheikh Ahmed Bin Suliman Ahmed Al Gafri Director
·
Sheikh Khalid Bin Abdullah Saeed Al
Rawas Director
·
Dr
Ahmed Bin Suhail Ahmed Al Hadhri General
Manager
·
Ghazi Thaher Jaber Dairy
Manager
·
Jeevan Sadavisan Feed
Mill Manager
·
Willem Van Leuteren Dairy
Farm Manager
·
William Downey Sales
& Marketing Manager
Date of Establishment : 13th
January 1983
Legal Form :
Societe Anonyme Omani
General - SAOG (Omani Public Joint Stock Company)
Commercial Reg. No. : 2/01752/0
Issued Capital : RO 7,700,000
Paid up Capital : RO 7,700,000
Name of Shareholder
(s) Percentage
·
Muscat overseas LLC 17.83%
·
Sheikh
Musthail Ahmed Al Mashani 13.92%
·
Al Rawas Develop. & Investment LLC
10.47%
·
Al Barka Investment LLC 5.27%
·
Omani
businessmen & private investors 52.51%
Name Percentage
Held
·
Dhofar Poultry Company SAOG (DPC) 85.00%
·
International
Plastic Industries Company LLC (IPI) 100.00%
·
Oman
Vegetable Oils & Derivatives Co. LLC (OVOD) 33.33%
·
Dhofar
Beverages and Foodstuffs Company SAOG (DBFC) 30.45%
·
Salalah
Mills Co SAOG 13.01%
·
Dhofar
International Development & Investment Holding (SAOG) (DIDIC)
7.11%
Activities: Subject’s operations are performed through
the following divisions:
· Feed Mill Division
Established in 1984, this division is engaged in the production of animal feed using maize and sardines as raw materials. The product range includes general feed, cattle feed, sheep feed, dairy-18, calf rearing, heifer nuts, chick starter, pullet grower, layer mash, broiler starter, broiler finisher, poultry concentrates and barley grain.
Production Capacity: 160
tonnes of cattle feed per day
· Farm Division
This
division is responsible for operating the dairy and crops farms in Garziz and
Sahnout. It is also involved in animal breeding and the production of dairy
products.
Import
Countries: Switzerland, Germany,
India and Australia.
International
Suppliers:
·
Buhler
AG Switzerland
Brand Names: A’SAFWAH
Operating Trend: Steady
Subject has a
workforce of approximately 600 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO’000)
BALANCE SHEET 31/12/09 31/12/10
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ASSETS |
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Biological
assets |
5,073 |
5,036 |
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Property,
plant, and equipment |
14,204 |
13,721 |
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Investment
in subsidiaries |
2,154 |
2,154 |
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Investment
in associates |
2,812 |
2,812 |
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Available
for sale investments |
23,468 |
19,094 |
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Investment
properties |
865 |
575 |
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Deferred
tax asset |
501 |
378 |
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────── |
────── |
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Total non-current assets |
49,077 |
43,770 |
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────── |
────── |
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Trading
investments |
121 |
- |
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Inventories
and biological assets |
3,673 |
3,424 |
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Trade
receivables, prepayments and others |
4,258 |
3,921 |
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Cash
at bank and in hand |
2,060 |
2,024 |
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────── |
────── |
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Total current assets |
10,112 |
9,369 |
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────── |
────── |
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Total assets |
59,189 |
53,139 |
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══════ |
══════ |
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EQUITY AND LIABILITIES |
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Equity |
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Share
capital |
7,000 |
7,000 |
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Legal
reserve |
2,345 |
2,345 |
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Investment
fluctuation reserve |
12,965 |
10,108 |
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Voluntary
reserve |
3,500 |
3,500 |
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Retained
earnings |
12,341 |
17,465 |
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────── |
────── |
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Equity attributable to the
shareholders’ of the company |
38,151 |
40,418 |
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Minority interest |
- |
- |
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────── |
────── |
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Total equity |
38,151 |
40,418 |
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────── |
────── |
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Term
loans, excluding current maturities |
2,606 |
- |
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Deferred
government grant |
- |
- |
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────── |
────── |
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Total
non-current liabilities |
2,606 |
- |
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────── |
────── |
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Bank
borrowings |
11,604 |
7,209 |
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Payables
and accruals |
3,896 |
3,124 |
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Current
maturities of term loans |
2,888 |
2,056 |
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Income
tax |
44 |
44 |
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────── |
────── |
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Total current liabilities |
18,432 |
12,433 |
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────── |
────── |
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Total liabilities |
21,038 |
12,721 |
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────── |
────── |
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Total equity and liabilities |
59,189 |
53,139 |
STATEMENT OF
INCOME 31/12/09 31/12/10
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Sales |
19,737 |
20,097 |
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(13,677) |
(15,506) |
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Cost
of sales |
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────── |
────── |
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6,060 |
4,591 |
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Gross profit |
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Realised
gain on available for sale investments released from investment fluctuation
reserve |
4 |
5,578 |
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(952) |
(1,131) |
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Administrative
and general expenses |
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(2,867) |
(3,366) |
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Selling
and distribution expenses |
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- |
- |
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Net
Impairment of receivables |
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(885) |
(1,219) |
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Net
financing cost |
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|
667 |
1,060 |
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Other
income |
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(61) |
(101) |
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Directors’
remuneration |
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(3,063) |
(290) |
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Impairment
of investment in an associate |
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- |
- |
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Share
of results of associates |
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────── |
────── |
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(1,537) |
5,247
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Profit before tax |
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- |
(123) |
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Income
tax |
||
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────── |
────── |
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(1,537) |
5,124 |
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Profit for the year |
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══════ |
══════ |
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Attributable
to: |
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(1,537) |
5,124
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Equity
holders of the parent |
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- |
- |
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Minority
interest |
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────── |
────── |
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(1,537) |
5,124 |
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Profit for the year |
Local sources
consider subject’s financial condition to be Fair.
·
National
Bank of Oman Limited (SAOG)
Hafa Branch
PO Box: 824
Salalah 211
Tel: (968) 23291952
Fax: (968) 23290066
·
Bank
Dhofar Al Omani Al Fransi
Mutrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
A/c No. 01/411/01344/00
·
Oman
International Bank
Al Jaame Street
PO Box: 4216
Muscat
Tel: (968) 24703614 / 24707328
/ 24793450
·
Oman
Bank of Agriculture & Fisheries SAOC
Ruwi 112
PO Box: 3077
Muscat
Tel: (968) 24701761 / 24701763
Fax: (968) 24706473
No complaints
regarding subject’s payments have been reported.
Credit amount 255,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros US
Dollars
Dhofar Cattle Feed
Co SAOG is Oman’s largest cattle feed producer and also produces milk and
yoghurt.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company 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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.36 |
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UK Pound |
1 |
Rs.85.63 |
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Euro |
1 |
Rs.69.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.