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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
OMAN PHARMACEUTICALS CO LLC |
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Formerly Known As : |
Oman Pharmaceuticals Products Co SAOC |
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Registered Office : |
Ajay Ent Building, Way No. 5229, Al Wadi Al Kabir, P O Box 54
& 1885, Muscat 113 |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
21.08.2001 |
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Com. Reg. No.: |
2/15246/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Production of pharmaceutical
preparations |
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No. of Employees : |
220 employees |
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 : |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
oman - ECONOMIC OVERVIEW
Oman is a middle-income economy
that is heavily dependent on dwindling oil resources. Because of declining reserves
and a rapidly growing labor force, Muscat has actively pursued a development
plan that focuses on diversification, industrialization, and privatization,
with the objective of reducing the oil sector's contribution to GDP to 9% by
2020 and creating more jobs to employ the rising numbers of Omanis entering the
workforce. Tourism and gas-based industries are key components of the
government's diversification strategy. By using enhanced oil recovery
techniques, Oman succeeded in increasing oil production, giving the country
more time to diversify, and the increase in global oil prices through 2011
provided the government greater financial resources to invest in non-oil
sectors.
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Source : CIA |
Company Name :
OMAN PHARMACEUTICALS CO LLC
Country of Origin :
Oman
Legal Form :
Limited Liability Company
Registration Date :
21st August 2001
Commercial Registration Number :
2/15246/0
Chamber Membership Number :
244
Issued Capital :
RO 3,000,000
Paid up Capital :
RO 3,000,000
Total Workforce :
220
Activities :
Production of pharmaceutical
preparations.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Sri Hari Godbale, Finance Manager
OMAN PHARMACEUTICALS CO LLC
Registered &
Physical Address
Location :
Ajay Ent Building, Way No.
5229, Al Wadi Al Kabir
PO Box :
54 & 1885
Town :
Muscat 113
Country :
Sultanate of Oman
Telephone :
(968) 24502415 / 24502315 /
24815486
Facsimile :
(968) 24502297 / 24815490
Email :
ajayentp@omantel.net.om
/ info@omanpharma.com / godbale@omanpharma.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Salalah Factory
premises
Tel: (968)
23219296
Fax: (968) 23219295
Name Nationality Position
· Abdullah Abbass Bin Ahmed Omani Managing
Director
· Sujay Ajit Hamlai Omani Director
· Ajay Ajit Hamlai Omani Director
· Rajendra H Bhandari - General
Manager
·
Berjall Mafwanai - Factory
Manager
· Jaideep Singh - Commercial
Manager
· Sri Hari Godbale - Finance
Manager
Date of
Establishment : 21st
August 2001
History : Subject began in
2001 as a Omani Closed Joint Stock Company under the name “Oman Pharmaceuticals
Products Co SAOC”. However in 2009 it became a Limited Liability Company under
the new name of “Oman Pharmaceuticals Co LLC”.
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2/15246/0
Chamber Member No. : 244
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Name of
Shareholder (s)
· Abdullah Abbass Bin Ahmed
· Sujay Ajit Hamlai
· Ajay Ajit Hamlai
Subject is a member of the Al Bahja Group of
companies, which comprises the following concerns:
· Ajay Enterprises
LLC
· Oman Hygienic
Products LLC
· Oman Chemical Co
LLC
· Oman Agro
Industries LLC
· Al Bahja Shopping
Centre LLC
· Oasis Life Style
LLC
· Oman Solar Systems
Co LLC
· Packaging Co Ltd
(SAOG)
· Haridas Lalji
Trading LLC
· Nuhas Oman LLC
· Al Nahda Resorts
and Spa
Activities: Engaged in the production of
pharmaceutical preparations.
The portfolio of finished dosage products
includes antibiotics and non-antibiotics, hormone and steroid formulations,
tablets, capsules, liquid orals, dry powders and topical preparations.
Subject is regulated by the Gulf Council Commission Drug Regulators.
Production
Capacity: 870 million tablets
per annum
288
million capsules per annum
12
million bottles of liquid orals per annum
7.5
million bottles of dry powder per annum
15.6
million tubes of topical treatments
Import Countries: Europe and Asia
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
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
5,700,000 RO 8,700,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Sri Hari Godbale,
Finance Manager
·
National Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
·
Commercial Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
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UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.