MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

DHOFAR AGRICULTURE PRODUCTION & MARKETING SAOC

 

 

Registered Office :

Al Saadah Area, P O Box 1435, Salalah 211

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

27.08.2005

 

 

Com. Reg. No.:

2/20938/1

 

 

Legal Form :

Omani Closed Joint Stock Company

 

 

Line of Business :

Production and process of meat products, burgers and minced meat as well as bananas and potatoes

 

 

No. of Employees :

50

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Oman

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

 

 

 

 

 

SUMMARY

 

Company Name                         : DHOFAR AGRICULTURE PRODUCTION & MARKETING SAOC

Country of Origin                                    : Oman

Legal Form                                            : Omani Closed Joint Stock Company

Registration Date                                   : 27th August 2005

Commercial Registration Number            : 2/20938/1

Membership Number                              : 301

Issued Capital                                        : RO 2,000,000

Paid up Capital                                      : RO 1,000,000

Total Workforce                                     : 50

Activities                                               : Production and process of meat products, burgers and minced meat as

well as bananas and potatoes

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person(s) Interviewed                             : Mohamed Shujaa, Finance Manager

 

 

 

COMPANY NAME

 

DHOFAR AGRICULTURE PRODUCTION & MARKETING SAOC

 

 

Company ADDRESS

 

Registered & Physical Address

Location            : Al Saadah Area

PO Box             : 1435

Town                 : Salalah 211

Country             : Sultanate of Oman

Telephone         : (968) 23226102

Facsimile          : (968) 23226103

Mobile               : (968) 96769500 / 97681121

Email                : meatlandoman@gmail.com / dhofaragri@gmail.com

 

Please note the subject’s previous address was, Raysut Industrial Area, Salalah.

 

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Salalah

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

·       Saeed Salem Al Shanfri                                                         Chairman

·       Saeed Mohad Al Mashali                                                       Managing Director

·       Ali Mohamed Ali                                                                    Factory and Production Manager

·       Saeed Al Shanfri                                                                   Administration Manager

·       Mohamed Shujaa                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th August 2005

 

Legal Form                  : Omani Closed Joint Stock Company

 

Commercial Reg. No.  : 2/20938/1

 

Membership No.          : 301

 

Issued Capital              : RO 2,000,000

 

Paid up Capital            : RO 1,000,000

 

Name of Shareholder (s)                                                                  Percentage

·       Saeed Salem Al Shanfri                                                                     15%

·       Saeed Mohad Al Mashali                                                                   15%

·       105 Omani businessmen and private investors                         70%

 

 

OPERATIONS

 

Activities: Engaged in the production and process of meat products, burgers and minced meat as well as bananas and potatoes.

 

Import Countries: Europe, India and Australia.

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

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

 

Total Sales                                RO 890,000                               RO 950,000

 

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

The above figures were provided by Mr Mohamed Shujaa, Finance Manager

 

 

BANKERS

 

·       Bank Dhofar Al Omani Al Fransi

Mutrah Business District

PO Box: 1507, Ruwi 112

Muscat

Tel: (968) 24790466

Fax: (968) 24797246

 

·       National Bank of Oman Limited (SAOG)

Hafa Branch

PO Box: 824

Salalah 211

Tel: (968) 23291952

Fax: (968) 23290066

 

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

Indian Rupees

US Dollar

1

Rs.54.17

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.