MIRA
INFORM REPORT
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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SOHAR POULTRY CO SAOG |
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Registered Office : |
Seeb Building, No. 1678, Plot No. 243, Block No. 347, Way No. 4720, Al
Mawaleh, |
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Country : |
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Financials (as on) : |
30.06.2013 |
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Date of Incorporation : |
30.03.1983 |
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Com. Reg. No.: |
3/06693/2 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Engaged in the
production and marketing of fresh and frozen poultry products. |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. However, increases in
social welfare benefits, particularly since the Arab Spring, will challenge the
government's ability to effectively balance its budget if oil revenues decline.
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. In 2012, continued surpluses resulting
from sustained high oil prices and increased enhanced oil recovery allowed the
government to maintain growth in social subsidies and public sector job
creation. However, the Sultan made widely reported statements indicating this
would not be sustainable, and called for expanded efforts to support SME
development and entrepreneurship. Government agencies and large oligarchic
group companies heeded his call, announcing new initiatives to spin off
non-essential functions to entrepreneurs, incubate new businesses, train and
mentor up and coming business people, and provide financing for start-ups. In
response to fast growth in household indebtedness, the Central Bank reduced the
ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped
the percentage of consumer loans at 50% of borrower's salaries for personal
loans and 60% for housing loans, and limited maximum repayment terms to 10 and
25 years respectively. In 2012 the Central Bank also issued final regulations
governing Islamic banking and two full-fledged Islamic banks held
oversubscribed IPOs while four traditional banks opened sharia-compliant
Islamic windows.
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Source : CIA |
SUMMARY
Company Name : SOHAR POULTRY CO SAOG
Country of Origin : Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 30th March 1983
Commercial Registration Number : 3/06693/2
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Total Workforce : 200
Activities : Producers and marketers of fresh and frozen poultry products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
SOHAR POULTRY CO
SAOG
company
ADDRESS
Registered
Address
Location : Seeb
Building, No. 1678, Plot No. 243, Block No. 347, Way No. 4720
Area : Al Mawaleh
Town : Muscat
Country : Oman
Physical Address
Building : Bushra House, 1st Floor,
Office No. 135
Area : Ruwi 112
PO Box : 2808
Town : Muscat
Country : Oman
Telephone : (968) 24546812 / 26884837
Facsimile : (968) 24546813 / 26884249
Email : info@soharpoultry.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Offices
Subject has a broiler farm and processing plant in Barka.
KEY PRINCIPALS
Name Position
·
Mohammad
Ali Mohammad Said Al Habaj Chairman
·
Iqbal
Usman Vice
Chairman
·
Arun
Agarwala Director
·
Salim
Huzafa Khairulla Director
·
Ajay
Rampal Director
·
Satish
Sidana Director
·
David
Postgate General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 30th
March 1983
Legal Form :
Sharikat Al Mousahama Al
Omania (Societe Anonyme Omani
General - SAOG) (Omani Public Joint Stock
Company)
Commercial Reg. No. : 3/06693/2
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Name of Shareholder
(s) Percentage
·
Atyab IFFCO Poultry LLC 94.4%
·
Mehdi
Jawad Salman ]
]
·
Mehdi
Stores LLC ]
]
·
Zahrat
Al Quram Trading ]
]
·
Redha
Mehdi ]
] 5.6%
·
Mohd
Abdul A Wahab Al Lawati ]
]
·
Abdul Rahman
Al Sudairy Foundation ]
]
·
Tawfeeq
Maintenance and Services ]
]
·
Omani
businessmen & private investors ]
OPERATIONS
Activities: Engaged in the production and marketing of
fresh and frozen poultry products.
Brand Names: RAYAF
Export Countries: United Arab Emirates
Subject has a
workforce of approximately 200 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 30/06/13 30/06/12
Income Statement 30/06/13 30/06/12
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax:
(968) 24793229
·
Bank
Dhofar Al Omani Al Fransi
Muttrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
1983, subject is involved in the production and marketing of fresh and frozen
poultry products.
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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.