MIRA INFORM REPORT

 

 

Report Date :

16.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SUN PACKAGING CO LLC

 

 

Registered Office :

Way No. 23, Rusayl Industrial Area, Plot No. 218, 1648 & 125 Rusayl 124

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

01.04.1997

 

 

Com. Reg. No.:

1/56564/8

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Engaged in the manufacture of flexible packaging materials

 

 

No. of Employees :

135

 

 

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 :

Good

Payment Behaviour :

Regular

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                                     : SUN PACKAGING CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 1997

Commercial Registration Number            : 1/56564/8

Chamber Membership Number                : 986

Issued Capital                                        : RO 350,000

Paid up Capital                                      : RO 350,000

Total Workforce                                     : 135

Activities                                               : Manufacturers of flexible packaging materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Prakash Suriya, Finance Manager

 

 

 

COMPANY NAME

 

SUN PACKAGING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Way No. 23, Rusayl Industrial Area, Plot No. 218

 

PO Box             : 1648 & 125

 

Town                 : Rusayl 124

Country             : Oman

 

Telephone         : (968) 24446864 / 24446865 / 24446866 / 24563244

Facsimile          : (968) 24446867

Mobile               : (968) 99205209

Email                : info@sunpackaging.net / sunpack@omantel.net.om / suryaprrakash@sunpackaging.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Rusayl.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hassan Ihsan Naseeb                                                                        Managing Director

 

·       Ameen Baqir Habib                                                                           Director

 

·       Abdul Hassan Jaffar Al Lawati                                                            Director

 

·       Yousef Salman Saleh                                                                        Director

 

·       Brig. Masoud Humaid Malik Al Harthy                                     Director

 

·       M B Ingersol                                                                                     Director

 

·       Delip Shanbag                                                                                  General Manager

 

·       Mohamed Nabani                                                                              Administration Manager

 

·       Prakash Suriya                                                                                 Finance Manager

 

·       K Ashokgan                                                                                      Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 1997

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/56564/8

 

Chamber Member No. : 986

 

Issued Capital              : RO 350,000

 

Paid up Capital            : RO 350,000

 

Name of Shareholder (s)

 

·       Hassan Ihsan Naseeb

 

·       Ameen Baqir Habib

 

·       Abdul Hassan Jaffar Al Lawati

 

·       Yousef Salman Saleh

 

·       Brig. Masoud Humaid Malik Al Harthy

 

·       M B Ingersol

 

·       Al Nazer Trading Co

 

·       Al Anwar Holdings SAOG

 

·       Stationery and Computer Forms Co

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of flexible packaging materials.

 

Import Countries: Italy, Spain, Belgium, United Kingdom, Japan and China.

 

Operating Trend: Steady

 

Subject has a workforce of 135 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 8,850,000                            RO 9,300,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       HSBC Middle East

PO Box: 234

Muscat 113

Tel: (968) 24736041 / 24736042

Fax: (968) 24736043

 

·       Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

Fax: (968) 24793229

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              May 2008                                  February 2009

Credit amount                                        800,000                         150,000

Amount overdue                         0                                              0

Payment terms                                      90 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               Euros                                        US Dollars

 

 

 

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.53.98

UK Pound

1

Rs.83.72

Euro

1

Rs.72.08

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.