MIRA INFORM REPORT

 

 

Report Date :

06.05.2013

 

IDENTIFICATION DETAILS

 

Name :

FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)

 

 

Registered Office :

Road No. 21, Plot No. 225/226,  Rusayl Industrial Area, PO Box  : 200 & 989 & 60, Ruwi 112,  Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.05.1998

 

 

Com. Reg. No.:

1/59063/4

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Producers and marketers of flexible packaging laminates

 

 

No. of Employees :

85

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Slow but correct

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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                                    : FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 10th May 1998

Commercial Registration Number           : 1/59063/4, Muscat

Chamber Membership Number               : 1021/1

Issued Capital                                       : RO 4,000,000

Paid up Capital                                     : RO 2,120,804

Total Workforce                                     : 85

Activities                                               : Producers and marketers of flexible packaging laminates and materials.

Financial Condition                                : Poor

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

FLEXIBLE INDUSTRIAL PACKAGES CO SAOG (FIPCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Road No. 21, Plot No. 225/226

Area                 : Rusayl Industrial Area

PO Box            : 200 & 989 & 60, Ruwi 112

Town                : Muscat

Country             : Sultanate of Oman

 

Telephone         : (968) 24446121 / 24626121 / 24707770

Facsimile          : (968) 24446890 / 24626890 / 24782141

Mobile              : (968) 99808752

Email                : fipco@omantel.net.om / info@fipco.net

 

Premises

 

Subject operates from a medium sized suite of offices, a factory and storage facilities that are owned and located in the Industrial Area of Muscat.

 

 

KEY PRINCIPALS

 

            Name                                                   Nationality                                Position

 

Usama Bin Mohammad Bin Ali Al Barwani           Omani                                       Chairman

 

Sushil Kumar Srivastava                                         -                                          Vice Chairman

 

Lakshmi Narasimhan                                              -                                           Director

 

Khalid Mohammad Obaid                                       -                                          Director

 

Tariq Bin Mohammed Bin Ali Al Barwani                  -                                           Director

 

Murali Chidambaram                                             -                                            Director

 

Mohamed Al Kendi                                            Omani                                       Finance Manager

 

Vivek Bhatt                                                       Indian                                       Production Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th May 1998

 

Legal Form                  : Omani Public Joint Stock Company

 

Commercial Reg. No.   : 1/59063/4, Muscat

 

Chamber Member No.  : 1021/1

 

Issued Capital              : RO 4,000,000

 

Paid up Capital            : RO 2,120,804

 

Name of Shareholder (s)                                                        Percentage

 

MB Holding Company LLC                                                         34.28%

 

Trans Gulf Industrial Investment Co SAOG                                  20.27%

 

Al Safat Investment Co KSC                                                      16.89%

 

Al Marjan Financial Services Company                                       11.27%

 

Omani businessmen and private investors                                  17.29%

 

 

OPERATIONS

 

Activities:                     Engaged in the production and marketing of flexible packaging laminates and materials.

 

Production Capacity:    1,300 tonnes per year.

 

Import Countries:         Germany and Asia

 

Export Countries:         Saudi Arabia, Iran and South Africa

 

Subject has a workforce of 85 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

Balance Sheet                                                                                                           31/12/12                  31/12/11

 

Income Statement

 

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

 

 

BANKERS

 

National Bank of Oman Limited (SAOG)

Muttrah Business District

PO Box: 751

Muscat 112

Tel: (968) 24708894 / 24708630 / 24708684

Fax: (968) 24707781 / 24703972

 

Oman Arab Bank

Head Office

Muttrah Business District

PO Box: 2010

Muscat 112

Tel: (968) 24700161 / 24706265 / 24706267

Fax: (968) 24797736

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Flexible Industrial Packages Co SAOG (FIPCO) commenced operations in 1998 and is engaged in the production and marketing of flexible packaging laminates and materials.

 

During the year ended 31st December 2012, the company has incurred a net loss of RO 1,802,698 and 75% of its share capital has been eroded as on that date. Furthermore, at 31st December 2012 the company’s current liabilities exceeded its current assets by RO 1,892,269. These factors, amongst others, indicate that the company will require continued financial support to meet its financial obligations as they fall due and continue in operational existence for the foreseeable future. The shareholders have confirmed their support to the company for the foreseeable future and, accordingly, management considers that it is appropriate to prepare the financial statements on a going concern basis.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.95

UK Pound

1

Rs.83.80

Euro

1

Rs.70.49

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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.