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Report Date : |
13.09.2013 |
IDENTIFICATION DETAILS
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Name : |
SUN PACKAGING CO LLC |
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Registered Office : |
Way No. 23, Rusayl Industrial Area, Plot No. 218 PO Box 1648 & 125
Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.04.1997 |
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Com. Reg. No.: |
1/56564/8 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacturers of flexible packaging materials. |
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No. of Employees : |
135 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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
Source
: CIA
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 2,000,000
Paid up Capital : RO 2,000,000
Total Workforce : 135
Activities : Manufacturers of flexible packaging materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Nanada Sarkar Kumar, Finance Manager
SUN PACKAGING CO LLC
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 / 99837700
Email : info@sunpackaging.net / sunpack@omantel.net.om
/ suryaprrakash@sunpackaging.com
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Rusayl.
Name Position
· Hassan
Ihsan Naseeb Managing
Director
· Ameen
Baqir Habib Director
· M B
Ingersol Director
· Delip
Shanbag General
Manager
· Mohamed
Nabani Administration
Manager
· Nanada Sarkar
Kumar Finance
Manager
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 2,000,000
Paid up Capital : RO 2,000,000
· National
Investment Fund Co 31.0%
Muscat
· Oman
Brunei Investment Co 20.0%
Muscat
· Hassan
Ihsan Naseeb Al Naseeb 15.0%
· Sheikh
Ameen Baqir Habib Murad 15.0%
· Al
Anwar Holdings SAOG 11.5%
Muscat
· Dilip
Shanbag 3.5%
· Mahdi
Mohamed Jawad Al Abdwani 2.0%
· Jaffar
Mohamed Jawad Al Abdwani 2.0%
Activities: Engaged in the manufacture of flexible packaging materials.
Subject’s product range includes
high-quality printed BOPP, OPA,
PET, PVC, Al- Foil and LLDPE films.
Import Countries: Italy, Spain, Belgium, United Kingdom, Japan and
China.
Operating Trend: Steady
Subject has a workforce of 135 employees.
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.
·
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
No complaints regarding subject’s payments have been reported.
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
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.63.67 |
|
|
1 |
Rs.100.71 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.