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Report Date : |
10.01.2014 |
IDENTIFICATION DETAILS
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Name : |
OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA) |
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Formerly Known as: |
Oman Pharmaceuticals Products Co SAOC |
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Registered Office : |
Ajay Ent Building, Way No. 5229, Al Wadi Al Kabir, P O Box 54,
Muscat 113 1885, Seeb 111, Muscat |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
21.08.2001 |
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Com. Reg. No.: |
2/15246/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the production of pharmaceutical
preparations. The portfolio of finished dosage products includes
antibiotics and non-antibiotics, hormone and steroid formulations, tablets,
capsules, liquid orals, dry powders and topical preparations. |
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No. of Employees : |
220 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
Company Name : OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA)
Country of Origin : Oman
Legal Form : Limited Liability Company
Registration Date : 21st August 2001
Commercial Registration Number : 2/15246/0
Chamber Membership Number : 244
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Total Workforce : 220
Activities : Production of pharmaceutical preparations.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Dilip Khona, Financial Controller
OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA)
Registered &
Physical Address
Location :
Ajay Ent Building, Way No.
5229, Al Wadi Al Kabir
PO Box :
54,
1885, Seeb 111
Town :
Muscat
Country :
Sultanate of Oman
Telephone :
(968) 24502415 / 24502315 /
24815486
Facsimile :
(968) 24502297 / 24815490
Email :
ajayentp@omantel.net.om
/ info@omanpharma.com / godbale@omanpharma.com
jaideepsingg@omanpharma.com / dilip@omanpharma.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Salalah Factory
premises
Tel: (968)
23219296
Fax: (968) 23219295
Name Nationality Position
· Abdullah Abbass Bin Ahmed Omani Managing
Director
· Sujay Ajit Hamlai Omani Director
· Ajay Ajit Hamlai Omani Director
· Rajendra H Bhandari - General
Manager
· Jaideep Singh - Commercial
Manager
· Sri Hari Godbale - Finance
Manager
· Dilip Khona - Financial
Controller
· R P Singh - Factory
Manager
Date of
Establishment : 21st
August 2001
History : Subject began in
2001 as a Omani Closed Joint Stock Company under the name “Oman Pharmaceuticals
Products Co SAOC”. However in 2009 it became a Limited Liability Company under the
new name of “Oman Pharmaceutical Products Co LLC”.
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 2/15246/0
Chamber Member No. : 244
Issued Capital : RO 3,000,000
Paid up Capital : RO 3,000,000
Name of
Shareholder (s)
· Abdullah Abbass Bin Ahmed
· Sujay Ajit Hamlai
· Ajay Ajit Hamlai
Subject is a member of the Al Bahja Group of
companies, which comprises the following concerns:
· Ajay Enterprises
LLC
· Oman Hygienic
Products LLC
· Oman Chemical Co
LLC
· Oman Agro Industries
LLC
· Al Bahja Shopping
Centre LLC
· Oasis Life Style
LLC
· Oman Solar Systems
Co LLC
· Packaging Co Ltd
(SAOG)
· Haridas Lalji
Trading LLC
· Nuhas Oman LLC
· Al Nahda Resorts
and Spa
Activities: Engaged in the production of
pharmaceutical preparations.
The portfolio of finished dosage products
includes antibiotics and non-antibiotics, hormone and steroid formulations,
tablets, capsules, liquid orals, dry powders and topical preparations.
Subject is regulated by the Gulf Council Commission Drug Regulators.
Production
Capacity: 870 million
tablets per annum
288
million capsules per annum
12
million bottles of liquid orals per annum
7.5
million bottles of dry powder per annum
15.6
million tubes of topical treatments
Import Countries: Europe and Asia
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue RO
12,685,551 RO
14,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Dilip Khona, Financial Controller
·
National Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
·
Commercial Bank of Dubai
Baniyas Street
PO Box: 1709
Deira
Dubai
Tel: (971-4)
2227121 / 2253222
Fax: (971-4)
2220943 / 2254565
No complaints regarding subject’s payments have been reported.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
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UK Pound |
1 |
Rs.102.31 |
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Euro |
1 |
Rs.84.50 |
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.