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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
NIZWA FOOD INDUSTRIES LLC |
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Registered Office : |
Nizwa Industrial
Estate, Road No. 7, 1113 Nizwa 611 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
24.09.1997 |
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Com. Reg. No.: |
5097690 |
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Legal Form : |
Limited Liability
Company – LLC |
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Line of Business : |
Engaged in the
production of general foodstuffs, including jam,
honey, instant powder drink, fruit cordial drink, jelly crystals, crème
caramel, baking powder and custard powder. |
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No. of Employees |
56 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
|
Source
: CIA |
Company Name : NIZWA FOOD INDUSTRIES
LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 24th
September 1997
Commercial
Registration Number : 5097690
Chamber Membership
Number : 146
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
Total Workforce : 56
Activities :
Production of foodstuff
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Unni Krishnan,
Finance Manager
NIZWA FOOD
INDUSTRIES LLC
Location : Nizwa Industrial Estate, Road No.
7
PO Box : 1113
Town : Nizwa 611
Country : Oman
Telephone : (968) 25449477 / 25449476
Facsimile : (968) 25449476
Email : enquiry@nizwafoods.com / nfillc@omantel.net.om
/ halco@omantel.net.om
Please note that
the correct PO Box number is 1113 and not 113.
Subject operates
from a suite of offices and a factory covering an area of 13,000 square metres
that are owned and located in the Industrial Area of Nizwa.
Name Position
·
Salim Mohamed Al Hoqani Managing
Director
·
Ibrahim
Salim Mohamed Al Hoqani Director
·
Adel
Salim Mohamed Al Hoqani Director
·
Unni
Krishnan Finance
Manager
·
Tawqeer
Ahmed Business
Development Manager
·
S
Sudaish Production Manager
Date of Establishment : 24th
September 1997
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 5097690
Chamber Member No. : 146
Issued Capital : RO 200,000
Paid up Capital : RO 200,000
·
Salim Mohamed Al Hoqani
·
Ibrahim
Salim Mohamed Al Hoqani
·
Adel
Salim Mohamed Al Hoqani
·
Al
Hoqani Group
Muscat
Tel: (968) 25437162
Activities: Engaged in the production of general foodstuffs, including jam, honey, instant
powder drink, fruit cordial drink, jelly crystals, crème caramel, baking powder
and custard powder.
Import
Countries: India and the
United Kingdom
Export
Countries: GCC countries,
Yemen and some of the African countries
Brand Names: AL BARAKAT, AL DIWAN, FRESCO, INTER HALCO,
MELINO and RONDELLA
Operating Trend: Steady
Subject has a
workforce of 56 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 Sales RO 4,925,000 RO 5,110,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank
Muscat SAOG
PO Box: 6326
Muscat
Tel: (968) 24701769
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.42 |
|
|
1 |
Rs.98.28 |
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Euro |
1 |
Rs.80.11 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.