MIRA INFORM REPORT

 

 

Report No. :

315618

Report Date :

03.04.2015

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL MINERAL WATER COMPANY SAOG

 

 

Registered Office :

Industrial Area, Ruwi 112, P O Box: 2740, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

20.06.1979

 

 

Com. Reg. No.:

01/8750/9

 

 

Legal Form :

Omani Public Joint Stock Company

 

 

Line of Business :

Bottlers and Distributors of Mineral Water, Energy Drinks and Fruit Juices.

 

 

No. of Employees :

230

 

 

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 :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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. 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

 

 

SUMMARY

 

Company Name                                    : NATIONAL MINERAL WATER COMPANY SAOG

Country of Origin                                   : Oman

Legal Form                                           : Omani Public Joint Stock Company

Registration Date                                  : 20th June 1979

Commercial Registration Number           : 01/8750/9

Issued Capital                                       : RO 2,012,769

Paid up Capital                                     : RO 2,012,769

Total Workforce                                     : 230

Activities                                               : Bottlers and distributors of mineral water, energy drinks and fruit juices.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

NATIONAL MINERAL WATER COMPANY SAOG

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial Area

Area                 : Ruwi 112

 

PO Box            : 2740

 

Town                : Muscat

Country             : Oman

 

Telephone         : (968) 24590095 / 24628900

Facsimile          : (968) 24505231 / 24628999

Email                : contact@tanufwater.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Aflah Bin Hamad Salim Al Rawahy                                          Chairman

 

·       Sayyid Aymen Bin Hamad Bin Hamood Al Bu Said                            Vice Chairman

 

·       Sayyid Khalid Bin Hamad Bin Hamood Al Bu Said                             Director

 

·       Mahmood Bin Nasir Al Mahrezy                                                         Director

 

·       Yousuf Bin Ahmed Bin Alawi Al Ibrahim                                             Director

 

·       Sayyid Faisal Bin Hamad Bin Hamood Al Bu Said                              Director

 

·       Masoud Bin Mohammed Bin Masoud Al Maashani                             Director

 

·       Raffy Kozajian                                                                                  Director

 

·       Saibal Sen                                                                                       Director

 

·       David Crickmore                                                                               Director

 

·       Pankaj Chugh                                                                                   General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th June 1979

 

Legal Form                  : Omani Public Joint Stock Company

 

Commercial Reg. No.   : 01/8750/9

 

Issued Capital              : RO 2,012,769

 

Paid up Capital            : RO 2,012,769

 

Name of Shareholder (s)                                                                             Percentage

 

·       Heirs of the late Sayyid Sami Bin Hamad bin Hamood Al Bu Said                   20%

 

·       Heirs of the late Sayyid Hamad Bin Hamood bin Hamad Al Bu Said                29%

 

·       Sheikh Aflah Bin Hamad Salim Al Rawahy                                          ]

                                                                                                            ]

·       Sayyid Aymen Bin Hamad Bin Hamood Al Bu Said                            ]

                                                                                                            ]

·       Sayyid Khalid Bin Hamad Bin Hamood Al Bu Said                             ]

                                                                                                            ]

·       Mahmood Bin Nasir Al Mahrezy                                                         ]

                                                                                                            ]

·       Ahmed Bin Said Bin Salim Al Ibrahim                                                 ]

                                                                                                            ]           51%

·       Sayyid Faisal Bin Hamad Bin Hamood Al Bu Said                              ]

                                                                                                            ]

·       Glenn F D’Silva                                                                                ]

                                                                                                            ]

·       Raffy Kozajian                                                                                  ]

                                                                                                            ]

·       Saibal Sen                                                                                       ]

                                                                                                            ]

·       Members of the general public & private investors                             ]

 

 

AFFILIATED COMPANIES

 

     Name                                                                            Percentage Held

 

·       Horizon Technologies SAOC                                                   53.5%

Muscat

 

·       Valuedeal Trading LLC                                                            95.0%

     Muscat

 

·       Horizon Technologies FZE                                                    100.0%

     UAE

 

 

OPERATIONS

 

Activities: Engaged in the bottling and distribution of mineral water, energy drinks and fruit juices.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 230 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

Balance Sheet                                                              31/12/14            31/12/13           31/12/14            31/12/13

                                                                                            Subject Company                            Group

Assets

 

Statement of Income

 

Revenue                                                                             7,960,639         7,375,566       7,960,639         7,376,984

Cost of sales                                                                      (5,114,539)       (5,209,949)     (5,529,815)      (5,622,447)

Gross profit                                                                         2,846,100         2,165,617       2,430,824         1,754,537

Other operating income                                                                    66,697             65,855           66,697             69,753

Selling and distribution expenses                                         (1,829,861)       (1,847,885)     (1,829,861)      (1,847,898)

Administrative expenses                                                      (615,738)          (592,117)        (656,737)         (674,867)

Finance (costs) – net                                                           (262,006)          (255,919)       (722,435)         (562,429)

Net profit / (loss) for the year                                                205,192           (464,449)        (711,512)         (1,260,904)

                       

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

 

 

BANKERS

 

·       Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

Fax: (968) 24793229

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326, Ruwi

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

·       Oman Arab Bank

     Al Khuwair Branch

     PO Box: 5010, Ruwi

     Muscat

     Tel: (968) 24603520

     Fax: (968) 24602948

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.62.59

UK Pound

1

Rs.92.46

Euro

1

Rs.67.51

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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.