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Report No. : |
315683 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA) |
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Registered Office : |
Ajay Ent Building, Way
No. 5229, Al Wadi Al Kabir, PO 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. |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
|
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, Muscat 113
1885, Seeb 111
Town : Muscat
Country : Sultanate of
Telephone : (968) 24502415 / 24502315 / 24815486
Facsimile : (968) 24502297 / 24815490
Mobile : (968) 96725391
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) Percentage
Sujay Ajit Hamlai 48.5%
Ajay Ajit Hamlai 48.5%
Abdullah Abbass Bin
Ahmed 1.0%
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
International
Suppliers:
Accupack India
Aurobindo Pharma India
Geltech India
Ess Dee Aluminium India
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 31/12/13:
Total Sales RO
10,940,000
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.46 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
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Report Prepared
by : |
TPT |
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.