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Report No. : |
355619 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
OMAN REFRESHMENT COMPANY SAOG |
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Registered Office : |
Seeb Airport, PO Box 30, Seeb 111, Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.01.1974 |
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Com. Reg. No.: |
1/05440/6 |
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Legal Form : |
Omani Closed Joint Stock Company |
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Line of Business : |
Engaged in the production and distribution of carbonated beverages,
juices and water. |
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No. of Employees : |
975 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 heavily dependent on dwindling oil resources, which
generates 77% of government revenue. It is using enhanced oil recovery
techniques to boost production. 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 from 46% to 9% by
2020. Muscat also is focused on 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, have challenged
the government's ability to effectively balance its budget as oil prices
decline. Despite government acknowledgement that Oman’s expansive social
welfare benefits are unsustainable, Oman authorities are comfortable with
short-term budget deficits and have approved an expansionary 2015 budget.
Concurrently, Oman has expanded efforts to support the development of small and
medium-size enterprises and entrepreneurship. Government agencies and large
oligarchic group companies have announced 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.
|
Source
: CIA |
Company Name :
OMAN REFRESHMENT COMPANY SAOG
Country of Origin :
Oman
Legal Form :
Omani Closed Joint Stock Company
Registration Date :
1st January 1974
Commercial Registration Number :
1/05440/6
Issued Capital :
RO 5,000,000
Paid up Capital :
RO 5,000,000
Total Workforce : 975
Activities :
Producers and distributors of carbonated beverages, juices and water.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
OMAN REFRESHMENT COMPANY SAOG
Registered &
Physical Address
Location : Seeb Airport
PO Box : 30
Town : Seeb 111
Country : Sultanate of Oman
Telephone : (968) 24589100
/ 24589103
Facsimile : (968) 24589099
/ 24503040
Mobile : (968)
96900046
Email : pepsiorc@omantel.net.om
/ alawi@pepsioman.com
Premises
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Seeb.
Name Position
Buti Obaid Al Mulla Chairman
Ahmed Mohamed Omeir Al Hinai Vice
Chairman
Hamoud Ahmed Mohamed Al Hinai Director
Mohamed Abdalla Mossa Al Raisi Director
Mana Said Al Mulla Director
Ali Humaid Al Owais Director
Mohamed Abdulaziz Ali Al Owais Director
S V Siva Reddy Finance
Manager
Date of Establishment : 1st
January 1974
Legal Form : Omani Closed Joint
Stock Company
Commercial Reg. No. : 1/05440/6
Issued Capital : RO 5,000,000
Paid up Capital : RO 5,000,000
Name of
Shareholder (s)
Buti Obaid Al Mulla
Ahmed Mohamed Omeir Al Hinai
Hamoud Ahmed Mohamed Al Hinai
Mohamed Abdalla Mossa Al Raisi
Mana Said Al Mulla
Ali Humaid Al Owais
Mohamed Abdulaziz Ali Al Owais
Mohamed & Obaid Al Mulla LLC
Activities: Engaged in the production and distribution of carbonated beverages,
juices and water.
Import Countries : Europe and GCC countries.
Operating Trend: Steady
Subject has a workforce of approximately 975 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 31/12/14 31/12/13
Assets
Non-current assets
Property, plant and equipment 20,442,096 11,041,658
Advance for property, plant and equipment 209,636 170,720
Other investments 7,014,935 5,014,935
Deferred tax asset 37,766 14,656
Total non-current
assets 27,704,433
16,241,969
Goods in transit 2,595,476 1,703,521
Inventories 3,605,298 4,779,767
Trade and other receivables 7,034,660 5,354,940
Term deposits 12,000,000 13,517,500
Cash and cash equivalents 1,361,903 598,086
Total current
assets 26,597,337
25,953,814
Total assets 54,301,770
42,195,783
Equity and liabilities
Equity
Share capital 5,000,000 5,000,000
Legal reserve 1,666,667 1,666,667
General reserve 2,500,000 2,500,000
Retained earnings 25,383,937 20,328,079
Total equity 34,550,604
29,494,746
Non-current
liabilities
Employees' end of service benefits 1,118,182 1,012,430
Non-current portion of term loans 6,701,041 1,914,522
Total non-current
liabilities 7,819,223
2,926,952
Current liabilities
Trade and other payables 6,447,164 6,856,133
Provision for income tax 1,390,583 1,417,472
Current portion of term loans 4,094,196 1,500,480
Total current
liabilities 11,931,943
9,774,085
Total liabilities 19,751,166
12,701,037
Total equity and
liabilities 54,301,770
42,195,783
Income Statement
Revenue 72,862,307 69,012,866
Cost of sales (43,501,980) (41,785,409)
Gross profit 29,360,327
27,227,457
Selling and distribution expenses (15,189,362) (12,877,629)
General and administrative expenses (3,160,655) (2,889,183)
Profit from
operations 11,010,310
11,460,645
Other income 617,466 455,544
Finance costs (204,445) (141,792)
Profit before
income tax 11,423,331
11,774,397
Income tax expense (1,367,473) (1,417,283)
Profit and total
comprehensive income for the year 10,055,858
10,357,114
Local sources consider subject’s financial condition to be Good.
National Bank of Oman Limited (SAOG)
Muttrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
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.66.30 |
|
|
1 |
Rs.98.70 |
|
Euro |
1 |
Rs.72.33 |
|
RO |
1 |
Rs.171.85 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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.