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Report No. : |
307540 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
NIZWA FOOD INDUSTRIES LLC |
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Registered Office : |
Nizwa Industrial Estate,
Road No. 7, PO Box: 1113, Sultan Qaboos 611, Nizwa |
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Country : |
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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 : |
Subject is 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 Employee : |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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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, Sultan Qaboos 611
Town : Nizwa
Country :
Telephone : (968) 25449477 / 25449476
Facsimile : (968) 25449476
Email :
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
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Adel
Salim Mohamed Al Hoqani Director
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Unni
Krishnan Finance
Manager
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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
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Adel
Salim Mohamed Al Hoqani
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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 31/12/13: Year Ending
31/12/14:
Total Sales RO 5,110,000 RO
5,250,000
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.43 |
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1 |
Rs.95.01 |
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Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.