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Report No. : |
326695 |
|
Report Date : |
15.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
DHOFAR CATTLE FEED CO SAOG |
|
|
|
|
Registered Office : |
Raysut Industrial Area, PO Box 1220 & 1298, Salalah 211 |
|
|
|
|
Country : |
Oman |
|
|
|
|
Financials (as on) : |
2014 |
|
|
|
|
Date of Incorporation : |
13.01.1983 |
|
|
|
|
Com. Reg. No.: |
2/01752/0 |
|
|
|
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Legal Form : |
Omani Public Joint Stock Company |
|
|
|
|
Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Feed Mill Division ·
Farm Division |
|
|
|
|
No. of Employees : |
600 |
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 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 :
DHOFAR CATTLE FEED CO SAOG
Country of Origin :
Oman
Legal Form :
Omani Public Joint Stock Company
Registration Date :
13th January 1983
Commercial Registration Number :
2/01752/0
Issued Capital :
RO 7,700,000
Paid up Capital :
RO 7,700,000
Total Workforce :
600
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
DHOFAR CATTLE FEED CO SAOG
Registered &
Physical Address
Location : Raysut
Industrial Area
PO Box : 1220 & 1298
Town : Salalah 211
Country : Sultanate of
Oman
Telephone : (968) 23210551
/ 23210360
Facsimile : (968) 23210886
Email : dcfco@omantel.net.om
/ saeedalshanfari@dcfoman.com
/ ceo@dcfoman.om
Premises
Subject operates from rented premises located in the Raysut Industrial
Area and consists of a medium sized suite of offices, and 400 hectares of
agricultural land rented from the Ministry of Agriculture and Fisheries. The
area is used for cattle breeding, dairy products manufacturing and grass
cultivation.
Branch Office (s)
Location Description
PO Box: 1273, Ruwi 111 Dairy
Processing Plant
Muscat
Tel: (968) 24799268
Garzaiz Farm Owned
Farm
PO Box: 298
Salalah 211
Tel: (968) 23225381 / 23219228 / 23225382 / 23225866
Fax: (968) 23219070 / 23225482
Sahnout Farm Owned
Farm
PO Box: 298
Salalah 211
Tel: (968) 23296561
Name Position
Sheikh Hamoud Bin Musthail Ahmed Al Mashani Chairman
Sheikh Ahmed Bin Abdullah Saeed Al Rawas Vice
Chairman
Saeed Bin Salim Ahmed Al Shanfari Managing
Director
Sheikh Khalid Bin Musthail Ahmed Mashani Director
Sheikh Abdullah Bin Hamed Hamoud Al Gafri Director
Sheikh Mohamed Bin Abdullah Fatah Zabanoot Director
Sheikh Mohamed Bin Abdullah Saeed Al Rawas Director
Sheikh Ahmed Bin Alawi Abdullah Al Ibrahim Director
Sheikh Amer Bin Ahmed Ali Al Rawas Director
Sheikh Ahmed Bin Suliman Ahmed Al Gafri Director
Sheikh Khalid Bin Abdullah Saeed Al Rawas Director
Dr Hassan Saeed Kashoob Director
Aftab Ahmed Patel Director
K M S Sreenivas Chief
Executive Officer
Dr Ahmed Bin Suhail Ahmed Al Hadhri General
Manager
Ghazi Thaher Jaber Dairy
Manager
Jeevan Sadavisan Feed
Mill Manager
Willem Van Leuteren Dairy
Farm Manager
William Downey Sales
& Marketing Manager
Date of Establishment : 13th
January 1983
Legal Form : Societe Anonyme
Omani General - SAOG (Omani Public Joint Stock Company)
Commercial Reg. No. : 2/01752/0
Issued Capital : RO 7,700,000
Paid up Capital : RO 7,700,000
Name of
Shareholder (s) Percentage
Muscat overseas LLC 17.83%
Sheikh Musthail Ahmed Al Mashani 13.92%
Al Rawas Develop. & Investment LLC 10.47%
Al Barka Investment LLC 5.27%
Omani businessmen & private investors 52.51%
Name Percentage
Held
Dhofar Poultry Company SAOG (DPC) 85.00%
International Plastic Industries Company LLC (IPI) 100.00%
Oman Vegetable Oils & Derivatives Co. LLC (OVOD) 33.33%
Dhofar Beverages and Foodstuffs Company SAOG (DBFC) 30.45%
Salalah Mills Co SAOG 13.01%
Dhofar International Development & Investment Holding (SAOG) (DIDIC) 7.11%
Activities: Subject’s operations are performed through the following divisions:
Feed Mill Division
Established in 1984, this division is engaged in the production of
animal feed using maize and sardines as raw materials. The product range
includes general feed, cattle feed, sheep feed, dairy-18, calf rearing, heifer
nuts, chick starter, pullet grower, layer mash, broiler starter, broiler
finisher, poultry concentrates and barley grain.
Production Capacity: 160 tonnes of cattle feed per day
Farm Division
This division is responsible for operating the dairy and crops farms in
Garziz and Sahnout. It is also involved in animal breeding and the production
of dairy products.
Import Countries: Switzerland, Germany, India and Australia.
International Suppliers:
Buhler AG Switzerland
Brand Names: A’SAFWAH
Operating Trend: Steady
Subject has a workforce of approximately 600 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO’000)
BALANCE SHEET
Subject Subject Subject
Group Company Group Company Group
Company
2014 2014 2013
2013 2012 2012
|
ASSETS |
|||||||||||||||||||||||||
|
Non-current assets |
|||||||||||||||||||||||||
|
Property, plant and equipment |
|
20,753 |
13,852 |
17,734 |
13,444 |
15,466 |
12,735 |
||||||||||||||||||
|
Investments in subsidiaries |
|
-- |
3,070 |
-- |
3,070 |
-- |
2,154 |
||||||||||||||||||
|
Investments in associates |
|
2,868 |
2,812 |
3,003 |
2,812 |
3,109 |
2,812 |
||||||||||||||||||
|
Available for sale investments |
|
23,579 |
23,579 |
24,131 |
24,131 |
17,903 |
17,903 |
||||||||||||||||||
|
Investment properties |
|
477 |
477 |
585 |
585 |
540 |
540 |
||||||||||||||||||
|
Biological assets |
|
4,033 |
4,033 |
4,127 |
4,127 |
5,110 |
5,110 |
||||||||||||||||||
|
Deferred tax asset |
|
218 |
179 |
179 |
179 |
179 |
179 |
||||||||||||||||||
|
Total non-current assets |
51,928 |
48,002 |
49,759 |
48,348 |
42,307 |
41,433 |
|||||||||||||||||||
|
Current assets |
|||||||||||||||||||||||||
|
Inventories and biological assets |
|
8,662 |
6,739 |
5,803 |
4,831 |
5,375 |
4,861 |
||||||||||||||||||
|
Accounts and other receivables |
|
8,054 |
7,143 |
6,991 |
5,801 |
7,407 |
6,774 |
||||||||||||||||||
|
Bank balances and cash |
|
438 |
426 |
451 |
317 |
545 |
179 |
||||||||||||||||||
|
Total current assets |
17,154 |
14,308 |
13,245 |
10,949 |
13,327 |
11,814 |
|||||||||||||||||||
|
Total assets |
69,082 |
62,310 |
63,004 |
59,297 |
55,634 |
53,247 |
|||||||||||||||||||
|
EQUITY AND LIABILITIES |
|||||||||||||||||||||||||
|
Equity |
|||||||||||||||||||||||||
|
Share capital |
|
7,700 |
7,700 |
7,700 |
7,700 |
7,700 |
7,700 |
||||||||||||||||||
|
Legal reserve |
|
2,486 |
2,486 |
2,486 |
2,486 |
2,486 |
2,486 |
||||||||||||||||||
|
Voluntary reserve |
|
3,641 |
3,641 |
3,641 |
3,641 |
3,641 |
3,641 |
||||||||||||||||||
|
Revaluation reserve |
|
525 |
-- |
525 |
-- |
597 |
-- |
||||||||||||||||||
|
Retained earnings |
10,236 |
10,370 |
12,908 |
12,283 |
17,235 |
16,931 |
|||||||||||||||||||
|
Fair value reserve |
|
16,113 |
16,113 |
16,432 |
16,432 |
9,877 |
9,877 |
||||||||||||||||||
|
Equity attributable to Shareholders of the
Parent Company |
40,701 |
40,310 |
43,692 |
42,542 |
41,536 |
40,635 |
|||||||||||||||||||
|
Non-controlling interest |
440 |
-- |
541 |
-- |
377 |
-- |
|||||||||||||||||||
|
Total equity and non-controlling interest |
41,141 |
40,310 |
44,233 |
42,542 |
41,913 |
40,635 |
|||||||||||||||||||
|
LIABILITIES |
|||||||||||||||||||||||||
|
Non-current liabilities |
|||||||||||||||||||||||||
|
Non-current portion of term loans |
|
4,156 |
2,379 |
1,384 |
1,283 |
19 |
-- |
||||||||||||||||||
|
Retention payable |
|
20 |
31 |
31 |
-- |
-- |
|||||||||||||||||||
|
Deferred tax liability |
|
-- |
-- |
63 |
-- |
60 |
-- |
||||||||||||||||||
|
Employees’ end of service benefits |
|
509 |
404 |
467 |
387 |
406 |
341 |
||||||||||||||||||
|
Total non-current liabilities |
4,685 |
2,803 |
1,945 |
1,701 |
485 |
341 |
|||||||||||||||||||
|
Current liabilities |
|||||||||||||||||||||||||
|
Current portion of term loans |
|
1,162 |
700 |
101 |
67 |
66 |
-- |
||||||||||||||||||
|
Taxation |
|
49 |
44 |
103 |
44 |
76 |
44 |
||||||||||||||||||
|
Bank borrowings |
|
14,206 |
12,145 |
12,189 |
11,173 |
10,571 |
10,081 |
||||||||||||||||||
|
Accounts and other payables |
|
7,839 |
6,308 |
4,433 |
3,770 |
2,523 |
2,146 |
||||||||||||||||||
|
Total current liabilities |
23,256 |
19,197 |
16,826 |
15,054 |
13,236 |
12,271 |
|||||||||||||||||||
|
Total liabilities |
27,941 |
22,000 |
18,771 |
16,755 |
13,721 |
12,612 |
|||||||||||||||||||
|
Total equity and liabilities |
69,082 |
62,310 |
63,004 |
59,297 |
55,634 |
53,247 |
|||||||||||||||||||
STATEMENT OF INCOME
Subject Subject
Group
Company Group Company
2014 2014 2013 2013
|
INCOME |
|||||||||||
|
Revenue |
|
31,873 |
29,255 |
29,517 |
25,961 |
||||||
|
Cost of sales |
|
(27,201) |
(25,100) |
(25,549) |
(23,426) |
||||||
|
Gross profit |
4,672 |
4,155 |
3,968 |
2,535 |
|||||||
|
EXPENSES |
|||||||||||
|
Selling and distribution |
|
(4,841) |
(4,213) |
(4,455) |
(3,991) |
||||||
|
General and administration |
|
(2,631) |
(2,091) |
(2,328) |
(1,922) |
||||||
|
Directors’ remuneration and meeting attendance fees |
|
(129) |
(86) |
(127) |
(76) |
||||||
|
Loss from operations |
(2,929) |
(2,235) |
(2,942) |
(3,454) |
|||||||
|
Investment income (net) |
|
644 |
696 |
468 |
498 |
||||||
|
Other income |
|
304 |
284 |
181 |
174 |
||||||
|
Share of result of associates |
|
(83) |
-- |
(5) |
-- |
||||||
|
Finance costs (net) |
|
(811) |
(658) |
(583) |
(557) |
||||||
|
Loss before taxation |
(2,875) |
(1,913) |
(2,881) |
(3,339) |
|||||||
|
Taxation |
|
102 |
-- |
(61) |
-- |
||||||
|
Net loss for the year |
(2,773) |
(1,913) |
(2,942) |
(3,339) |
|||||||
Local sources consider subject’s financial condition to be Fair.
National Bank of Oman Limited (SAOG)
Hafa Branch
PO Box: 824
Salalah 211
Tel: (968) 23291952
Fax: (968) 23290066
Bank Dhofar Al Omani Al Fransi
Mutrah Business District
PO Box: 1507, Ruwi 112
Muscat
Tel: (968) 24790466
Fax: (968) 24797246
A/c No. 01/411/01344/00
Oman International Bank
Al Jaame Street
PO Box: 4216
Muscat
Tel: (968) 24703614 / 24707328 / 24793450
Oman Bank of Agriculture & Fisheries SAOC
Ruwi 112
PO Box: 3077
Muscat
Tel: (968) 24701761 / 24701763
Fax: (968) 24706473
No complaints regarding subject’s payments have been reported.
Date of transaction February
2002 December
2008
Credit amount 255,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Euros US
Dollars
Dhofar Cattle Feed Co SAOG is Oman’s largest cattle feed producer and
also produces milk and yoghurt.
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.64.09 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.