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Report No. : |
327283 |
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Report Date : |
25.06.2015 |
IDENTIFICATION DETAILS
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Name : |
GULF PLASTIC INDUSTRIES COMPANY SAOG |
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Registered Office : |
Road No. 15, Rusayl Industrial Area, PO Box 55, Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.11.1996 |
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Com. Reg. No.: |
1/54106/4 |
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Legal Form : |
Omani Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of high density polypropylene sacks,
leak-proof bottle caps and polystyrene containers. |
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No. of Employees : |
275 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – 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 |
|
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 :
GULF PLASTIC INDUSTRIES COMPANY SAOG
Country of Origin :
Oman
Legal Form :
Omani Joint Stock Company
Registration Date :
27th November 1996
Commercial Registration Number :
1/54106/4
Issued Capital :
RO 1,000,000
Paid up Capital :
RO 1,000,000
Total Workforce :
275
Activities :
Manufacturers of high density polypropylene sacks, leak-proof bottle
caps and polystyrene containers.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
GULF PLASTIC INDUSTRIES COMPANY SAOG
Registered &
Physical Address
Street : Road No. 15
Area : Rusayl
Industrial Area
PO Box : 55
Town : Rusayl 124
Country : Sultanate of
Oman
Telephone : (968) 24446688
Facsimile : (968) 24466699
/ 24446766
Email : gpico@omantel.net.om
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Rusayl.
Name Position
Sheikh Mohamed Ali Al Fannah Al Araimi Chairman
Budoor Mohamed Rashid Al Fannah Al Araimi Vice
Chairman
Zaki Hassan Ihsan Al Naseeb Director
Khalood Mohamed Rashid Al Fannah Al Araimi Director
Fidwa Salim Said Al Fannah Al Araimi Director
Asok Kumar General
Manager
Date of Establishment : 27th
November 1996
Legal Form : Omani Joint Stock
Company
Commercial Reg. No. : 1/54106/4
Issued Capital : RO 1,000,000
Paid up Capital : RO 1,000,000
Name of
Shareholder (s) Percentage
Budoor Mohamed Rashid Al Fannah Al Araimi 22.00%
Khalood Mohamed Rashid Al Fannah Al Araimi 22.00%
Salem Bin Said Al Fannah Al Araimi 20.16%
Al Siraj Investment Holding LLC 19.62%
Local businessmen and private investors 16.22%
Activities: Engaged in the manufacture of high density polypropylene sacks,
leak-proof bottle caps and polystyrene containers.
Production Capacity:
High density polypropylene sacks 5,000,000
per year
Leak-proof bottle caps 40,000,000
per year
Polystyrene containers 75,000,000
per year
Import Countries: Germany and France
Operating Trend: Steady
Subject has a workforce of approximately 275 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Balance Sheet 31/12/14
31/12/13
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ASSETS |
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|
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Non-current
assets: |
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|
|
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Property, plant and equipment |
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1,233,067 |
1,144,727 |
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Total non-current assets |
|
1,233,067 |
1,144,727 |
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Current assets: |
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|
|
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Inventories |
|
790,537 |
750,543 |
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Trade receivables and prepayments |
|
1,198,132 |
1,069,964 |
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Cash and cash equivalents |
|
350,978 |
308,058 |
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Total current assets |
|
2,339,647 |
2,128,565 |
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Total assets |
|
3,572,714 |
3,273,292 |
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SHAREHOLDERS’ EQUITY AND LIABILITIES |
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|
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Capital and reserves: |
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|
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Share capital |
|
1,000,000 |
1,000,000 |
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Legal reserve |
|
169,519 |
141,147 |
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Special reserve |
|
10,123 |
10,123 |
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Other components of equity |
|
128,334 |
- |
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Retained earnings |
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1,049,284 |
729,775 |
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Total Shareholders’ equity |
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2,357,260 |
1,881,045 |
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LIABILITIES |
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Non-current
liabilities: |
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|
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Government soft loans |
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- |
236,239 |
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Deferred Government grant |
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- |
13,761 |
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Staff terminal benefits |
|
167,789 |
138,272 |
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Deferred tax liability |
|
78,850 |
29,323 |
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Total non-current liabilities |
|
246,639 |
417,595 |
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Current
liabilities: |
|
|
|
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Government soft loans |
|
250,000 |
252,972 |
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Trade payables and accruals |
|
705,493 |
713,067 |
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Amounts due to a related party |
|
1,913 |
8,613 |
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Provision for tax |
|
11,409 |
- |
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Total current liabilities |
|
968,815 |
974,652 |
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Total
liabilities |
|
1,215,454 |
1,392,247 |
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Total
Shareholders’ equity and liabilities |
|
3,572,714 |
3,273,292 |
Statement of
Income
|
Revenue |
|
5,408,972 |
5,291,609 |
|
Cost of sales |
|
(4,664,128) |
(4,519,179) |
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Gross profit |
|
744,844 |
772,430 |
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Administrative expenses |
|
(345,645) |
(334,487) |
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Selling and distribution expenses |
|
(135,192) |
(155,699) |
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Operating profit |
|
264,007 |
282,244 |
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Other income |
|
98,716 |
46,378 |
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Finance costs |
|
(18,072) |
(26,424) |
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Profit before tax |
|
344,651 |
302,198 |
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Income tax expense |
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(60,936) |
(36,264) |
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Profit for the year |
|
283,715 |
265,934 |
Local sources consider subject’s financial condition to be Fair.
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
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.63.66 |
|
|
1 |
Rs.100.50 |
|
Euro |
1 |
Rs.71.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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.