|
Report No. : |
311965 |
|
Report Date : |
17.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
OMAN
PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA) |
|
|
|
|
Registered Office : |
Ajay Ent Building, Way No. 5229, Al Wadi Al Kabir 54, Muscat 113 1885, Seeb 111 Muscat |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Date of Incorporation : |
21.08.2001 |
|
|
|
|
Com. Reg. No.: |
2/15246/0 |
|
|
|
|
Legal Form : |
Limited Liability
Company |
|
|
|
|
Line of Business : |
Engaged in the production of pharmaceutical preparations. |
|
|
|
|
No. of Employee : |
244 |
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 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)
Location : Ajay Ent Building, Way No. 5229, Al Wadi Al Kabir
PO Box : 54, Muscat 113
1885, Seeb 111
Town : Muscat
Country : Sultanate of
Oman
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
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
· 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.62.82 |
|
|
1 |
Rs.92.82 |
|
Euro |
1 |
Rs.66.17 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ANK |
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.