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Report No. : |
320290.2 |
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Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PHARMACEUTICAL INDUSTRIES CO SAOG (NPI) |
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Registered Office : |
Road No. 15 Rusayl Industrial Estate 120 Rusayl 124 |
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Country : |
Oman |
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Financial As on : |
31.12.2014 |
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Date of Incorporation : |
14.02.1996 |
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Com. Reg. No.: |
1/51284/6 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of pharmaceutical formulations. |
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No. of Employee : |
215 |
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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.
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Source
: CIA |
Company Name :
NATIONAL PHARMACEUTICAL INDUSTRIES CO SAOG (NPI)
Country of Origin :
Oman
Legal Form :
Omani Public Joint Stock Company
Registration Date :
14th February 1996
Commercial Registration Number :
1/51284/6
Issued Capital :
RO 5,000,000
Paid up Capital :
RO 5,000,000
Total Workforce : 215
Activities :
Manufacturers of pharmaceutical formulations.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
M V Suresh, Finance Manager
NATIONAL
PHARMACEUTICAL INDUSTRIES CO SAOG (NPI)
Street : Road No. 15
Area : Rusayl
Industrial Estate
PO Box : 120
Town : Rusayl 124
Country : Sultanate of Oman
Telephone : (968) 24449070
/ 24449080 / 24449090
Facsimile : (968) 24446431
Email : npico@omantel.net.om
Subject operates from a suite of offices and production facilities
covering an area of 30,042 square meters that are owned and located in the
Industrial Area of Rusayl. The main plant of Orals is of 9,165 square meters. A
separate Beta-Lactame plant for Orals is located on 3,110 square meters area
and there is also a Utilities area of 1,500 square meters.
Name Position
· Dr Ghazi Omar Al
Zubaidi Chairman
· Abdullah Monjed
Bader Al Qenaei Vice
Chairman
·
Amal S Bahwan Director
·
Fudhalah Saleh Yousef Al Fudhalah Director
·
Rahul Kar Director
·
Khaled Al Saeed Director
· Meshal Al Jassar Director
· M V Suresh Finance
Manager
· Dhabia Wana Plant
Manager
· Liaqat Al Bloushi Public
Relations Manager
Date of
Establishment : Subject was
registered on 14th February 1996 and commercial production commenced
in 2001
Legal Form : Sharikat Al
Mousahama Al Omania (Societe Anonyme Omani
General - SAOG)
(Omani Public Joint Stock Company)
Commercial Reg.
No. : 1/51284/6
Issued Capital : RO 5,000,000
Paid up Capital : RO 5,000,000
· Ritaj Holding 69.60%
Kuwait
· Suhail Bahwan
Group 30.00%
PO Box: 169
Muscat
Tel: (968)
24561377
Fax: (968)
24561631
· Members of the
general public & private investors 0.40%
Activities: Engaged in the manufacture of pharmaceutical formulations.
Subjects facilities comprises of two hi-tech
plants to manufacture beta-Lactame and Non beta-Lactame products, as well as a
quality control laboratory and an in house research and development facility.
Production Capacity: The
Company produced 2.91 million Syrups & Suspensions, 208.97 million tablets
and 3.79
million sachets in its non-beta lactum plant
and 0.60 million dry suspension and 137.44 million capsules in its beta lactum
plant.
Import Countries: Europe and the United States of America
Subject has a workforce of approximately 215 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Balance Sheet
31/12/14 31/12/13
Non-current assets 4,194,721 4,414,831
Inventories 2,847,533 2,672,943
Accounts receivable 4,379,982 4,708,113
Due from related parties 1,052,286 575,562
Bank balances and cash 110,917 94,853
Short term deposits 2,912,582 3,010,481
Total current assets 11,303,300 11,061,952
Shareholders’ funds
Share capital 5,000,000 5,000,000
Legal reserve 368,807 277,183
Special reserve 11,364
11,364
Retained earnings 868,959 844,347
Total shareholders’ equity 6,249,130 6,132,894
Non-current liabilities
Government loan 4,325,000 4,625,000
End of service benefits 249,996 220,931
Total non-current liabilities 4,574,996 4,845,931
Current liabilities
Accounts payable 890,341 761,901
Due to related parties 48,063 20,609
Current portion of government loan 300,000 150,000
Bank borrowings 3,435,491 3,565,448
Total current liabilities 4,673,895 4,497,958
Total liabilities 9,248,891 9,343,889
Total shareholders’ equity and liabilities 15,498,021 15,476,783
Profit & Loss
Account
Sales 10,040,270 9,230,624
Cost of sales (6,520,183)
(6,127,954)
Gross profit 3,520,087 3,102,670
Other income 75,413 91,659
3,595,500
3,194,329
Product development costs 89,921 107,187
Salaries and employee related costs 324,833
280,407
Depreciation 30,420 29,896
Administration and selling 1,855,621
1,481,645
Finance charges
253,528 231,225
2,554,323 2,130,360
Profit before taxation 1,041,177 1,063,969
Taxation (124,941)
(127,676)
Net profit 916,236
936,293
Local sources consider subject’s financial condition to be Fair.
·
National Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
·
Bank of Oman, Bahrain & Kuwait
Rusayl
Branch
PO Box:
4708, Ruwi
Muscat
Tel:
(968) 24446140
·
Bank Muscat SAOG
Ruwi Main Branch
PO Box: 6326
Muscat
Tel: (968) 24561399 / 24708543
Fax: (968) 24561036
·
Oman Arab Bank
PO Box: 2010
Muscat
Tel: (968)
24706265
Fax: (968)
24797736
Acc No.
3101241600300
No complaints regarding subject’s payments have been reported.
National Pharmaceutical Industries Co SAOG (NPI) was established in 1996
and was the first pharmaceutical formulations manufacturer in the Sultanate of
Oman.
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.64.20 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ANK |
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 |
-- |
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.