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Report No. : |
323492 |
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Report Date : |
25.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Building No. 1265, Way No. 5217, Street No. 76, Ghala High Street Ruwi 112 2900 |
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Country : |
Oman |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
08.12.1987 |
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Com. Reg. No.: |
01288920 |
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Legal Form : |
Sharikat Al Mousahama Al Omania (Societe Anonyme Omani General - SAOG) (Omani Public Joint Stock Company) |
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Line of Business : |
Engaged in the processing and distributing of fresh and frozen fish and seafood. |
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No of Employees : |
335 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 : OMAN FISHERIES CO SAOG
Country of Origin : Oman
Legal Form : Omani Public Joint Stock Company
Registration Date : 8th December 1987
Commercial Registration Number : 01288920
Issued Capital : RO 12,500,000
Paid up Capital : RO 12,500,000
Total Workforce : 335
Activities : Processors and distributors of fish and seafood.
Financial Condition : Poor
Payments : Nothing detrimental uncovered
OMAN FISHERIES CO
SAOG
Building : Building No. 1265
Street : Way No. 5217, Street No. 76,
Ghala High Street
Area : Ruwi 112
PO Box : 2900
Town : Muscat
Country : Oman
Telephone : (968) 24509500 / 24509533 / 24509577
Facsimile : (968) 24597804
Email : samak@omanfisheries.com / fishfarm@omanfisheries.com
Subject operates from
a large suite of offices and a warehouse that are owned and located in the Port
Area of Muscat.
Branch Office
(s)
Subject has six branch offices located throughout the country.
Name Position
·
Sheikh Mohamed
Hamad Ali Al Masrori Chairman
·
Saleh
Nasser Juma Al Araimi Vice Chairman
·
Hani
Dawood Hamdan Al Bahrani Director
·
Dr Saud
Homoud Ahmed Al Habsi Director
·
Abdul
Ameer Said Mohamed Director
·
Sheikh
Salah Hilal Nasser Al Mawali Director
·
Quais
Mahmood Abdulla Al Khonji Director
·
Musalam
Amir Masoud Al Amri Director
·
Said
Rashid Said Al Rawahi General
Manager
·
Sanjoy
Ghosh Finance
Manager
Date of Establishment : 8th
December 1987
Legal Form :
Sharikat Al Mousahama Al
Omania (Societe Anonyme Omani
General - SAOG) (Omani Public Joint Stock
Company)
Commercial Reg. No. : 01288920
Issued Capital : RO 12,500,000
Paid up Capital : RO 12,500,000
·
Ministry
of Agriculture & Fisheries 24%
·
Sheikh
Mohamed Hamad Ali Al Masrori ]
]
·
Saleh
Nasser Juma Al Araimi ]
]
·
Hani
Dawood Hamdan Al Bahrani ]
]
·
Dr Saud
Homoud Ahmed Al Habsi ]
]
·
Abdul
Ameer Said Mohamed ] 76%
]
·
Sheikh Salah
Hilal Nasser Al Mawali ]
]
·
Quais
Mahmood Abdulla Al Khonji ]
]
·
Musalam
Amir Masoud Al Amri ]
]
·
Local
businessmen and private investors ]
Activities: Engaged in the processing and distributing
of fresh and frozen fish and seafood.
Subject has a
workforce of approximately 335 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 31/03/14 31/03/13 31/03/14 31/03/13
Subject Group
|
ASSETS |
|
|
|
|
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Non-current
assets |
|
|
|
|
|
|
Property,
plant and equipment |
|
5,863,099 |
3,489,640 |
8,287,805 |
5,804,302 |
|
Investment in
subsidiaries |
|
515,750 |
515,750 |
- |
- |
|
Held-to-maturity
financial assets |
|
968,018 |
1,100,153 |
968,018 |
1,100,153 |
|
Deferred tax asset |
|
13,358 |
29,455 |
13,358 |
29,455 |
|
|
|
|
|
|
|
|
Total non-current assets |
|
7,360,225 |
5,134,998 |
9,269,181 |
6,933,910 |
|
|
|
|
|
|
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Current
assets |
|
|
|
|
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Inventories |
|
2,725,372 |
2,849,526 |
2,824,361 |
2,850,918 |
|
Trade and
other receivables |
|
3,033,475 |
3,227,336 |
2,850,366 |
3,015,414 |
|
Financial assets at fair value through
profit or loss |
|
289,520 |
951,296 |
289,520 |
951,296 |
|
Fixed
deposits |
|
1,250,000 |
2,400,000 |
1,250,000 |
2,400,000 |
|
Cash and cash equivalents |
|
1,741,085 |
2,637,272 |
1,896,830 |
2,879,062 |
|
|
|
|
|
|
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Total
current assets |
|
9,039,452 |
12,065,430 |
9,111,077 |
12,096,690 |
|
|
|
|
|
|
|
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Total
assets |
|
16,399,677 |
17,200,428 |
18,380,258 |
19,030,600 |
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|
|
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EQUITY AND LIABILITIES |
|
|
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Capital and
reserves |
|
|
|
|
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Share capital |
|
12,500,000 |
12,500,000 |
12,500,000 |
12,500,000 |
|
Legal reserve |
|
3,196,760 |
3,196,760 |
3,213,283 |
3,202,199 |
|
Capital
reserve |
|
29,269 |
29,269 |
29,269 |
29,269 |
|
(Accumulated losses) / retained earnings |
|
(694,316) |
123,948 |
(641,255) |
80,850 |
|
|
|
|
|
|
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Total equity |
|
15,031,713 |
15,849,977 |
15,101,297 |
15,812,318 |
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LIABILITIES |
|
|
|
|
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Non-current
liabilities |
|
|
|
|
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|
Term loan |
|
- |
- |
1,599,992 |
1,799,996 |
|
Deferred tax
liability |
|
- |
- |
56,978 |
- |
|
End of service benefits |
|
162,618 |
184,794 |
168,559 |
188,289 |
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Total non-current liabilities |
|
162,618 |
184,794 |
1,825,529 |
1,988,285 |
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|
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Current
liabilities |
|
|
|
|
|
|
Current portion
of term loan |
|
- |
- |
200,004 |
200,004 |
|
Trade and
other payables |
|
1,205,345 |
995,368 |
1,253,428 |
1,029,993 |
|
Due to a related party |
|
- |
170,289 |
- |
- |
|
|
|
|
|
|
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Total
current liabilities |
|
1,205,345 |
1,165,657 |
1,453,432 |
1,229,997 |
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|
|
|
|
|
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Total liabilities |
|
1,367,963 |
1,350,451 |
3,278,961 |
3,218,282 |
|
|
|
|
|
|
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Total
equity and liabilities |
|
16,399,676 |
17,200,428 |
18,380,258 |
19,030,600 |
Income Statement
|
Sales |
|
18,871,261 |
26,102,577 |
18,998,494 |
26,153,667 |
|
Other operating income |
|
237,086 |
170,745 |
796,313 |
156,043 |
|
|
|
|
|
|
|
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Total operating income |
|
19,108,347 |
26,273,322 |
19,794,807 |
26,309,710 |
|
Cost of goods sold |
|
(13,579,816) |
(20,499,773) |
(13,438,464) |
(19,870,186) |
|
Staff costs |
|
(2,660,120) |
(2,141,006) |
(2,848,395) |
(2,314,823) |
|
Other operating expenses |
|
(3,391,454) |
(3,545,172) |
(3,638,733) |
(3,709,417) |
|
Depreciation on property, plant and equipment |
|
(480,214) |
(402,109) |
(651,125) |
(591,113) |
|
Loss on disposal of property,
plant and equipment |
|
- |
(46,448) |
- |
(46,448) |
|
|
|
|
|
|
|
|
Operating loss |
|
(1,003,257) |
(361,186) |
(781,910) |
(222,277) |
|
Investment income – net |
|
88,511 |
104,869 |
88,511 |
104,869 |
|
Foreign exchange gains – net |
|
251 |
3,197 |
251 |
3,198 |
|
Finance income |
|
113,845 |
238,303 |
113,845 |
238,303 |
|
Finance costs |
|
(1,517) |
(34,145) |
(58,643) |
(88,069) |
|
|
|
|
|
|
|
|
(Loss) / profit before taxation |
|
(802,167) |
(48,962) |
(637,946) |
36,024 |
|
Taxation |
|
(16,097) |
34,050 |
(73,075) |
34,050 |
|
|
|
|
|
|
|
|
(Loss) / profit and
total comprehensive (loss) / income for the year |
|
(818,264) |
(14,912) |
(711,021) |
70,074 |
Local sources
consider subject’s financial condition to be Poor.
·
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. 63.57 |
|
|
1 |
Rs. 99.66 |
|
Euro |
1 |
Rs. 70.92 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
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Report Prepared
by : |
DPT |
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.