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Report No. : |
323693 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
A SAFFA FOODS SAOG |
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Registered Office : |
Ghala Roundabout, Ruwi 3436 Muscat 112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.12.2001 |
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Com. Reg. No.: |
2/16733/6 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
Engaged in the processing of poultry, meat, fish and related products. |
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No of Employees : |
700 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company Name : A SAFFA FOODS SAOG
Country of Origin : Oman
Legal Form : Omani Public Joint Stock Company
Start Date : 30th December 2001
Commercial Registration Number : 2/16733/6
Issued Capital : RO 12,000,000
Paid up Capital : RO 12,000,000
Total Workforce : 700
Activities : Processing of poultry, meat, fish and related products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
A SAFFA FOODS SAOG
Location : Ghala Roundabout
Area : Ruwi
PO Box : 3436
Town : Muscat 112
Country : Sultanate of Oman
Telephone : (968) 24591800 / 24789770 / 24796072
Facsimile : (968) 24592800 / 24789774
Email : asaffa@omantel.net.om
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
·
Tamreed
Area Production
& processing plant
PO Box: 458
Salalah 211
Tel: (968) 23288333
Fax: (968) 23202775
Name Position
·
Fahad
Mohamed Al Abdul Kader Chairman
·
Dr
Hamad Saad Majid Al Saad Al Kuwaari Vice
Chairman
·
Suleiman
Bin Nasser Bin Suleiman Al Lamki Director
·
Mubarak
Suleiman Al Mantheri Director
·
Saeed Ali
Salem Al Fannah Al Arami Director
·
Areej
Mohammed Al Kleeb Director
·
Ahmed
Rashid Mohamed Al Mamari Director
·
Abdul Aziz
Mohamed Nasser Al Nadabi Director
·
Ali
Hilal Ali Al Kuwari Director
·
Rashid
Saif Mohamed Al Saadi Director
·
Dr
Nasser Zaher Nasser Al Ma'awali Chief
Executive Officer
·
Dr
Bassam Naifah Administration
Manager
·
Muhammed
Rafique Chaudhry Finance
Manager
·
Kannan
Dirzan Financial
Controller
Date of Establishment : 30th
December 2001
History : Subject began in 2001 under the name ‘A
Saffa Poultry Farms SAOG’. However it re-
registered under the current style of “A
Saffa Foods SAOG” on 24th March 2010.
Legal Form :
Omani Public Joint Stock
Company
Commercial Reg. No. : 2/16733/6
Issued Capital : RO 12,000,000
Paid up Capital : RO 12,000,000
·
Gulf
Investment Corporation 33.25%
·
Arab
Authority for Agricultural Investment & Development 33.25%
·
National
United Engineering & Contracting Co LLC 10.00%
·
Internal
Security Service Pension Fund 10.00%
·
Omani
businessmen & private investors 13.50%
Name Percentage Held
·
A Saffa
Meat Processing LLC 100%
Activities: Engaged in the processing of poultry, meat,
fish and related products.
Import
Countries: India and
Europe.
Operating Trend: Steady
Subject has a
workforce of approximately 700 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 31/12/14 31/12/13 31/12/14 31/12/13
Subject’s figures Group
figures
ASSETS
Non-current assets
Property, plant
and equipment 17,829,659 19,033,508
22,712,984 24,136,691
Intangible assets
457,931 -
457,931 -
Investments in
subsidiaries 2,950,000 1,350,000
- -
Available-for-sale
financial assets 100,000 50,000
100,000 50,000
Term deposits 3,000,000 -
3,000,000 -
Total non-current assets 24,337,590
20,433,508 26,270,915 24,186,691
Current assets
Inventories 3,519,530 2,868,647
4,706,859 3,358,329
Biological assets
1,376,405 1,345,707
1,376,405 1,345,707
Trade and other
receivables 7,813,264 5,776,189
7,563,006 5,711,918
Cash and cash
equivalents 3,044,976 5,083,712
4,645,596 5,085,014
Term deposits 2,004,385 2,007,138
2,004,385 2,007,138
Total current assets 17,758,560
17,081,393 20,296,251 17,508,106
Total assets 42,096,150
37,514,901 46,567,166 41,694,797
EQUITY AND LIABILITIES
EQUITY
Shareholders’ equity
Share capital 12,000,000 11,576,250
12,000,000 11,576,250
Legal reserve 3,351,427 2,707,543
3,351,837 2,707,543
Retained earnings
17,894,814 14,415,164
17,836,637 14,353,296
Total equity 33,246,241
28,698,957 33,188,474 28,637,089
LIABILITIES
Non-current liabilities
Borrowings 1,864,877 3,463,740
1,864,877 6,321,527
Deferred
government grant 392,378 530,400
392,378 530,400
Finance lease
liabilities - -
3,300,837 -
End of service
benefits 375,234 301,164
382,074 303,853
Deferred taxation 585,423 -
585,423 -
Total non-current liabilities 3,217,912
4,295,304 6,525,589 7,155,780
Current liabilities
Borrowings 2,259,617 2,111,708
2,518,359 3,059,565
Finance lease
liabilities - 1,359
513,790 1,359
Trade and other
payables 3,372,380 2,407,573
3,820,954 2,841,004
Total current liabilities 5,631,997
4,520,640 6,853,103 5,901,928
Total liabilities 8,849,909
8,815,944 13,378,692 13,057,708
Total equity and liabilities 42,096,150 37,514,901 46,567,166 41,694,797
Statement of Income
Revenue 30,453,438
28,537,045 30,234,741 28,537,045
Cost of sales (17,363,487) (16,566,827)
(16,764,023) (16,536,133)
Gross profit 13,089,951
11,970,218 13,470,718 12,000,912
Selling and
distribution expenses (3,689,378) (3,155,798)
(3,689,378) (3,155,798)
General and
administrative expenses (1,595,976) (1,421,230)
(1,788,207) (1,459,038)
Other operating
income 12,903 47,433
14,703 47,433
Operating profit 7,817,500
7,440,623 8,007,836 7,433,509
Finance cost -
net (89,335) (220,944)
(275,570) (256,550)
Profit and total comprehensive income for
the year before tax 7,728,165 7,219,679 7,732,266 7,176,959
Taxation -
- Current tax (703,899) - (703,899) -
- Deferred tax (585,423) -
(585,423) -
(1,289,322) - (1,289,322) -
Profit and total comprehensive income for
the year 6,438,843 7,219,679 6,442,944 7,176,959
Local sources
consider subject’s financial condition to be Good.
·
National
Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
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. 63.94 |
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|
1 |
Rs. 98.63 |
|
Euro |
1 |
Rs. 69.85 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
DPT |
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 |
|
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 |
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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.