MIRA INFORM REPORT

Report No. :	348722
Report Date :	06.11.2015

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 :	Oman
Financials (as on) :	31.12.2014
Date of Incorporation :	21.08.2001
Legal Form :	Limited Liability Company
Line of Business :	Subject is engaged in the production of pharmaceutical preparations.
No. of Employees :	220

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 – March 31, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
Oman	A2	A2

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

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

SUMMARY

Company Name : OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA)

Country of Origin : Oman

Legal Form : Limited Liability Company

Registration Date : 21^st 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

SUMMARY

Company Name : OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA)

Country of Origin : Oman

Legal Form : Limited Liability Company

Registration Date : 21^st 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

COMPANY NAME

OMAN PHARMACEUTICAL PRODUCTS CO LLC (ZYNOVA)

ADDRESS

Registered & Physical Address

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

Premises

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

KEY PRINCIPALS

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

LEGAL FORM & OWNERS

Date of Establishment : 21^st 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

Name of Shareholder (s) Percentage

· Sujay Ajit Hamlai 48.5%

· Ajay Ajit Hamlai 48.5%

· Abdullah Abbass Bin Ahmed 1.0%

AFFILIATED COMPANIES

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

OPERATIONS

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 DATA

Financial highlights provided by local sources are given below:

Currency: Riyal Omani (RO)

Year Ending 31/12/13: Year Ending 31/12/14:

Total Sales RO 10,940,000 RO 11,520,000

Local sources consider subject’s financial condition to be Fair.

The above figures were provided by Mr Dilip Khona, Financial Controller

BANKERS

· 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

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Please note that the correct name of the subject is “Oman Pharmaceutical Products Co LLC (ZYNOVA)” and not “Oman Pharmaceutical P LLC”.

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.65.68
UK Pound	1	Rs.101.02
Euro	1	Rs.71.35

INFORMATION DETAILS

Analysis Done by :	HNA
Report Prepared by :	TRU

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.