MIRA INFORM REPORT

 

 

Report No. :

344073

Report Date :

13.10.2015

 

IDENTIFICATION DETAILS

 

Name :

SUN PACKAGING CO LLC

 

 

Registered Office :

Way No. 23, Rusayl Industrial Area, Plot No. 218, Rusayl 124 1648 & 125

 

 

Country :

Oman

 

 

Date of Incorporation :

01.04.1997

 

 

Com. Reg. No.:

1/56564/8

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Manufacturers of flexible packaging materials (Subject’s product range includes high-quality printed BOPP, OPA, PET, PVC, Al- Foil and LLDPE films).

 

 

No. of Employee :

135

 

 

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

 

 

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

 

 

ORDER DETAILS

 

Business/ Subject Name

:

SUN PACKAGING CO LLC

Address

:

125 Rusayl 124 Muscat SULTANATE OF OMAN

 

IDENTIFICATION & CONTACT DETAILS

 

1) Name (s):

Organization Official Name

:

SUN PACKAGING CO LLC

 

2) Registered Address:

Address

:

Way No. 23, Rusayl Industrial Area, Plot No. 218, Rusayl 124

PO Box

:

1648 & 125

Phone (s)

:

(968) 24446864

 

 

(968) / 24446865

 

 

(968) / 24446866

 

 

(968) 24563244

Facsimile

:

(968) 24446867

Mobile

 

(968) 99205209

 

 

(968) 99837700

Email

:

info@sunpackaging.net

 

 

sunpack@omantel.net.om

 

 

nsarkar@sunpacking.net

 

 

suryaprrakash@sunpackaging.com

Country

:

Oman

 

3) Operational Address & Contact Details:

Address

:

Way No. 23, Rusayl Industrial Area, Plot No. 218

PO Box

:

1648 & 125

Phone (s)

:

(968) 24446864

 

 

(968) / 24446865

 

 

(968) / 24446866

 

 

(968) 24563244

Facsimile

:

(968) 24446867

Mobile

 

(968) 99205209

 

 

(968) 99837700

Email

:

info@sunpackaging.net

 

 

sunpack@omantel.net.om

 

 

nsarkar@sunpacking.net

 

 

suryaprrakash@sunpackaging.com

Country

:

Oman

 

LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS

 

Legal Form - Category

:

Limited Liability Company – LLC

Date of Registration

:

1st April 1997

Commercial Registration Number

:

1/56564/8

 

OTHER REGISTRATION/ MEMBERSHIPS

 

Chamber Membership Number

:

986

Expiry Date

:

n/a

KEY FACTS

 

Operational Status

:

Steady

Financial Condition

:

Fair

Primary Business Activity

:

Manufacturers of flexible packaging materials (Subject’s product range includes high-quality printed BOPP, OPA, PET, PVC, Al- Foil and LLDPE films)

Number of Employees

:

135

Capital

:

RO 2,000,000

 

CAPITAL DETAILS

 

Issued Capital:

NO OF SHARES

VALUE OF SHARE

AMOUNT

N/A

N/A

RO 2,000,000

 

Paid Up Capital:

NO OF SHARES

 

AMOUNT

N/A

N/A

RO 2,000,000

 

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 Revenue

RO 10,000,000

RO 10,635,000

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

The above financial figures are based on estimations by our local sources.

 

BANKER

 

1

Name

HSBC Middle East

 

PO Box

234 Muscat 113

 

Tel

(968) 24736041

 

 

(968) 24736042

 

Fax

(968) 24736043

 

2

Name

Commercial Bank of Oman SAOG

 

Address

Muttrah Business District

 

PO Box

1696, Ruwi 112 Muscat

 

Tel

(968) 24793225

 

 

 

 

 

 

 

(968) 24793226

 

 

 

 

 

 

 

(968) 24793228

 

Fax

(968) 24793229

 

SHAREHOLDERS

 

S. No.

Name of Shareholders

Country

No. of Shares

1

National Investment Fund Co Muscat

n/a

31.00%

2

Oman Brunei Investment Co Myscat

n/a

20.00%

3

Hassan Ihsan Naseeb Al Naseeb

n/a

15.00%

4

Sheikh Ameen Baqir Habib Murad

n/a

15.00%

5

Al Anwar Holdings SAOG Muscat

n/a

11.50%

6

Dilip Shanbag

n/a

3.50%

7

Mahdi Mohamed Jawad Al Abdwani

n/a

2.00%

8

Jaffar Mohamed Jawad Al Abdwani

n/a

2.00%

Total Share

100%

 

SENIOR MANAGEMENT

 

S. No.

Name

Nationality

Dsignation

1

Hassan Ihsan Naseeb

n/a

Managing Director

2

Ameen Baqir Habib

n/a

Director

3

M B Ingersol

n/a

Director

4

Delip Shanbag

n/a

General Manager

5

Mohamed Nabani

n/a

Administration Manager

6

Nanada Sarkar Kumar

n/a

Finance Manager

 

INTERNATIONAL TRADE ACTIVITY MARKETS

 

Sr.No

Country

Activity

1

Italy

Import

2

Spain Belgium

Import

3

United Kingdom

Import

4

Pakistan

Import

5

Saudi Arabia

Import

6

Japan

Import

7

China

Import

 

International Suppliers:

 

Name

 

 

 

 

 

Country

 

 

1

Tripak Films

 

2

SABIC

Saudi Arabia

 

 

3

EXXON Mobile

 

 

PREMISES

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Rusayl.

 

PAYMENT

 

No complaints regarding subject’s payments have been reported.

Date of transaction

May-08

Feb-09

Credit amount

8,00,000

1,50,000

Amount overdue

0

0

Payment terms

90 days

60 days

Payment Method

Letters of Credit

Letters of Credit

Paying record

No Complaints

No Complaints

Currency

Euros

US Dollars

 

ADVERSE DATA

 

Performance Defaults

:

No record found

Payment Defaults

:

No record found

Adverse Press Coverage

:

No record found

Litigations

:

No record found

Former Business Relationships

:

No record found

 

INVESTIGATOR'S COMMENTS

 

Person Interviewed   : Mohamed Nabani, Administration Manager

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.64.73

UK Pound

1

Rs.99.30

Euro

1

Rs.73.60

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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