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Report No. : |
344986 |
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Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
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Name : |
OMAN FIBRE OPTIC CO SAOG (OFO) |
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Registered Office : |
Road No. 4,
Rusayl Industrial Estate, PO Box No.: 5, Rusayl 124 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
30.06.1996 |
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Com. Reg. No.: |
1/54308/3 |
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Legal Form : |
Omani Public Joint Stock Company |
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Line of Business : |
The
Company designs, develops and manufactures optical fibres including
multi-mode fibres in 50/125 &
62.5/125 core diameters, G.655 complaint non-zero dispersion shifted fibres,
G.653 complaint dispersion shifted fibres, G.652C low OH peak fibres &
G.652D low OH peak low PMD fibres. Optical fibre cables are also provided in
a range of cables including single and double steel armoured, dielectric,
metallic, ADSS aerial, figure-8, FRP-armoured, indoor cables and
indoor/outdoor cables. Company also provides cable accessories and end-to-end
cabling solutions. |
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No. of Employees : |
270 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 : OMAN FIBRE
OPTIC CO SAOG (OFO)
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 30th
June 1996
Commercial
Registration Number : 1/54308/3
Issued Capital : RO 6,274,016
Paid up Capital : RO 6,274,016
Total Workforce :
270
Activities :
Manufacturers of optical fibres.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
OMAN FIBRE OPTIC CO SAOG (OFO)
Street : Road No. 4
Area : Rusayl Industrial Estate
PO Box : 5
Town : Rusayl 124
Country : Sultanate of Oman
Telephone : (968) 24446991 / 24446992 / 24448444
Facsimile : (968) 24446996 / 24446886 / 24448448
Email : ofoco@omantel.net.om / gopinath@omanfiber.com
Subject operates
from a suite of offices and a factory covering an area of 5,000 square metres
that are owned and located in the Industrial Area of Rusayl.
Name Position
·
Samy Ahmed Al Ghassany Chairman
·
Hilal Al Hassni Vice
Chairman
·
Rajiv
Dhar Director
·
Abdullah
Saif Al Hosni Director
·
Awadh
Mohamed Ba Mukhalif Director
·
Mohammed
Harith Al Barashdy General
Manager
·
Bhartendu
Chobisa Production
Manager
·
Sami Habib Ali Administration
Manager
·
Mohammed
Khamis Al Sinaidy Company
Secretary
Date of Establishment : 30th
June 1996
Legal Form :
Societe Anonyme Omani
General - SAOG (Omani Public Joint Stock Company)
Commercial Reg. No. : 1/54308/3
Issued Capital : RO 6,274,016
Paid up Capital : RO 6,274,016
· Oman
Telecommunications Co 26.00%
· Gulf Investment
Corp 25.00%
· Omar A Al Zawawi 21.50%
· Oman &
Emirates Investment Holding Co 15.60%
· Local businessmen
and private investors 11.90%
Name Stake Held
· Omania E-Commerce
LLC 20%
Activities: The Company
designs, develops and manufactures optical fibres including multi mode fibres
in 50/125
& 62.5/125 core diameters, G.655 complaint non-zero
dispersion shifted fibres, G.653 complaint dispersion shifted fibres, G.652C low
OH peak fibres & G.652D low OH peak low PMD fibres. Optical fibre cables
are also provided in a range of cables including single and double steel
armoured, dielectric, metallic, ADSS aerial, figure-8, FRP-armoured, indoor
cables and indoor/outdoor cables. OFO also provides cable accessories and
end-to-end cabling solutions.
The plant is ISO 9001:2000
certified
Production
Capacity: 8,000
– 12,000 kilometres of cable per annum
Import
Countries: Finland and the
United Kingdom
International
Suppliers:
·
Nextrom Oy Finland
·
Photon Kinetics United
Kingdom
Operating Trend: Steady
Subject has a
workforce of approximately 270 employees.
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Balance Sheet 31/12/14 31/12/13
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ASSETS |
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Non-current assets |
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Property, plant
and equipment |
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7,107,122 |
5,584,084 |
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Investment in a
subsidiary |
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21,338 |
21,338 |
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Deferred tax
asset |
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12,588 |
43,581 |
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7,141,048 5,649,003 |
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Current assets |
||||
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Inventories |
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4,751,907 |
3,571,811 |
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Trade and other
receivables |
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13,432,926 |
17,290,031 |
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Due from
related parties |
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4,407,971 |
2,324,580 |
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Cash and cash
equivalents |
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1,557,878 |
1,435,581 |
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24,150,682 24,622,003 |
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Total assets |
31,291,730 |
30,271,006 |
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EQUITY AND LIABILITIES |
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Capital and reserves |
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Share capital |
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5,455,666 |
4,744,057 |
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Legal reserve |
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1,818,555 |
1,581,352 |
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Retained
earnings |
10,983,824 |
5,720,039 |
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Total equity |
18,258,045 |
12,045,448 |
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LIABILITIES |
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Non-current liabilities |
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End of service
benefits |
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263,797 |
189,023 |
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Long term loan |
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2,200,697 |
4,094,659 |
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2,464,494 4,283,682 |
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Current liabilities |
||||
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Current portion
of long term loan |
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1,600,000 |
722,587 |
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Bank borrowings
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- |
3,956,093 |
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Trade and other
payables |
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7,901,096 |
8,830,289 |
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Due to related
parties |
|
33,394 |
26,644 |
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Taxation |
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1,034,701 |
406,263 |
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10,569,191 |
13,941,876 |
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Total liabilities |
13,033,685 |
18,225,558 |
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Income Statement
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INCOME |
|||||
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Product sales |
7,128,252 |
8,509,223 |
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Services |
2,304,939 |
2,414,682 |
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Contract
revenues |
13,870,830 |
16,026,447 |
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Other income |
9,962
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105,233 |
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23,313,983 27,055,585 |
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EXPENSES |
|||||
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Cost of
materials consumed |
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(8,301,413) |
(12,320,985) |
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Sub contract
costs |
(6,291,994) |
(7,560,654) |
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Employee costs |
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(4,048,426) |
(2,840,224) |
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Depreciation |
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(577,260) |
(115,868) |
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Other operating
expenses |
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(2,476,848) |
(1,910,498) |
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(21,695,941) (24,748,229) |
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Profit from operations |
1,618,042 |
2,307,356 |
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Insurance claim
income |
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7,376,874 |
2,806,273 |
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Finance cost - net |
|||||
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Interest income
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|
4,179 |
- |
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Interest
expense |
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(50,373) |
(262,305) |
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Exchange loss |
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(10,011) |
(6,050) |
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|
(56,205) |
(268,355) |
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Profit before taxation |
8,938,711 |
4,845,274 |
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Taxation |
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(1,065,694) |
(583,556) |
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Profit and total comprehensive profit for the year |
7,873,017 |
4,261,718 |
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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
Regular
Established in
1996, Oman Fibre Optic Co SAOG (OFO) is a leading manufacturer of optical fibres in 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.82 |
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UK Pound |
1 |
Rs.100.41 |
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Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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 |
-- |
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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.