MIRA
INFORM REPORT
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Report Date : |
17.05.2007 |
IDENTIFICATION DETAILS
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Name : |
HORIZONS
ENGINEERING SWITCHGEAR MANUFACTURING CO PLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2nd May 2001 |
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Com. Reg. No.: |
6676, |
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Legal Form : |
Public Shareholding Company – PLC |
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Line of Business : |
Engaged in the
manufacture of electric boards and switchgear. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : HORIZONS ENGINEERING SWITCHGEAR MANUFACTURING CO
PLC
Country of Origin :
Legal Form : Public Shareholding Company - PLC
Registration Date : 2nd May 2001
Commercial Registration Number :
6676,
Trade Licence Number : 14038
Issued Capital : JD 250,000
Paid up Capital : JD 250,000
Total Workforce : 120
Line of Business : Manufacturers of electric boards and switchgear.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
HORIZONS
ENGINEERING SWITCHGEAR MANUFACTURING CO PLC
ADDRESS
Registered & Physical Address
Building :
Street :
PO Box : 330607 & 330521
Town :
Country :
Telephone : (962-6) 4882114 / 4886688
Facsimile : (962-6) 4882115
Email : horizons@go.com.jo
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Amman.
Branch Office (s)
Location Description
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Industrial
Estate Owned
factory premises
Tel: (962-6) 5531848
Fax: (962-6) 5513849
KEY PRINCIPALS
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Hassan
Deeb Al Sadee Chairman
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Mohamed
Ali Al Kilani Managing
Director
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Maher
Fouad Al Qubti Director
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Haytham
Salem Abu Hlaleh Director
LEGAL FORM &
OWNERS
Date of Establishment : 2nd
May 2001
Legal Form :
Sharikat Al Mousahama Al
Aamah (Public Shareholding
Company - PLC)
Commercial Reg. No. : 6676,
Trade Licence No. : 14038
Issued Capital : JD 250,000
Paid up Capital : JD 250,000
Name of Shareholder
(s)
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Hassan
Deeb Al Sadee
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Mohamed
Ali Al Kilani
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Maher
Fouad Al Qubti
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Haytham
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Local
businessmen and private investors
Note to the Legal Form
A Public Shareholding Company (PLC) is formed by two or more shareholders. The liability of the shareholders is limited to their shares in the company’s capital. The minimum authorised capital is set at JD 500,000 of which at least 25 % should be paid upon incorporation, with the remaining 75 % to be paid within four years. Shares must be offered to the public and are freely transferable.
AFFILIATED COMPANIES
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Horizon
for Plastic Industry
PO Box : 330607 & 330521
Tel : (962-6) 4882114 / 5531848 / 4886688
Fax : (962-6) 4882115 / 5513849
LINE OF BUSINESS
Operations : Engaged in the manufacture of electric
boards and switchgear.
Import Countries
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International Supplier :
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Supp
Eldon
Operating Trend
: Steady
Subject has a
workforce of 120 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency :
Jordanian Dinars (JD)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue JD 3,850,000 JD
4,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab
Bank Plc
Shmeisani Branch
PO Box : 950545 & 950544
Tel : (962-6) 5607231 / 5607115
Fax : (962-6) 5606793 / 5606830
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Bank of
Jordan Ltd
PO Box : 37
Tel : (962-6) 5630301
Fax : (962-6) 5638889
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Established in
2001, subject is a public shareholding company and is involved in the
manufacture of electric boards and switchgear.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk. As such the above credit figure is
considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 500,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)