MIRA INFORM REPORT

 

 

Report Date :           

03.08.2011

 

 

 

Tel. No.:

00968-24502828

 

IDENTIFICATION DETAILS

 

Name :

HYDROTEC INTERNATIONAL LLC

 

 

Registered Office :

New Airport Road, Ghala Industrial Area, P O Box 584, Muscat 112

 

 

Country :

Oman  

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.04.2004

 

 

Com. Reg. No.:

1/02928/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import and distribution of hydraulic equipment and components

 

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

 

Maximum Credit Limit :

US$ 225,000

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                         : HYDROTEC INTERNATIONAL LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 1st April 2004

Commercial Registration Number            : 1/02928/0

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 45

Activities                                               : Import and distribution of hydraulic equipment and components.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 225,000

Person Interviewed                                 : Vincent Pilo, Finance Manager

 

 

 

COMPANY NAME

 

HYDROTEC INTERNATIONAL LLC

 

 

company ADDRESS

 

Registered & Physical Address

Street               : New Airport Road

Area                 : Ghala Industrial Area

PO Box             : 584

Town                 : Muscat 112

Country             : Oman

Telephone         : (968) 24502823 / 24502828

Facsimile          : (968) 24590618

Mobile               : (968) 92810188 / 99825202

Email                : info@hydrotecinternational.com / hydrotech@omantel.com

 

Premises

Subject operates from a medium sized suite of offices and a workshop that are rented and located in the Industrial Area of Muscat.

 

Branch Offices

 

     Location                                                                                                      Description

 

·       Salalah                                                                                                         Office premises

Tel: (968) 23211045

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

 

·       Yasser Hamoud Al Raisi                                  Omani                                     Managing Director

 

·       Clifford Sanctis                                                Indian                                      Director

 

·       Vincent Pilo                                                         -                                        Finance Manager

 

·       Shane Bennett                                                     -                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st April 2004

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/02928/0

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Yasser Hamoud Al Raisi

 

·       Clifford Sanctis

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of hydraulic equipment and components, focusing on the industrial and mobile hydraulic markets. Subject’s products include block clamps, control valves, cylinders, filters, fuel pumps, cranes, measuring instruments, pneumatics and winches.

 

Import Countries: United Kingdom, Germany, United States of America and India

 

Brand Names: ZEPRO, HIAB, PROBST, PZB, HYDROCAR, WETKITS, BRADEN, ORIGA, EATON & VICKERS

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                RO 2,185,000                            RO 2,300,000

 

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

 

The above financial figures were confirmed by Mr Vincent Pilo, Finance Manager

 

 

BANKERS

 

·       Bank Muscat SAOG

PO Box: 6326

Muscat

Tel: (968) 24701769

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 and the above credit figure is within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.23

UK Pound

1

Rs.72.09

Euro

1

Rs.62.99

 

 

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.