MIRA INFORM REPORT

 

 

Report Date :           

15.09.2011

 

IDENTIFICATION DETAILS

 

Name :

HORIZONS INDUSTRIAL DEVELOPMENT CO LLC

 

 

Registered Office :

Building No. : 1418 /2, Way No. 5718, Bowsher Area, P.O. Box  1612 PC 133 Al Khuwair, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

30.06.2010

 

 

Date of Incorporation :

July 2007

 

 

Com. Reg. No.:

1001684

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers and distributors of rapidwall

 

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 :

RO 20,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct 

 

 

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

 

company NAME 

 

Horizons Industrial Development Co LLC

 

 

company ADDRESS

 

Building             : Building No. : 1418 /2

Street                           : Way No. 5718

Area                             : Bowsher Area

P.O. Box           : 1612 PC 133 Al Khuwair

Town                 : Muscat

Country             : Oman, Sultanate of

Telephone         : (968) 2459 5514 / 2459 5516

Fax                   : (968) 2459 5530

Email                            : info@horizons-hidc.com

 

Short form :       HIDC

 

Trading styles : Horizons

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                                        Position

 

1. Sheikh Amer Hamad Al Sulaimani                               Chairman

 

2. Mohammed Amer Hamad Al Sulaimani                        Managing Director

 

3. Ravi Shankar                                                             Purchasing Manager

 

4. Kannan Suryanarayan                                                Financial Manager

 

Total Employees : 25    

 

 

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is a newly established company incorporated in 2007 and started production in June 2010.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : RO 20,000

 

Trade risk assessment : Normal

 

Opinion on the credit figure of US DLRS 15,000,000 :

 

We consider the above figure to be beyond the Company's financial capabilities and recommend dealing on fully secured terms.

 

 

PRINCIPAL BANKERS

 

NAME               : BANK SOHAR SAOG

Branch              : Main Branch

PO Box             : 44

Town                 : Ruwi 112

Telephone         : (968) 2450 2950

Fax                   : (968) 2450 3250

 

The company also has an account with the following banks :

 

1. Bank Dhofar (SAOG)

   Near ROP Pension Trust Bldg, Behind Central Bank of Oman, MBD

   PO Box 1507 Ruwi 112

   Muscat

   Telephone: (968) 2479 0466

   Fax      : (968) 2479 7246

 

2. National Bank of Oman (SAOG)

   Main branch

   PO Box 751 Ruwi 112

   Muscat

   Telephone : (968) 2470 8894

   Fax       : (968) 2470 3972

 

 

FINANCIAL INFORMATION

 

Private companies in Oman are not required to publish or disclose balance sheets. However, the subject interviewed offered the following information :

 

Sales Turnover               : RO   500,000 - 2011 – exact*

                                                : RO 1,000,000 - 2011 - projected

 

Net Profit              : not given

 

* 6 months results (January - June).

 

Financial year ends 31 December.

The following consolidated balance sheets as of 30 June 2010 applies to WorleyParsons Limited, Australia, subject's parent company:

 

                                                2010           2009

                                          (in millions of AUS DLRS)

ASSETS

 

CURRENT ASSETS

 

Cash And Cash Equivalents                      140.5          173.8

Trade And Other Receivables                  1,266.6        1,210.1

Inventories                                      0.9            0.3

Prepayments                                     47.6           61.6

Derivatives                                        –            2.3

Finance Lease Receivable                         1.3              –

Assets Held For Sale                               –           39.8

Total Current Assets                         1,456.9        1,487.9

 

NON-CURRENT ASSETS

 

Equity Accounted Associates                    135.6          122.6

Property, Plant And Equipment                  116.0          139.0

Intangible Assets                            1,781.2        1,663.1

Finance Lease Receivable                        31.3              –

Deferred Tax Assets                            108.9           86.8

Derivatives                                      5.9           16.8

Other Non-Current Assets                         6.6            1.3

Total Non-Current Assets                     2,185.5        2,029.6

 

TOTAL ASSETS                                 3,642.4        3,517.5

 

LIABILITIES

 

CURRENT LIABILITIES

 

Trade And Other Payables                       581.7          650.4

Interest Bearing Loans And Borrowings           32.0           10.3

Income Tax Payable                               5.9           61.5

Provisions                                     316.0          266.1

Derivatives                                      1.4            0.2

Liabilities Held For Sale                          –           26.4

Total Current Liabilities                      937.0        1,014.9

 

NON-CURRENT LIABILITIES

 

Interest Bearing Loans And Borrowings          746.3          707.2

Deferred Tax Liabilities                        95.8           99.0

Provisions                                      24.3           41.3

Total Non-Current Liabilities                  866.4          847.5

 

TOTAL LIABILITIES                            1,803.4        1,862.4

 

NET ASSETS                                   1,839.0        1,655.1

 

EQUITY

 

Issued Capital                               1,208.3        1,142.6

Reserves                                       (72.3)        (117.5)

Retained Profits                               694.1          623.5

Parent Entity Interest                       1,830.1        1,648.6

Non-Controlling Interests                        8.9            6.5

 

TOTAL EQUITY                                 1,839.0        1,655.1

CONSOLIDATED PROFIT AND LOSS ACCOUNT

 

REVENUE

 

Services Revenue                             5,059.7        5,794.7

Interest Income                                  4.9            5.7

Other                                            4.9            7.3

Revenue And Other Income                     5,069.5        5,807.7

 

EXPENSES

 

Staff Costs                                 (2,505.0)      (3,291.0)

Contract Related Reimbursable Costs         (1,507.3)      (1,173.9)

Office And Administration Costs               (425.1)        (457.6)

Depreciation                                   (18.7)         (28.4)

Amortization                                   (73.2)         (59.5)

Borrowing Costs                                (39.0)         (49.3)

Other                                         (162.3)        (230.4)

Total Expenses                              (4,730.6)      (5,290.1)

 

Share Of Net Profits Of Associates

Accounted For Using The Equity Method           54.4           44.1

 

Profit Before Income Tax Expense               393.3          561.7

Income Tax Expense                             (90.3)        (160.8)

 

Profit After Income Tax Expense                303.0          400.9

Less: Profit Attributable To

Non-Controlling Interests                      (11.9)         (10.4)

 

Profit Attributable To Members

Of Worleyparsons Limited                       291.1          390.5

 

 

LEGAL STATUS AND HISTORY

 

Date Started : July 2007

 

History : Subject was established in Oman in July 2007 and started production in June 2010.

 

C.R. No. :                                  1001684 (expiry date: 1 July 2016)

 

Authorised Capital :                    RO 150,000

 

Paid-Up Capital :                        RO 150,000

 

Limited Liability Company with the following shareholders :

 

1. Sheikh Amer Hamad Al Sulaimani    (majority)

  (Omani national)

 

2. Worley Parson Arabian Industries

   PO Box 795

   Muscat 133

   Telephone: (968) 2447 3300

   Fax      : (968) 2448 3908

 

The exact shareholding percentage was not disclosed.

 

Affiliated companies of Horizons Industrial Development Co LLC :

 

Affiliated companies of Worley Parson Arabian Industries in the region :

 

Associates

 

1. Parsons E and C United Limited

   PO Box 30736

   Dammam 31952

   Telephone: (966 3) 847 7244

   Fax      : (966 3) 847 7255

 

2. Petrocon Arabia Limited         

   Al Jazera Building

   King Abdullah Bin Abdulaziz Street

   Aqrabia

   PO Box 31699

   Al Khobar 31952

   Telephone: (966 3) 881 3775

   Fax      : (966 3) 881 3855

   Email    : mail@petrocon-arabia.com

 

3. Rabwat Al Basrah Engineering Services Company Limited

   Iraq

 

4. Worley SAFF Qeshm Limited

   Iran

 

5. Worley and Partners Engineering Consultancy

   Oman

 

6. Worleyparsons Bahrain W.L.L.

   Bahrain

   C.R. No.: 66593-1

 

7. WorleyParsons Egypt Limited

   Egypt

 

8. WorleyParsons Engineering

   Al Masoud Building, 8th Floor

   Baniyas Najda Street

   Najda District

   PO Box 44169

   Abu Dhabi

   United Arab Emirates

   Telephone: (971 2) 676 6439

   Fax      : (971 2) 676 6429

 

9. WorleyParsons Engineers Egypt Limited

   Egypt

 

10.WorleyParsons Kuwait

   Kuwait

 

11.WorleyParsons North Africa Engineering and Project Management   

   Libya

 

12.WorleyParsons Oman Engineering

   PO Box 795

   Muscat 133

   Telephone: (968) 2447 3300

   Fax      : (968) 2448 3908

 

13.WorleyParsons Qatar

   Al Mana Towers, 11th Floor

   Suhaim Bin Hamad Street, C Ring Road

   PO Box 18130

   Doha

   Qatar

   Telephone: (974 4) 499 9777

   Fax      : (974 4) 499 9800

 

13.Worley Parson Arabia Co. Ltd

   PO Box 31699

   Al Khobar 31952

   Telephone: (966 3) 881 3775

   Fax      : (966 3) 881 3855

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Manufacturers and distributors of rapidwall* building systems using high quality gypsum plaster, reinforced by glass fiber rovings, retarder and other harmless chemicals apart from potable water .

 

* Rapidwall is an innovative, energy efficient and environmental – friendly, load-bearing large building panel of 12m length, 3 m height and 124 mm thickness with modular cavities.

 

Subject manufactures under license Rapid Building Systems Pty Ltd, Australia (RBS Co Australia).

 

NACE Code: 2369

 

Imports from Australia.

 

Exports occasionally to GCC countries, mainly to UAE.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented premises comprising administrative offices located at the heading address as well as a manufacturing unit in Sohar (see Branch Offices section).

 

 

BRANCH OFFICES

 

Manufacturing unit

PO Box 92

Sohar 327

Sohar Industrial Estate

Sohar

Telephone: (968) 2675 2202

Fax      : (968) 2675 2203

 

 

SPECIAL NOTE

 

Interviewed: Kannan Suryanarayan (Financial Manager).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.47.81

UK Pound

1

Rs.75.16

Euro

1

Rs.65.11

 

 

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.