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Report Date : |
06.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HORIZON ENERGY CO LLC |
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Registered Office : |
Port Khalid PO Box 6700 Sharjah |
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|
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Country : |
United Arab Emirates |
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Date of Incorporation : |
25.12.2007 |
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|
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Legal Form : |
Limited Liability Company - LLC |
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|
|
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Line of Business : |
Distribution of bitumen products |
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No. of Employees : |
40 |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Status : |
License Expired |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
UAE |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
UAE - ECONOMIC OVERVIEW
The UAE has an open economy with a high per capita income and a sizable annual trade surplus. Successful efforts at economic diversification have reduced the portion of GDP based on oil and gas output to 25%. Since the discovery of oil in the UAE more than 30 years ago, the UAE has undergone a profound transformation from an impoverished region of small desert principalities to a modern state with a high standard of living. The government has increased spending on job creation and infrastructure expansion and is opening up utilities to greater private sector involvement. In April 2004, the UAE signed a Trade and Investment Framework Agreement with Washington and in November 2004 agreed to undertake negotiations toward a Free Trade Agreement with the US, however, those talks have not moved forward. The country's Free Trade Zones - offering 100% foreign ownership and zero taxes - are helping to attract foreign investors. The global financial crisis, tight international credit, and deflated asset prices constricted the economy in 2009. UAE authorities tried to blunt the crisis by increasing spending and boosting liquidity in the banking sector. The crisis hit Dubai hardest, as it was heavily exposed to depressed real estate prices. Dubai lacked sufficient cash to meet its debt obligations, prompting global concern about its solvency. The UAE Central Bank and Abu Dhabi-based banks bought the largest shares. In December 2009 Dubai received an additional $10 billion loan from the emirate of Abu Dhabi. The economy is expected to continue a slow rebound. Dependence on oil, a large expatriate workforce, and growing inflation pressures are significant long-term challenges. The UAE''s strategic plan for the next few years focuses on diversification and creating more opportunities for nationals through improved education and increased private sector employment.
Source
: CIA
Company Name : HORIZON ENERGY CO LLC
Country of Origin : Sharjah, United Arab Emirates
Legal Form : Limited Liability Company - LLC
Registration Date : 25th December 2007
Trade Licence Number : 536251
Chamber Membership Number : 83195
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
Total Workforce : 40
Activities : Distribution of bitumen products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
HORIZON ENERGY CO LLC
Location : Port Khalid
PO Box : 6700
Town : Sharjah
Country : United Arab
Emirates
Telephone : (971-6) 5286585
/ 5282533
Facsimile : (971-6)
5286163
Mobile : (971-50)
5056600
Email : info@horizon-uae.com
/ elhielham@yahoo.com
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Sharjah.
Name Position
· Ali Al Sarro General
Manager
· Pierre Khoury Marketing
Manager
Date of
Establishment : 25th
December 2007
Legal Form : Limited Liability
Company - LLC
Trade Licence No. : 536251 (Expired 24/12/2012)
Chamber Member No. : 83195
Issued Capital : UAE Dh 5,000,000
Paid up Capital : UAE Dh 5,000,000
· GIGCO Investment
LLC 90%
United Arab
Emirates
· Emirates Lube Oil
Co LLC 10%
United Arab
Emirates
Activities: Engaged in the import and distribution of bitumen products.
Subject has a workforce of 40 employees.
Companies registered in Sharjah, United Arab Emirates are not legally
required to make their accounts public and no financial information was
released by the company or submitted by outside sources.
·
Mashreq Bank Plc
Al Boorj Avenue
Sharjah
Tel: (971-6)
5351366 / 5354873
Fax: (971-6)
5372903
No complaints regarding subject’s payments have been reported.
Iran has been storing large volumes of fuel oil offshore Fujairah in the
UAE and has been selling the product on a cash basis at heavy discounts through
a Sharjah-based company in an effort to bypass US and EU sanctions, industry
sources say. The entity involved in the transactions was identified by several
trading sources as Horizon Energy Co LLC, formerly owned by Fal Oil Co., the
troubled trading company that is struggling to cope with a mountain of debt.
The sources said Fal Oil, which was placed under US financial sanctions in
January for conducting business with Iran's energy sector, appeared to have
revived Horizon for the purpose of handling the fuel oil sales. Horizon is
listed as a subsidiary of the Gulf General Investment Co., whose senior
managers are Majid Al-Sari and Mohammed Al-Sari, owners of Fal Oil. Fal Oil
said in 2008 that it had launched Horizon in Sharjah to trade and manufacture
bitumen and sell other value added bitumen products. Horizon Energy's license
expired on 24th December 2012.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.29 |
|
|
1 |
Rs.83.96 |
|
Euro |
1 |
Rs.71.88 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.