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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HORIZON INDUSTRIAL DEVELOPMENT LLC |
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Registered Office : |
Building No. 1418/2 Way No. 5718 Bowsher Area, Al Khuwair 133 PO Box
1612 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.03.2009 |
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Com. Reg. No.: |
1/00168/4 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Manufacturers of partition panels. |
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No. of Employees : |
60 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
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 a
middle-income economy that is heavily dependent on dwindling oil resources.
Because of declining reserves and a rapidly growing labor force, 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 to 9% by 2020 and 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. By
using enhanced oil recovery techniques, Oman succeeded in increasing oil
production, giving the country more time to diversify, and the increase in
global oil prices through 2011 provided the government greater financial
resources to invest in non-oil sectors.
Source
: CIA
Company Name : HORIZON INDUSTRIAL DEVELOPMENT LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 12th March 2009
Commercial Registration Number : 1/00168/4
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 60
Activities : Manufacturers of partition panels.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Person Interviewed : Ravishankar Renju, Administration Manager
HORIZON INDUSTRIAL DEVELOPMENT LLC
Building : Building No.
1418/2
Street : Way No. 5718
Area : Bowsher
Area, Al Khuwair 133
PO Box : 1612
Town : Muscat
Country : Oman
Telephone : (968) 24595514
/ 24595516
Facsimile : (968) 24595530
Email : info@horizons-hidc.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Sohar Industrial
Estate Office
premises
PO Box: 92
Sohar 327
Tel: (968)
26752202
Fax: (968)
26752203
Name Nationality Position
· Amer Mohamed Al
Sulaiman Omani Managing Director
· Mohamed Amer
Mohamed Al Sulaiman Omani Director
· Amer Amer Mohamed
Al Sulaiman Omani Director
· Joe Cole - Business
Development Manager
· Ravishankar Renju - Administration
Manager
Date of
Establishment : 12th
March 2009
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/00168/4
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
· Rapid Building
System Pty Ltd 51%
Australia
· Amer Mohamed Al
Sulaiman 49%
Activities: Engaged in the manufacture of partition panels.
Subject has secured exclusive manufacturing rights for Rapidwall Technologies from Rapid Building
Systems Pty Ltd, Australia { RBS Co Australia} for the territory of Oman& UAE. HIDC also hold rights for
the marketing of Rapidwall in the region. 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. Rapidwall can be used for external and internal load-bearing and non load-bearing walls and floor
/ roof slab in combination with RCC. Rapidwall is resistant to water and fire and is free from corrosion, rot
and termite.
Rapidwall is highly thermal efficient and ideal for desert climate like Gulf
countries.
Import Countries: Europe and the Fars East.
Brand Names: RAPIDWALL
Subject has a workforce of 60 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/12:
Total Sales RO
550,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ravishankar Renju, Administration
Manager
·
HSBC Bank Middle East
Muttrah Business
District
PO Box: 240, Ruwi
112
Muscat
Tel: (968)
24700810 / 24799920 / 24799927
Fax: (968)
24704241
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.83 |
|
|
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.