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Report Date : |
21.01.2014 |
IDENTIFICATION DETAILS
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Name : |
HAIFA INDUSTRIAL SERVICES CO |
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Registered Office : |
Road No. 20 Rusayl Industrial Area |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.07.2001 |
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Com. Reg. No.: |
1/67539/7 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of empty LPG steel cylinders and
providers of tank inspections |
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No. of Employees : |
120 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. However, increases in social welfare benefits, particularly since the Arab Spring, will challenge the government's ability to effectively balance its budget if oil revenues decline. 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. In 2012, continued surpluses resulting from sustained high oil prices and increased enhanced oil recovery allowed the government to maintain growth in social subsidies and public sector job creation. However, the Sultan made widely reported statements indicating this would not be sustainable, and called for expanded efforts to support SME development and entrepreneurship. Government agencies and large oligarchic group companies heeded his call, announcing new initiatives to spin off non-essential functions to entrepreneurs, incubate new businesses, train and mentor up and coming business people, and provide financing for start-ups. In response to fast growth in household indebtedness, the Central Bank reduced the ceiling on personal interest loans from 8 to 7%, lowered mortgage rates, capped the percentage of consumer loans at 50% of borrower's salaries for personal loans and 60% for housing loans, and limited maximum repayment terms to 10 and 25 years respectively. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows
|
Source
: CIA |
Company Name : HAIFA INDUSTRIAL SERVICES CO
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 14th July 2001
Commercial Registration Number : 1/67539/7
Chamber Membership Number : 1668
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 120
Activities : Manufacturers of empty LPG steel cylinders and providers of tank
inspections
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
HAIFA INDUSTRIAL SERVICES CO
Street : Road No. 20
Area : Rusayl
Industrial Area
PO Box : 167 & 1318
Town : Rusayl 124
Country : Oman
Telephone : (968) 24502264
/ 22005703 / 22005704 / 24448641 / 24448645 / 24448647
Facsimile : (968) 24502983
/ 22005701 / 22005702 / 24447021
Email : haifa@alhosnigroup.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Rusayl.
Name Position
· Faisal Bin Amer S
Al Hosni Managing
Director
· Naser Bin Amer S
Al Hosni Director
· Fahd Bin Amer S Al
Hosni Director
· Mazen Bin Amer S
Al Hosni Director
· Amros Anthony General
Manager
· S Ravi Sales
Manager
· Parker Delwar Accounts
Manager
· Tanweer Rahman Administration
Secretary
Date of
Establishment : 14th
July 2001
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/67539/7
Chamber Member No. : 1668
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Faisal Bin Amer S
Al Hosni
· Naser Bin Amer S
Al Hosni
· Fahd Bin Amer S Al
Hosni
· Mazen Bin Amer S
Al Hosni
· National Plastic
Factory
Oman
· Majan Continental
Hotel
Oman
· Muscat Heaters
Industry LLC
Oman
· Jabreen Converting
Industries
Oman
· Star Modern
Industries
Oman
· Al Mandoos Trading
Co LLC
Oman
· Al Lub Paper
Factory
Oman
· Scorpion Chemicals
Factory LLC
Oman
· Dar Al Safwa Real
Estate Services LLC
Oman
· Al Khabourah
Cooking Gas Factory
Oman
· Nizwa Gas
Industries
Oman
· Bahanis Trading
Company
Oman
· Al Hosni Trading
& Contracting Ent
Oman
· Sun Star Digital
Photo Services
Oman
· National Plastic
Factory
United Arab Emirates
· Daas Interiors
United Arab
Emirates
· Majan Building
Contracting
United Arab
Emirates
· National Plastic
Factory
Egypt
· Daas Tourism
Services Ltd
Egypt
Activities: Engaged in the manufacture of empty LPG steel cylinders and providers
of tank inspections.
Operating Trend: Steady
Subject has a workforce of 120 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales RO
2,880,000 RO
3,010,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
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|
1 |
Rs.101.25 |
|
Euro |
1 |
Rs.83.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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.