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Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
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Name : |
HYDROTEC INTERNATIONAL LLC |
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Registered Office : |
New Airport Road, Ghala Industrial Area, PO Box 584 & 3298, Muscat
112 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.04.2004 |
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Com. Reg. No.: |
1/02928/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is 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, truck mounted cranes, tailgates, block handling clamps,
recovery trucks, hydraulic winches, oil field trucks, power packs, custom
made cylinders, areal platforms, tailor made seals and o-rings. |
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No of Employees : |
45 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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.
|
Source
: CIA |
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
Person Interviewed :
Joel Lobo, Financial Controller
HYDROTEC INTERNATIONAL LLC
Registered &
Physical Address
Street : New Airport
Road
Area : Ghala
Industrial Area
PO Box : 584 & 3298
Town : Muscat 112
Country : Oman
Telephone : (968) 24502823
/ 24502828 / 24437036 / 24437041
Facsimile : (968) 24590618
/ 24437255
Mobile : (968)
92810188 / 99825202
Email : info@hydrotecinternational.com
/ hydrotech@omantel.com / accounts@hydrotecinternational.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
Name Nationality Position
Yasser Hamoud Al Raisi Omani Managing
Director
Clifford Sanctis Indian Director
Assef Hassan - General
Manager
Joel Lobo - Financial
Controller
Shane Bennett - Sales
Manager
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
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, truck mounted cranes, tailgates, block handling clamps, recovery trucks,
hydraulic winches, oil field trucks, power packs, custom made cylinders, areal
platforms, tailor made seals and o-rings.
Import Countries: United Kingdom, Germany, United States of America
and India
International Suppliers:
Veljan Hydraulic Pvt Ltd India
Dantal Hydraulic India
Nova Machinery United
Arab Emirates
Brand Names: ZEPRO, HIAB, PROBST, PZB, HYDROCAR, WETKITS,
BRADEN, ORIGA, EATON & VICKERS
Operating Trend: Steady
Subject has a workforce of 45 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales RO
2,585,000 RO
2,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Mr Joel Lobo, Financial
Controller
Bank Muscat SAOG
PO Box: 6326
Muscat
Tel: (968) 24701769
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.11 |
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|
1 |
Rs.98.15 |
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Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
TPT |
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.