MIRA
INFORM REPORT
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Report Date : |
24.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
BAHWAN BUILDING MATERIALS LLC |
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Registered Office : |
Al Wadi Al Kabir, P. O. Box 169, Muscat
113 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
17th
June 1979 |
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Com. Reg. No.: |
1/08739/8 |
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Legal Form : |
Limited
Liability Company - LLC |
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Line of Business : |
Engaged
in the import and distribution of building materials, timber and steel. |
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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Maximum Credit Limit : |
US$
200,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
BAHWAN
BUILDING MATERIALS LLC |
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Country of Origin |
Sultanate
of Oman |
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Legal Form |
Limited
Liability Company - LLC |
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Registration Date |
17th
June 1979 |
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Commercial Registration Number |
1/08739/8 |
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Membership Number |
206 |
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Issued Capital |
RO
150,000 |
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Paid up Capital |
RO
150,000 |
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Total Workforce |
75 |
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Line of Business |
Distributors
of building materials, timber and steel. |
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Financial Condition |
Fair |
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Payments |
Nothing
detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
BAHWAN BUILDING MATERIALS LLC
ADDRESS
Registered & Physical Address
Location : Al Wadi Al
Kabir
PO Box : 169
Town : Muscat 113
Country : Sultanate of
Oman
Telephone : (968-24) 810983
/ 813752
Facsimile : (968-24)
815755
Email : bahwanbm@omantel.net.om
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are owned
and located in the Central Business Area of Muscat.
KEY PRINCIPALS
· Sheikh Suhail Salem Abdullah Bahwan Chairman
· Sheikh Ahmed Suhail Salem Abdullah Bahwan Director
· G Venkat Rao
General Manager
· S Venkatesh
Commercial Manager
LEGAL FORM & OWNERS
Date of Establishment : 17th June 1979
Legal Form : Sharikat Thet Massouliya Mahdoudeh (Limited Liability Company - LLC)
Commercial Reg. No. : 1/08739/8
Membership No. : 206
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
· Sheikh Suhail Salem Abdullah Bahwan
· Sheikh Ahmed Suhail Salem Abdullah Bahwan
Non Omani Participation
The participation of non-Omani nationals in a trade or business in Oman is governed by the Foreign Business Investment Law, which sets capital requirements and requires 35 % Omani participation in capital and profits.
Note to the Legal Form
The Limited Liability Company (LLC), or private company, is the form of business entity usually chosen by foreign investors. It may be formed by a minimum of 2 and a maximum of 30 natural or legal persons, whose liability is limited to their shares in the company’s capital. The minimum capital of a Limited Liability Company with foreign ownership should be RO 150,000, although this may be reduced to a minimum of RO 30,000 with the approval of the Minister of Commerce and Industry. For a company wholly owned by Omani nationals, the minimum capital is RO 10,000.
Contributions to capital may be made in cash of kind. Capital may not be increased by public subscription. The full amount of the share value must be paid in on subscription. Shares may not be assigned to a non-member, unless the other existing members are granted a pre-emptive right to purchase the shares.
AFFILIATED COMPANIES
Subject is a member of the well known Suhail & Saud Bahwan group of
companies that comprises the following concerns:
· Al Gaddag Engineering LLC
PO Box : 168
Muscat
Tel : (968-24) 712470
· Suhail & Saud Bahwan Building
Materials LLC
PO Box : 169
Muscat
Tel : (968-24) 797581
Fax : (968-24) 797169
· Suhail & Saud Bahwan Building
Materials LLC
Al Qurum District
PO Box: 3168 / 703, Ruwi 112
Muscat
Tel: (968-24) 700983 / 793741 / 561377
Fax: (968-24) 793755
· Amiantit Oman SAO
PO Box : 1417
Seeb
Tel : (968-25) 626600
· Arab Merchants Co LLC
PO Box : 6228
Muscat
Tel : (968-24) 701221
· Arabian Car Marketing Co LLC
PO Box : 169
Muscat
Tel : (968-24) 793741
Fax : (968-24) 796158
· Arabian Caravans Furnishing &
Trading Co LLC
PO Box : 169
Muscat
Tel : (968-24) 797596
Fax : (968-24) 562089
· Auto Parts Centre LLC
PO Box : 2619
Muscat
Tel : (968-24) 564308
Fax: (968-24) 564309
· Automobile Automotive Centre
PO Box : 6168
Muscat
Tel : (968-24) 561377
Fax : (968-24) 561631
· Bahwan Contracting Company LLC
PO Box : 4098
Muscat
Tel : (968-24) 591092
Fax : (968-24) 591098
· Bahwan Foods (Khalijana) Co LLC
PO Box : 3711
Muscat
Tel : (968-24) 592492
· Bahwan Trading Company LLC
Suhail
Bahwan Building
PO Box : 169 & 2
Muscat 113
Tel : (968-24) 793750
/ 24793741
Fax : (968-24) 796158
· Bahwan Travel Agencies LLC
PO Box : 282
Muscat
Tel : (968-24) 740455
Fax : (968-24) 700483
· Bahwan Engineering Co LLC (BEC)
Bahwan Centre
Sultan
Qaboos Street
Al
Ghoubra , Ruwi
PO Box : 703
Muscat 112
Tel : (968-24) 597510
Fax : (968-24) 597511
· Delta Ltd
PO Box : 4537
Muscat
Tel : (968-24) 708483
· Ebin Rushed Pharmacy Co LLC
PO Box : 169
Muscat
Tel : (968-24) 701557
Fax : (968-24) 701547
· International Equipment &
Contracting Co LLC
PO Box : 169
Muscat
Tel : (968-24) 714482
Fax : (968-24) 793755
· National Crushers
PO Box : 961
Muscat
Tel : (968-24) 591461
· Rent-A-Car LLC
PO Box : 282
Muscat
Tel : (968-24) 561427
Fax : (968-24) 700483
· Utmost Building Materials Co LLC
Al Burj Building, 1st Floor
Deira
PO Box : 55014
Dubai
United Arab Emirates
Tel : (971-4) 3553883
Fax : (971-4) 3553776
· Gulf Mercantile Trading
Al Burj Building, 1st Floor
Deira
PO Box : 55014
Dubai
United Arab Emirates
Tel : (971-4) 3553883
Fax : (971-4) 3553776
· Mercantile Information &
Telecommunication Technology Est (MITTE)
Sheikha Aisha Building
Al Salam Street
PO Box : 41175
Abu Dhabi
United Arab Emirates
Tel : (971-2) 6458909
Fax : (971-2) 6458907
· Al Mutawah Trading Co LLC
Al Mutawah Building
Sultan Qaboos Street
Al Ghobra
PO Box : 17, Muttrah 114
Muscat
Tel : (968-24) 591871 / 591872 / 591521
Fax : (968-24) 592370
· Al Omaniya Automobile Marketing
LLC
PO Box : 2619
Seeb
Tel : (968-25) 560925
Fax : (968-25) 564309
· Arabian Engineering Services LLC
PO Box : 6000
Muscat
Tel : (968-24) 561377
Fax : (968-24) 561631
· Bilad (Oman) LLC
PO Box : 42006
Rusayl
Tel : (968-24) 626001
Fax : (968-24) 591098
· Electronics Company LLC
PO Box : 8111
Muttrah
Tel : (968-24) 793741
Fax : (968-24) 796158
· Inma Company Oman LLC
PO Box : 3760
Muscat
Tel : (968-24) 562100
Fax : (968-24) 562039
· Port Services Corp SAOG
PO Box : 133
Muscat
Tel : (968-24) 714001
Fax : (968-24) 714007
· Qurum Contractors LLC
PO Box : 7003
Muscat
Tel : (968-24) 562720
· Sogex Oman LLC
PO Box : 4739
Muscat
Tel : (968-24) 563055
Fax : (968-24) 564608
LINE OF BUSINESS
Operations : Engaged in the import and
distribution of building materials, timber and steel.
Import Countries : Europe and GCC countries.
Brand Names : AHUJA, ASIAN PAINTS, BERGER, CROMPTON GREAVES,
GROHE, KIMMCO and TRIMBLE.
Operating
Trend : Steady
Subject
has a workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Riyal Omani (RO)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total Revenue RO 3,280,000 RO 3,400,000
Local
sources consider subject’s financial condition to be Fair.
Legal
Reserve Requirement
A Limited Liability Company (LLC) is required each year to set aside 10% of its net profits as a legal reserve until the reserve reaches one-third of the company’s capital. This legal reserve is not available for distribution.
BANKERS
· Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box :
1696, Ruwi 112
Muscat
Tel :
(968-24) 793225 / 793226 / 793228
Fax :
(968-24) 793229
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Bahwan
Building Materials LLC is a leading concern in Oman and a member of the Suhail
& Saud Bahwan group of companies, which is a major player in the Omani
economy with over 30 diversified concerns.
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.
Maximum
suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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