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MIRA
INFORM REPORT
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Report Date : |
22.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BAHWAN ENGINEERING CO LLC (BEC) |
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Registered Office : |
Bahwan Centre, Sultan Qaboos Street, Al Ghoubra , Ruwi, PO Box 703, Muscat 112 |
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Country : |
Sultanate of Oman |
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Date of Incorporation : |
01.01.1977 |
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Com. Reg. No.: |
4638, Muscat |
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Legal Form : |
Limited Liability Company - LLC |
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Line of Business : |
Subject’s activities are performed through the following divisions - Power
Projects Division, Mechanical & Electrical Construction Division,
Instrumentation Division, Service & Maintenance Division, Mechanical
& Electrical Products Division, Elevators & Escalators Division, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BAHWAN ENGINEERING CO LLC (BEC)
Country of Origin : Sultanate of Oman
Legal Form : Limited Liability Company - LLC
Registration Date : 1st January 1977
Commercial Registration Number : 4638, Muscat
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
Total Workforce : 4,000
Line of Business : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
BAHWAN ENGINEERING CO LLC (BEC)
ADDRESS
Registered & Physical Address
Building : Bahwan
Centre
Street : Sultan Qaboos Street
Area : Al Ghoubra , Ruwi
PO Box : 703
Town : Muscat 112
Country : Sultanate of
Oman
Telephone : (968) 24597510
Facsimile : (968) 24597511
Email : becoman@becoman.com
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· PO Box 25173 Sales
Office
Dubai
United Arab
Emirates
Tel:
(971-4) 3475878
Fax:
(971-4) 3471855
Email:
becdubai@emirates.net.ae
· PO Box 31747 Sales
Office
Abu Dhabi
United
Arab Emirates
Tel:
(971-2) 6414316
Fax:
(971-2) 6414317
Email:
btcauh@emirates.net.ae
Subject also operates offices located in Wadi
Kabir, Azaiba, Seeb Souk, Ibri, Nizwa, Salalah, Barka, Ibra, Sohar and Sur.
KEY PRINCIPALS
· Sheikh
Suhail Salem Abdullah Bahwan Managing
Director
· Sheikh
Ahmed Suhail Salem Abdullah Bahwan Director
· S.K.Virmani Chief
Executive Officer
· C.K
Khanna General
Manager
· A.K.
Nahar Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1st
January 1977
Legal Form : Sharikat Thet
Massouliya Mahdoudeh (Limited Liability Company –
LLC)
Commercial Reg.
No. : 4638, Muscat
Issued Capital : RO 300,000
Paid up Capital : RO 300,000
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 Travel
Agencies LLC
PO Box : 282
Muscat
Tel : (968-24)
740455
Fax : (968-24)
700483
· Bahwan Trading
Company LLC
Suhail Bahwan Building
Ruwi
PO Box : 169 & 2
Muscat 113
Tel : (968-24) 793750
/ 24793741
Fax : (968-24) 796158
· 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 : Subject’s activities are performed through the
following divisions:
·
Power Projects Division
These operations
encompass several aspects of engineering construction on a turnkey basis
comprising Design, Supply, Installation, Testing, Commissioning and
Maintenance. Projects include installations related to large power houses
comprising 132KV Transmission Lines, Indoor and Outdoor Gas Insulated
Switchgears and 132KV live line washing.
·
Mechanical & Electrical Construction
Division
Building
Services Division has diverse experience in executing Mechanical &
Electrical installations for Hotels, Hospitals, Airports, Palaces, Ministry
& Bank Headquarters, Commercial Complexes and Industrial Projects. The
division is geared to execute installation of Central Air Conditioning Systems,
Plumbing & Sanitation, Electrical and specialised systems like Medical
Gases, Nurse Call, Incinerators, Surgical Panels, Operation Theatre Lighting,
Fire Alarm, Vaccum & Compressed Air, Boilers, Kitchen & Laundry
equipment, Building Management Systems
·
Instrumentation Division
Engaged
in planning, Installation, Testing and pre-commissioning of industrial projects
in Control, Automation and Instrumentation construction projects. It also
undertakes small / medium projects on Engineering, Procurement and Construction
basis ( EPC ) to construction of large projects of 10,000 and more loops in
Oil& Gas, Power, Water sector.
·
Water And Waste Water Treatment
Division
Water
and waste water treatment operations offer construction solutions &
maintenance for Desalination Plants & Sewage Treatment Plants. The division
also executes indoor and outdoor Reverse Osmosis Plants for specialised uses
such as hospitals & Industrial Projects
·
Civil Construction Division
Established
in 1975, this division specialises in total project management of Industrial
Projects, Commercial Buildings, Residential Buildings, Schools and Mosques.
·
Elevators & Escalators Division
This
division undertakes projects involving supply, installation and maintenance of
elevators and escalators on turnkey basis. The division is also involved in
installing equipment such as Dock lavelers, Lifting Platforms, Special Freight
Platforms, Scissor Lift Platforms for Airports and EOT Cranes. Some of the
large projects include installation of Trav-O-lator, the longest inclined
walkway in the Gulf; 13 hospital elevators and 5 passenger elevators with VVVF
Drive for Sohar Hospital, Oman and fastest moving (2.5 meters per second)
Elevators for National bank of Oman headquarters.
·
Diesel Power Generation Division
This
operation integrates supply, installation, commissioning and maintenance of
diesel power generation projects.
·
Mechanical & Electrical Products
Division
The
mechanical products division's portfolio encompasses trading in products
covering the broad spectrum of the Building Services Industry. From
Air-conditioning to Heating, Ventilation, Filtration, Building Management
Systems, Piping & Valves, to Air Distribution, the Division represents more
than 30 Principals worldwide.
·
Service & Maintenance Division
BEC
ensures satisfactory performance of the installations with Planned Preventive
Maintenance schedules, which reduces the Down Time to the minimum. This
division employs 900 people.
Import Countries : Europe, Asia and the United States of America.
Subject has a workforce of approximately 4,000 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Oman are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
Oman Arab Bank
Head
Office
Muttrah
Business District
PO Box :
2010, Ruwi 112
Muscat
Tel:
(968) 24700161 / 24706265 / 24706267
Fax: (968)
24797736
·
Oman International Bank
Al Jaame Street
PO Box :
4216
Muscat
Tel :
(968) 703614 / 707328 / 793450
·
HSBC Bank Middle East
Muttrah Business
District
PO Box : 240, Ruwi
112
Muscat
Tel : (968)
24700810 / 24799920 / 24799927
Fax : (968) 24704241
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Bahwan Engineering Co LLC (BEC) 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$ 1,500,000
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. |
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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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%)