MIRA INFORM REPORT

 

 

Report Date :

06.02.2013

 

IDENTIFICATION DETAILS

 

Name :

MultItech LLC

 

 

Registered Office :

Sultan Qaboos Street, Al Ghoubra, Wadi Al Kabir 117, P O Box 2, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

04.01.1994

 

 

Com. Reg. No.:

1/40164/5

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Distributors of Industrial Equipment

 

 

No. of Employees :

120

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Risk Category

ECGC Classification

 

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

 

 

 

 

SUMMARY

 

Company Name                                     : MULTITECH LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 4th January 1994

Commercial Registration Number                        : 1/40164/5

Chamber Membership Number                : 772

Issued Capital                                        : RO 250,000

Paid up Capital                                      : RO 250,000

Total Workforce                                     : 120

Activities                                               : Distributors of industrial equipment

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : P Anantan, Finance Manager

 

 

COMPANY NAME

 

MULTITECH LLC

 

 

ADDRESS

 

 

Registered & Physical Address

 

Street               : Sultan Qaboos Street

Area                 : Al Ghoubra, Wadi Al Kabir 117

 

PO Box             : 2

 

Town                 : Muscat

Country             : Oman

 

Telephone         : (968) 24629163 / 24597527 / 24597528 / 24478363

Facsimile          : (968) 24597530

Email                : mtcoman@omantel.net.om

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Suburban Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sheikh Suhail Salem Abdullh Al Mukhaini Bahwan                               Chairman

 

·       Suesh Kumar Varnani                                                                        Managing Director

 

·       Ahmed Suhail Salem Abdullh Al Mukhaini Bahwan                               Director

 

·       Saad Suhail Salem Abdullh Al Mukhaini Bahwan                                 Director

 

·       Amal Suhail Salem Abdullh Al Mukhaini Bahwan                                 Director

 

·       Ajeet Walakara                                                                                 Operations Manager

 

·       Ven Parasad                                                                         Assistant General Manager

 

·       P Anantan                                                                                        Finance Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           4th January 1994

 

Legal Form:                             Limited Liability Company – LLC

 

Commercial Reg. No.:                         1/40164/5

 

Chamber Member No. :           772

 

Issued Capital  :                       RO 250,000

 

Paid up Capital:                       RO 250,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Suhail Bahwan Group Holding LLC                                          90%

Muscat

 

·       Bahwan Trading Co LLC                                                         10%

Muscat

 

 

AFFILIATED COMPANIES

 

Subject is a wholly owned subsidiary, of the Bahwan Group of companies. The Bahwan Group ranks as one of the foremost business houses in the Sultanate of Oman. The group has diverse business interests, representing many world renowned companies, products and services. The Group was established in 1965 by brothers Sheikh Suhail and Sheikh Saud Bahwan.

 

The Bahwan Group have a dominant position in several business areas such as Automobiles, Construction Equipment, Building Materials, Electrical Engineering, Telecommunications, Travel, Food, Home Appliances, Computers, Pharmaceuticals and Hospital Products.

 

The Bahwan Group comprises the following concerns:

 

·       Al Gaddag Engineering LLC

PO Box: 168

Muscat

Tel: (968) 24712470

 

·       Suhail & Saud Bahwan Building Materials LLC

PO Box: 169

Muscat

Tel: (968) 24797581

Fax: (968) 24797169

 

·       Suhail & Saud Bahwan Building Materials LLC

Al Qurum District

PO Box: 3168 / 703, Ruwi 112

Muscat

Tel: (968) 24700983 / 24793741 / 24561377

Fax: (968) 24793755

 

·       Amiantit Oman SAO

PO Box: 1417

Seeb

Tel: (968) 24626600

 

·       Arab Merchants Co LLC

PO Box: 6228

Muscat

Tel: (968) 24701221

 

·       Arabian Car Marketing Co LLC

PO Box: 169

Muscat

Tel: (968) 24793741

Fax: (968) 24796158

 

·       Arabian Caravans Furnishing & Trading Co LLC

PO Box: 169

Muscat

Tel: (968) 24797596

Fax: (968) 24562089

 

·       Auto Parts Centre LLC

PO Box: 2619

Muscat

Tel: (968) 24564308

Fax (968) 24564309

 

·       Automobile Automotive Centre

PO Box: 6168

Muscat

Tel: (968) 24561377

Fax: (968) 24561631

 

·       Bahwan Engineering Company LLC

PO Box: 169

Muscat

Tel: (968) 24797581

Fax: (968) 24797169

 

·       Bahwan Contracting Company LLC

PO Box: 4098

Muscat

Tel: (968) 24591092

Fax: (968) 24591098

 

·       Bahwan Foods (Khalijana) Co LLC

PO Box: 3711

Muscat

Tel: (968) 24592492

 

·       Bahwan Travel Agencies LLC

PO Box: 282

Muscat

Tel: (968) 24740455

Fax: (968) 24700483

 

·       Delta Ltd

PO Box: 4537

Muscat

Tel: (968) 24708483

 

·       International Equipment & Contracting Co LLC

PO Box: 169

Muscat

Tel: (968) 24714482

Fax: (968) 24793755

 

·       National Crushers

PO Box: 961

Muscat

Tel: (968) 24591461

 

·       Rent-A-Car LLC

PO Box: 282

Muscat

Tel: (968) 24561427

Fax: (968) 24700483

 

·       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) 24591871 / 24591872 / 24591521

Fax: (968) 24592370

 

·       Al Omaniya Automobile Marketing LLC

PO Box: 2619

Seeb

Tel: (968) 24560925

Fax: (968) 24564309

 

·       Arabian Engineering Services LLC

PO Box: 6000

Muscat

Tel: (968) 24561377

Fax: (968) 24561631

 

·       Bilad (Oman) LLC

PO Box: 42006

Rusayl

Tel: (968) 24626001

Fax: (968) 24591098

 

·       Electronics Company LLC

PO Box: 8111

Muttrah

Tel: (968) 24793741

Fax: (968) 24796158

 

·       Inma Company Oman LLC

PO Box: 3760

Muscat

Tel: (968) 24562100

Fax: (968) 24562039

 

·       Port Services Corp SAOG

PO Box: 133

Muscat

Tel: (968) 24714001

Fax: (968) 24714007

 

·       Qurum Contractors LLC

PO Box: 7003

Muscat

Tel: (968) 24562720

 

·       Sogex Oman LLC

PO Box: 4739

Muscat

Tel: (968) 24563055

Fax: (968) 24564608

 

·       Ebin Rushed Pharmacy Co LLC (ERP)

Bahwan Business Centre, 4th Floor

Ruwi

PO Box: 169

Muscat 113

Tel: (968) 24796218

Fax: (968) 24701547

 

 

OPERATIONS

 

Activities:                               Engaged in the import and distribution of industrial equipment, including boiler supplies and parts, centrifugal pumps, cranes, electrical equipment, gas turbines, laundry and dry cleaning equipment, marine equipment and supplies, oilfield chemicals, ozone machines, street lighting equipment, water treatment chemicals, welding equipment and supplies, wire rope and slings.

 

Import Countries: Europe and the Far East.

 

Agencies Held :

 

·       ESAB               Cyprus

·       Galvanco         Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of 120 employees.

 

 

FINANCIAL DATA

 

 

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 18,310,000                          RO 15,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr P Anantan, Finance Manager

 

 

BANKERS

 

·       Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

     Fax: (968) 24793229

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.29

UK Pound

1

Rs.83.97

Euro

1

Rs.71.88

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.