|
Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
BAHWAN ENGINEERING CO LLC (BEC) |
|
|
|
|
Registered Office : |
Bahwan Centre, Jabir Bin Zaid Street, Al
Ghoubra, Ruwi, PO Box 703, Muscat 112 |
|
|
|
|
Country : |
Sultanate of Oman |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Date of Incorporation : |
19.01.1977 |
|
|
|
|
Com. Reg. No.: |
1/04638/1, Muscat |
|
|
|
|
Legal Form : |
Limited Liability Company – LLC |
|
|
|
|
Line of Business : |
Subject operates several divisions, power projects division,
mechanical & electrical construction division, instrumentation division,
etc. |
|
|
|
|
No. of Employees : |
13,000 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 (31.03.2012) |
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 |
Company Name : BAHWAN ENGINEERING CO LLC (BEC)
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
19th January 1977
Commercial Registration Number :
1/04638/1, Muscat
Chamber Membership Number :
190
Issued Capital :
RO 565,000
Paid up Capital :
RO 565,000
Total Workforce :
13,000
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Shamseddine Sheikh, Accountant
BAHWAN ENGINEERING CO LLC (BEC)
Building : Bahwan
Centre
Street : Jabir Bin Zaid Street
Area : Al Ghoubra, Ruwi
PO Box : 703
Town : Muscat 112
Country : Sultanate of
Oman
Telephone : (968) 24597510 / 24594702
Facsimile : (968) 24597511
Email : becoman@becoman.com
/ becho@omantel.net.om
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 Office
premises
Dubai
United Arab
Emirates
Tel: (971-4)
3475878
Fax: (971-4)
3471855
· PO Box: 31747 Office
premises
Abu Dhabi
United Arab
Emirates
Tel: (971-2)
6414316
Fax: (971-2)
6414317
Subject also operates offices located in Wadi Kabir,
Azaiba, Seeb Souk, Ibri, Nizwa, Salalah, Barka, Ibra, Sohar and Sur.
Name Position
· Sheikh Suhail Salem Abdullah Bahwan Managing
Director
· Saad Suhail Salem Abdullah Bahwan Director
· Ahmed Suhail Salem Abdullah Bahwan Director
· Amal Suhail Salem Abdullah Bahwan Director
· S K
Virmani Chief
Executive Officer
· C K
Khanna General
Manager
· Anil
Kumar K Nahar Finance
Manager
· Shamseddine Sheikh Accountant
· Goss Ahmed Legal
Manager
Date of
Establishment : 19th
January 1977
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/04638/1, Muscat
Chamber Member No. : 190
Issued Capital : RO 565,000
Paid up Capital : RO 565,000
· Suhail Bahwan
Group Holding LLC 90%
Muscat
· Bahwan Trading Co
LLC 10%
Muscat
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)
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)
25626600
· 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 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
· Bahwan Trading
Company LLC
Suhail Bahwan Building
Ruwi
PO Box: 169 & 2
Muscat 113
Tel: (968) 24793750
/ 24793741
Fax: (968) 24796158
· Delta Ltd
PO Box: 4537
Muscat
Tel: (968)
24708483
· Ebin Rushed
Pharmacy Co LLC
PO Box: 169
Muscat
Tel: (968)
24701557
Fax: (968)
24701547
· 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 / 591872 / 591521
Fax: (968) 24592370
· Al Omaniya
Automobile Marketing LLC
PO Box: 2619
Seeb
Tel: (968)
25560925
Fax: (968)
25564309
· 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
· Universal
Engineering Services LLC
PO Box: 2688
Muscat
Tel: (968)
24597531
Fax: (968)
24597514
· Bahwan Contracting
Company LLC
PO Box: 1098
Muscat
Tel: (968)
24591092
Fax: (968)
24591098
Activities: Subject’s operations 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
Operating Trend: Steady
Subject has a workforce of approximately 13,000 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales RO
165,000,000 RO 177,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
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) 24703614 / 24707328 / 24793450
·
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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.82 |
|
UK Pound |
1 |
Rs.87.99 |
|
Euro |
1 |
Rs.72.82 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.