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Report Date : |
26.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL MUTAWAH TRADING CO LLC |
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Registered Office : |
Al Mutawah Building,
Sultan Qaboos Street, Al Ghobra, P O Box 17, Jibroo 114, Muscat |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
31.01.1976 |
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Com. Reg. No.: |
1/02536/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject operates through several divisions includes engineering division, building materials division, electrical
products division, sanitary & special projects division, service division |
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No. of Employees : |
140 |
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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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. In 2012 the Central Bank also issued final regulations governing Islamic banking and two full-fledged Islamic banks held oversubscribed IPOs while four traditional banks opened sharia-compliant Islamic windows.
|
Source : CIA |
Company Name : AL MUTAWAH TRADING CO LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 31st January 1976
Commercial Registration Number : 1/02536/8
Chamber Membership Number : 408
Issued Capital : RO 275,000
Paid up Capital : RO 275,000
Total Workforce : 140
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Natrajan Ramachandaran, Finance Manager
AL MUTAWAH TRADING
CO LLC
Registered &
Physical Address
Building : Al Mutawah Building
Street : Sultan Qaboos Street
Area : Al Ghobra
PO Box : 17, Jibroo 114
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24591871 / 24591872 / 24591521
Facsimile : (968) 24592370
Email : almutawa@omantel.net.om / info@al-mutawaa.com
Premises
Subject operates
from a suite of offices, a showroom and a warehouse covering an area of 11,800
square metres, of which 1,800 are covered, that are owned and located in the
Suburban Business Area of Muscat.
Name Position
·
Suhail
Sharabati Managing
Director
·
Ramez
Suhail Sharabati General
Manager
·
Walid
Haroon Marketing
Manager
·
R
Venkat Raman Sales
Manager
·
Natrajan
Ramachandaran Finance
Manager
Date of Establishment : 31st
January 1976
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02536/8
Chamber Member No. : 408
Issued Capital : RO 275,000
Paid up Capital : RO 275,000
Name of Shareholder
(s) Percentage
·
Sheikh
Suhail Salim Bahwan 51%
·
Libanit
Holdings SA 49%
Vaduz
Liechtenstein
·
Al
Gaddag Engineering LLC
PO Box: 168
Muscat
Tel: (968) 24712470
·
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) 27564308
Fax (968) 27564309
·
Automobile
Automotive Centre
PO Box : 6168
Muscat
Tel: (968) 27561377
Fax: (968) 27561631
·
Bahwan
Engineering Company LLC
PO Box: 169
Muscat
Tel: (968) 24797581
Fax: (968) 24797169
·
Bahwan
Contracting Company LLC
PO Box: 4098
Muscat
Tel: (968) 27591092
Fax: (968) 27591098
·
Bahwan
Foods (Khalijana) Co LLC
PO Box: 3711
Muscat
Tel: (968) 27592492
·
Bahwan
Travel Agencies LLC
PO Box: 282
Muscat
Tel: (968) 24740455
Fax: (968) 24700483
·
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) 27591461
·
Rent-A-Car
LLC
PO Box: 282
Muscat
Tel: (968) 27561427
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 Omaniya
Automobile Marketing LLC
PO Box: 2619
Seeb
Tel: (968) 27560925
Fax: (968) 27564309
·
Arabian
Engineering Services LLC
PO Box: 6000
Muscat
Tel: (968) 27561377
Fax: (968) 27561631
·
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) 27562100
Fax: (968) 27562039
·
Port
Services Corp SAOG
PO Box: 133
Muscat
Tel: (968) 24714001
Fax: (968) 24714007
·
Qurum
Contractors LLC
PO Box: 7003
Muscat
Tel: (968) 27562720
·
Sogex
Oman LLC
PO Box: 4739
Muscat
Tel: (968) 27563055
Fax: (968) 27564608
Activities: Subject’s operations are performed through
the following divisions:
· Engineering Division
Engaged
in the import and distribution of engineering products for use in the water, wastewater,
petroleum, chemical, oil and gas industry. The product line includes Ductile
Iron Pipes and fittings, Steel pipes, Casings and tubings, GRP and GRE pipes
and fittings, HDPE pipes and fittings, valves such as gate, check, butterfly,
air pressure and level control, etc., couplings and adapters, liquid storage
tanks, flow measuring equipment, pre-insulated pipes, municipal castings,
detectable tapes, fasteners, butt fusion and electro fusion machines, pumps,
fire hydrants, water / waste water treatment equipment.
·
Building Materials Division
This division specialises in the wholesale
and retail of building finishing products such as ceiling and partitions, wall
and door protection, expansion joint system, entrance matting, Mineralite
exterior decorative renders and finishing, and raised access floor systems.
·
Electrical Products Division
The electrical products division
specialises in the wholesale and retail of indoor and outdoor lighting
including tubular systems, recessed and surface mounted ceiling fixtures, track
systems, modular outdoor systems, integrated decorative ceiling systems,
pendants, floor and table lamps, luxury crystal chandeliers, switches with
decorative finishes, flood lights, street light poles and masts, decorative
outdoor poles, hand and face dryers, and water macerators.
·
Sanitary & Special Projects Division
Under this division the subject supplies
a complete range of bathroom suites, bathroom fittings, electronically operated
sanitary fittings, wall and floor tiles.
·
Service Division
This division undertakes interior decoration
jobs and installation of the products supplied by Al Mutawaa.
Import
Countries: United Kingdom,
Spain, Switzerland, Italy, Germany, Belgium and France
International
Suppliers:
·
Eternit
AG Switzerland
·
Ismatec
SA Switzerland
·
Space
Decks Ltd United
Kingdom
·
J
Blakeborough & Sons Ltd United
Kingdom
·
Gaya
Fores Spain
·
VAG
Armatuern GmbH Germany
·
Friedrich
Krombach Gmbh & Co. KG Germany
·
Bopp
& Reuther Messtechnik GmbH Germany
·
Z-Line Belgium
·
Jacob
Delafon France
·
Marinco
Srl Italy
Operating Trend: Steady
Subject has a
workforce of approximately 140 employees.
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 6,900,000 RO 8,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Natrajan Ramachandaran, Finance Manager
·
Oman
Arab Bank SAO
Main Branch
PO Box: 5010
Muscat
Tel: (968) 24706265 / 24706277
·
Bank of
Oman, Bahrain and Kuwait SAO
Al Burj Street
PO Box: 4708
Muscat
Tel: (968) 24701528 / 24701532
·
Commercial
Bank of Oman SAOG
Muttrah Business District
PO Box: 1696
Muscat
Tel: (968) 24793225
No complaints
regarding subject’s payments have been reported.
Amount overdue 0 0 0
Payment terms 60
days 60 days 60 days
Payment Method Letters of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency Pounds
Sterling Canadian Dollars Canadian Dollars
Al Mutawah Trading
Co LLC began trading in 1976 and is very well established in the local business
community. It has a number of divisions with operations covering engineering
products, building materials, electrical products and sanitary ware materials.
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.59.70 |
|
UK Pound |
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.