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Report Date : |
06.09.2013 |
IDENTIFICATION DETAILS
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Name : |
MULTITECH LLC |
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Registered Office : |
Sultan Qaboos Street Al Ghoubra, Wadi Al Kabir 117 PO Box 2 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.01.1994 |
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Com. Reg. No.: |
1/40164/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Import and distribution of industrial equipment. |
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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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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. 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 : 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
MULTITECH LLC
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
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Suburban Business Area of Muscat.
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
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
· Suhail Bahwan
Group Holding LLC 90%
Muscat
· Bahwan Trading Co
LLC 10%
Muscat
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
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 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
· Commercial Bank of Oman SAOG
Muttrah
Business District
PO Box:
1696, Ruwi 112
Muscat
Tel: (968)
24793225 / 24793226 / 24793228
Fax: (968) 24793229
No complaints regarding subject’s payments have been reported.
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.66.04 |
|
|
1 |
Rs.103.11 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.