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Report Date : |
04.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
17.06.1979 |
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Com. Reg. No.: |
1/08739/8 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of building
materials, timber, steel and ceramics. |
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No. of Employees : |
220 |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Oman |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
|
Source
: CIA |
Company Name :
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
17th June 1979
Commercial Registration Number :
1/08739/8
Chamber Membership Number :
206
Issued Capital :
RO 150,000
Paid up Capital :
RO 150,000
Total Workforce :
220
Activities :
Import and distribution of building materials, timber, steel and ceramics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
BAHWAN BUILDING
MATERIALS LLC
Registered &
Physical Address
Street : Bayt Al Falaj Street
Area : Al Wadi Al Kabir
PO Box : 169
Town : Muscat 100
Country : Sultanate of Oman
Telephone : (968) 24810983
/ 24813752 / 23211333 / 24424794
Facsimile : (968) 24815755
Mobile : (968) 99216569 / 99412476 / 94030194 / 99377036
Email : bahwanbm@omantel.net.om
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are owned and located in the Central Business Area of Muscat.
Branch Offices
Location Description
Salalah Industrial Area Office
premises
Tel: (968) 23211333
Fax: (968) 23210199
Subject operates 7 other branches located throughout Oman.
Name Nationality Position
Sheikh Suhail Salem Abdullah Bahwan Omani Chairman
Sheikh Ahmed Suhail Salem Abdullah Bahwan Omani Director
Ravendhra Gondali - General
Manager
Manish Kumar - Assistant
General Manager
Ramesh Babu - Commercial
Manager
Ajay Talwar - Finance
Manager
Murli Darren - Administrative
Officer
Azhurallah Khan - Sales Manager
Mohamed Rabee - Collections
Manager
Hesham Essmat - Salalah
Branch Manager
Date of Establishment : 17th June 1979
Legal Form : Limited Liability
Company – LLC
Commercial Reg. No. : 1/08739/8
Chamber Member No. : 206
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of
Shareholder (s)
Sheikh Suhail Salem Abdullah Bahwan
Sheikh Ahmed Suhail Salem Abdullah Bahwan
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: (968-24) 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 Trading Company LLC
Suhail Bahwan Building
PO Box: 169 & 2
Muscat 113
Tel: (968-24) 793750 / 24793741
Fax: (968-24) 796158
Bahwan Travel Agencies LLC
PO Box: 282
Muscat
Tel: (968-24) 740455
Fax: (968-24) 700483
Bahwan Engineering Co LLC (BEC)
Bahwan Centre
Sultan Qaboos Street
Al Ghoubra , Ruwi
PO Box: 703
Muscat 112
Tel: (968-24) 597510
Fax: (968-24) 597511
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) 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
Activities: Engaged in the import and distribution of building materials, timber,
steel and ceramics.
The company is structured into three
Strategic Business Units all operating in Oman.
Basic Building
Materials Division cater to the requirement of
● Steel – Reinforcement bars ASTM Gr. 60 & BS 4449 Gr. 460 from Sharq
Sohar (Oman), Hadeed (KSA),
RAK Steels & Gulf Steels (UAE) & various Turkish Mills
● Special Steel from ThyssenKrupp, Germany
● OPC, SRC & White Cement (Oman & UAE)
● Timber
– White wood (Chille & Austrian)
– Red Wood & Red Miranti (Malaysia)
– Commercial Plywood & Shuttering Plywood from Indonesia.
Hardware Division cater to requirement of
● Ceramics from RAK Ceramics, UAE.
– Wall & Floor tiles in size range 10x10 to 50x50 with various unique
colours & designs to choose.
– Gres Porcellanto homogeneous tiles in size range 30x30 to 60x60
– Gres Porcellanto Slabs upto 1.2 M x 1.8M for Floors, Cladding, Counters,
Kitchen tops & Steps & Risers.
– A galaxy of eye catch Listellos & Inserto for Kitchens & Bathrooms
– Swimming Pool tiles for pool interior & Déck
– Water Jet designs as per customer’s requirement.
– Sanitaryware from RAK Ceramics, UAE :
- 25 Suites to choose in 15 different colours
- Oman Ceramics 5 suites in 15 different colours
- Shires Bathroom, United Kingdom
- IFO Sanitar, Sweden.
- Budget suites from Parryware, India
- Value for money sanitaryware from India.
- KLUDI Mixers from RAK, UAE
● Brassware, Tapware, Sanitary fittings from Germany, Italy & India
- Plumbing
– Ferrous –GI Pipes from Oman & India.
– Copper Pipes – Muller, UK & Fittings from United Kingdom.
– Plain Pipe from Oman & Fittings from United Kingdom.
– UPTHERM Pipes from Oman.
● Paints
– Decorative Paints - Oman & UAE (Asian, Berger & Jotun)
– Industrial Paints – Berger, Oman
– Multicolour system from Alchem, UAE.
– Auto Paints from PPG - MAXMAYER/NEXA AUTOCOLOR, UK/ITALY.
● Construction Chemicals from Aspec (Kuwait) & RAK Laticrete.
● PVC Floor Covering from India
● Water heaters from Oman
● Fiberglass Insulation from Kuwait
● Rockwool Insulation from UAE.
● Shuttering Props, China
● HDPE Linear from Taiwan/Europe.
● "Alyaf" Geotextile Membrane, KSA
● Road Marking Paints from KSA
● Skylights from United Kingdom
● Polymer Concrete & SS Channel & Gradings from ACO, UK/Germany
● Drainage Products – FC Frost, UK
● Cast Iron Pipe & Fittings from France
● Woven Geotextile Membranes from Holland.
● Geogrid – Tenax, Italy
● Supply & Apply of Liquid/Torch-on & Self Adhesive
Waterproofing.
● Polystyrene (Extruded & Expanded)
● Asbestos Cement Pipes & Fittings.
● GI Refuse Containers, Germany
● DuPont Corean Tops, Belgium
● RADCON Formula #7 Lifetime Waterproofing and Protection for Structural
concrete.
● UPTHERM PPR Pipes & Fittings.
Electrical & Special Products Division
● Lighting & Luminaires
– Whitecroft/UK
– Cooper Lighting & Security (Crompton) UK
– Disano/Italy
– Crompton Greaves/India
● Emergency Lighting – Cooper Light & Security (JSB) UK
● Lamps & Tube Lights – Sylvania/Europe
● Fire Alarm System – Edwards International/Canada
● Dimming System – Quantran Systems/UK
● Public Address System – Ahuja/India
● Security System – BPT/Italy
● Fans (Ceiling & Exhaust) – Usha/India
● LV Cables, Conductors & Wires – Oman Cables Industries/Riyadh
Cables.
● Galvanised Wire for Cables
● BRC Meshes
● Cast Iron & Ductile Iron Manhole Covers
● Chain Link Fencing
● Blasting Grit (Garnet)
● Steel Straps
● Safety Barrier Beams for Road (Guard Rail)
Import Countries: Europe,
China and GCC countries.
International
Suppliers:
RAK Ceramic United
Arab Emirates
ACO Systems FZE United Arab
Emirates
AGA Rangemaster Limited United
Kingdom
NITCO Ceramic Ltd China
Brand Names: AHUJA, ASIAN PAINTS,
BERGER, CROMPTON GREAVES, GROHE, KIMMCO and TRIMBLE
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales RO
45,200,000 RO
45,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
HSBC Middle East
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
No complaints regarding subject’s payments have been reported.
Date of transaction April
2008
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.85 |
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|
1 |
Rs.102.68 |
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Euro |
1 |
Rs.81.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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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.