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Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAHAR |
|
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Registered Office : |
AI |
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Country : |
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Date of Incorporation : |
08.07.2011 |
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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 chromite ore. |
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No. of Employees : |
8 |
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 |
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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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
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. 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 |
SUMMARY
Company Name :
BAHAR
Country of Origin :
Oman
Legal Form :
Limited Liability Company – LLC
Registration Date :
8th July 2011
Commercial Registration Number :
1/12350/0
Issued Capital :
RO 500,000
Paid up Capital :
RO 500,000
Total Workforce :
8
Activities :
Distributors of chromite ore
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Amit Dixit, Assistant General Manager
COMPANY NAME
BAHAR OMAN METALS & ALLIED SERVICES LLC
ADDRESS
Registered &
Physical Address
Building : Al Maraasey
Building
Area : Muttrah Sea
Front
PO Box : 879
Town : Muscat 100
Country : Oman
Telephone : (968) 24719500
/ 24719570
Facsimile : (968) 24714353
Mobile : (968)
99218559 / 97880267 / 95502335
Email : edf@omzest.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Muscat.
Branch Offices
Location Description
Coral Building, Office No. 1F2 Office
premises
Al Khuwair
Tel: (968) 24487403
Fax: (968) 24478923
KEY PRINCIPALS
Name Position
K S Sarkar General
Manager
Amit Dixit Assistant
General Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th July 2011
Legal Form :
Limited
Liability Company – LLC
Commercial Reg. No. : 1/12350/0
Issued Capital : RO 500,000
Paid up Capital : RO 500,000
Name of
Shareholder (s) Percentage
Bahar Oman Holding LLC 99.0%
Muscat
Al Marasey Metals Services LLC 0.5%
Muscat
IMR BV
0.5%
Netherlands
AFFILIATED COMPANIES
Subject belongs to the Omzest Group of Companies, which contains the
following concerns:
·
Al Khuwair Development & Services Co SAOG
·
Modern Exchange LLC
·
Muscat Finance Co Ltd (SAOG)
·
Muscat Insurance Company SAOC
·
Muscat Life Assurance Company SAOC
·
Muscat National Holding Company SAOG
·
Oman International Bank SAOG
·
Oman Securities' Portfolio Co SAOG
·
Omzest Investment Division
·
Personal Investments
·
Personal Real Estate Department
·
United Business & Investment Co
·
Wilayat Holding Co
·
Wipro Holding Co
·
Mideast Integrated Drilling & Well Services
·
National Telephone Services Co LLC
·
Qurum Contractors LLC
·
Al Amal Industries Co (SAOG)
·
Al Wardha Footwear & Leather Products Company
·
Amiantit Oman SAOC
·
Areej Vegetable Oils & Derivatives SAOG
·
Bausher Chemicals SAOG
·
Decorative Glass Manufacturing LLC
·
Jyoti Sohar Switchgear LLC
·
Keemya Oman SAOG
·
Modern Poultry Farms Company SAOG
·
National Heaters Industries Co LLC
·
Oman Agriculture Development Company SAOG
·
Oman Fiber Optic Co SAOG
·
Oman Textile Mills Co SAOG
·
Oman Water Pumps Mfg Co SAOG
·
Oman Water Treatment
·
Omani Marble Company LLC
·
Protein Products International LLC
·
Waleed Associates LLC
·
Riyam Investment & Trading Est LLC
·
Reem Batteries & Power Appliances Co SAOC
·
The National Detergent Company SAOG
·
Advertising International Company SAOC
·
Al-Rimah Medical Centre LLC
·
Circle Freight International (Oman)
·
Gulf of Oman Services
·
Gulf Seagull Co
·
Impact Films LLC
·
Maersk Shipping Services & Co LLC
·
Mezoon Travel LLC
·
Muscat Contract Cleaning & Maintenance LLC
·
Riyam Computer Services LLC
·
Waleed Catering & Services Co LLC (WACASCO)
·
YBA Kanoo (Oman)
·
Areej Business Systems Co LLC
·
Bishara Establishment LLC
·
General Electronics & Trading Co
·
Medical & Scientific Supplies LLC
·
Muscat Cold Stores LLC
·
National Oilfield Supply Co LLC
·
Office Supplies Co LLC
·
Oman Mechanical Services Co Ltd LLC (OMSC)
·
Oman Services & Supply Organisation
·
Omzest Beijing
·
Omzest Business Division
·
Reem Scientific & Energy Technologies &
Trade LLC
·
Riyam Engineering & Services LLC
·
Riyam Marketing & Services Co LLC
·
Waleed Communications Co (WACOM) Ltd
·
Waleed Pharmacy LLC
·
Waljat Modern Technology
·
Zawawi Business Machines LLC
·
Sadolin Paints (Oman) Ltd (Spol)
·
Omar Zawawi Establishment LLC
OPERATIONS
Activities: Engaged in the import and distribution of chromite ore.
Subject is in process of
acquiring mines and operations.
Import Countries: Europe and the Far East.
Subject has a workforce of 8 employees.
FINANCIAL DATA
Companies registered in Oman are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
HSBC Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
TPT |
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.