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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
W J TOWELL AND CO LLC |
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Formerly Known As : |
W J TOWELL GROUP |
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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 : |
22.02.1975 |
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Com. Reg. No.: |
1/00373/9, |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject’s
operations are performed through the following divisions: · Consumer Goods
Division · Building
Materials Division · Property Division · Restaurant &
Catering Services Division |
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No. of Employees : |
1,600 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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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 – June 01, 2014
|
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 : W J TOWELL AND CO LLC
Also Known As : W J
TOWELL GROUP
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 22nd February 1975
Commercial
Registration Number : 1/00373/9, Muscat
Chamber Membership
Number : 7
Issued Capital : RO
20,000,000
Paid up Capital : RO
20,000,000
Total Workforce : 1,600
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raman Kumar,
Finance Manager
W J TOWELL AND CO
LLC
ALSO KNOWN AS: W J TOWELL GROUP
Building : Towell Group Building
Street : Exhibition Street
Area : Al Azaiba
PO Box : 1040, Ruwi 112
678, Wadi Al Kabir 117
Town : Muscat
Country : Sultanate of Oman
Telephone : (968) 24526000 / 24526001 /
24526000 / 24526422 / 24708304
/ 24708308 / 24526023
Facsimile : (968) 24526051 / 24793882 / 24794367
Mobile : (968) 99650522
Email : general@wjtowell.com
Subject operates
from a large suite of offices that are owned and located in the Central
Business Area of Muscat.
Branch Office
(s)
Subject operates several branches located throughout Oman, including
Salalah, Nizwa, Soha, Buraimi, Sur, and Ibri.
Name Position
·
Hussain Jawad Abdul Rasool Managing
Director
·
Jamil
Ali Sultan Director
·
Anwar
Ali Sultan Director
·
Naeem
Qamer Sultan Director
·
Imad
Kamal Sultan Director
·
Mohamed
Ali Abdul Amir Sultan Director
·
Murtadha
Ahmed Sultan Director
·
Mostafa
Ahmed Sultan Director
·
Raman Kumar Finance
Manager
·
Ali Shahan Human
Resources Manager
·
Jimi John Manager
– Building Materials Division
·
Nader Khan Manager
– Consumer Goods Division
·
Ivor Braganza Manager
– Property Division
Date of Establishment : Subject’s
operations date back to 1866, however it was registered under its current style
on
22nd
February 1975
History :
Subject’s operations date
back to 1866 when the business was originally established as a
General Partnership between Mr W J Towell,
an American citizen, Archibald McKirdy, and
L S Maguire. In 1893 Mohamed
Fadhel was made a full partner in the business.
In the late 1890's when Jack Towell returned to America, he sold his
shares of the company to his associates. At the turn of the century McKirdy
also retired selling his portion of the enterprise to Maguire and Mohamed
Fadhel. When Maguire died in 1914, Mohamed Fadhel became the sole owner and his
descendants have directed the company ever since
In 1916, Mr Mohamed Fadhel died leaving the business to his son Sultan,
who gave the family its surname. In the late 1920's Sultan handed the company
over to his son Abdul Redha who later shared the responsibility with his
brothers Qamer, Ali, Ahmed and Abdul Amir.
In 1975 subject was registered as a Limited
Liability Company.
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/00373/9, Muscat
Chamber Member No. : 7
Issued Capital : RO 20,000,000
Paid up Capital : RO 20,000,000
·
Kamal
Sultan Family Co LLC
·
Hussain Jawad Abdul Rasool
·
Jamil
Ali Sultan
·
Anwar
Ali Sultan
·
Hassan
Qamer Sultan Family Co LLC
·
Naeem Qamer
Sultan
·
Imad
Kamal Sultan
·
Mohamed
Ali Abdul Amir Sultan
·
Murtadha
Ahmed Sultan
·
Mostafa
Ahmed Sultan
·
Taylor
Woodrow - Towell Co. LLC
·
Brown
& Root Mid East LLC
·
General
Electric & Trading Co. LLC (Genetco)
·
Jotun
Paints & Co. LLC
·
Premix LLC
·
Readymix LLC
·
Oman
National Dairy Products Co SAOG
·
Oman
International Development Co. LLC
·
Cold
Storage & Trading Co. LLC
·
Towell
Lever LLC
·
Granherne
& Co. LLC
·
Housetex
Co. Ltd
·
Al Fajer
Furnishing Co LLC
·
Towell
Auto Centre
·
Middle
East Telecommunication Company LLC
·
Towell
Construction & Maintenance Co. LLC
·
Environmental
Services LLC
·
Matrah
Cold Stores LLC
·
Modern
Cleaning Services
·
Towell
Barwil Co. LLC
·
Mazoon
Printing Press
·
Towell
Tools & Engineering Co LLC
Activities: Subject’s operations are performed through
the following divisions:
· Consumer Goods Division
Address: Bail
Al Falaj Street
PO
Box: 678
Al
Wadi Al Kabir 117
Tel:
(968) 247715224 / 247717160 / 247714610
Fax:
(968) 247713196
Email:
wjtcpd@omantel.net.om
Personnel: Nadir
Yar Khan – Marketing Manager
Activities: This division specialises in the
distribution of fast moving consumer goods and has an active client base of
more than 3,000 customers.
The
division specialises in two types of products – food and non-food items, such
as confectionery & ice-creams, pasta and sauces, pet foods, cosmetics and
perfumes, baby care products, shaving items, and airfreshners.
Brands: SULTAN, MARS, DOLMIO, PEDIGREE, GUYLIAN,
AMUROL, KENT, LESIEUR OILS, CAPRISONNE, MOUSSY, VICENZI PUFF PASTRY, AL-AMEER,
SULTAN, and PLUMROSE.
Suppliers: Euro
Milk Germany
Super
Max India
· Building Materials Division
Address: Bail
Al Falaj Street
PO
Box: 822
Al
Wadi Al Kabir 117
Tel:
(968) 247714789 / 247713478
Fax:
(968) 247717955
Email:
towellbm@omantel.net.om
Personnel: R.S. Vishwanathan Division General Manager
Shyam
Nilkund Division Marketing
Manager
Activities: The
Building Material Division of W.J. Towell began its operation when it first
acquired the Agency for Twyford (UK) Sanitary ware in 1949. This was followed
by importation of cement and steel bars for the construction industry.
As
business prospered, in 1980's, many agency lines were added, such as Permanite
Waterproofing, Snowcem and Sandtex Paints, Mondo Rubber, Salvarani Kitchens,
Modulex Signs, Langley Cubicles, Brady Shutters and Allgood Modric Ironmongery.
The
division also supplies a wide range of safety equipment.
· Property Division
Address: Sohar
House, 1st Floor, Suite No. 11
Madinat
Al Sultan Qaboos
PO
Box: 1040, Ruwi 112
Tel:
(968) 24600562 / 24603656 / 24601491
Fax:
(968) 24602657
Email:
wjtprpty@omantel.net.om
Personnel: Koshy
Varghese Division General
Manager
Activities: The Property Division is responsible for
the management of all the properties owned by W.J. Towell group of companies.
The property portfolio under management consists of both commercial,
residential and industrial properties. These include a Commercial Centre and a
large residential estate in Medinat Al Sultan Qaboos.
The
division's property activities extend to acquisition, development,
construction, selling and leasing. The division is in process of redeveloping
its residential and commercial properties in Medinat Al Sultan Qaboos.
In
addition to the customary services of property rentals and sales, the division
can provide complete in-house maintenance services round the clock. It also
manages properties of selected landlords in various parts of Muscat capital
area.
· Restaurant & Catering Services Division
Activities: This division was established in 1993 and operates a Chinese restaurant,
called the “Silk Route” as well as providing catering services.
Import
Countries: Europe, the Far
East and the United States of America
International
Suppliers:
·
Burmah
Castrol United
Kingdom
·
Twyfords
Limited United
Kingdom
·
Mars
Ltd United
Kingdom
·
Unilever
Exports Ltd United
Kingdom
·
Securicor
International United
Kingdom
·
Mazda
Motor Corp Japan
·
Lesieur
Alimentaire International France
Operating Trend: Steady
Subject has a workforce
of approximately 1,600 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 43,609,000 RO 48,058,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Raman Kumar, Finance Manager
·
Bank
Muscat SAOG
1073, Muttrah Commercial District
Greater Muttrah
PO Box: 3134, Ruwi
Muscat 112
Tel: (968) 24703044 / 24703137
/ 24707015
Fax: (968) 24793536
·
The Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 26793225 / 26793226 /
26793228
Fax: (968) 26793229
·
Bank of
Oman, Bahrain & Kuwait
BOBK House
Al Burj Street
PO Box: 4708, Ruwi 112
Muscat
Tel: (968) 24701528 / 24701532
/ 24701788
Fax: (968) 24705607 / 24793536
·
Standard
Chartered Bank
PO Box: 2353
Ruwi 112
Tel: (968) 25703999 / 25703796 / 25703574
Fax: (968) 25796864
·
National
Bank of Oman Limited (SAOG)
Mutrah Business District
PO Box: 751, Ruwi 112
Muscat
Tel: (968) 24708894 / 24708630 / 24708684
Fax: (968) 24707781 / 24703972
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000 150,000 20,000
Amount overdue 0 0 0
Payment terms 60
days 60 days 30 days
Payment Method Letters
of Credit Letters of Credit Letters of Credit
Paying record No
Complaints No Complaints No Complaints
Currency US
Dollars US Dollars Euros
W J Towell and Co
LLC is very well established in the local business market with operations dating
back to 1866. It enjoys and excellent reputation for the quality of its
products and services with interests in consumer goods, computers, building
materials, catering, insurance and property.
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.60.76 |
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|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.