MIRA INFORM REPORT

 

 

 

 

Report Date :

19.02.2014

 

IDENTIFICATION DETAILS

 

Name :

HADHAB BOWSHER TRADING & CONTRACTING CO LLC

 

 

Registered Office :

Corniche Street, Souq Muttrah, Muttrah District, P O Box 1126, Jibroo 114, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

28.06.2003

 

 

Com. Reg. No.:

1/72660/9

 

 

Legal Form :

Limited Liability Company – LLC

 

 

Line of Business :

Distributors of General Foodstuffs and Catering Supplies

 

 

No. of Employees :

15

 

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

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

SUMMARY

 

Company Name                                     : HADHAB BOWSHER TRADING & CONTRACTING CO LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 28th June 2003

Commercial Registration Number            : 1/72660/9

Chamber Membership Number                : 125643

Issued Capital                                        : RO 40,000

Paid up Capital                                      : RO 40,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuffs and catering supplies

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Yashvanth Virji, Director

 

 

 

COMPANY NAME

 

HADHAB BOWSHER TRADING & CONTRACTING CO LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Corniche Street

Area                 : Souq Muttrah, Muttrah District

 

PO Box             : 1126, Jibroo 114

 

Town                 : Muscat

Country             : Oman

 

Telephone         : (968) 24712805 / 24714972

Facsimile          : (968) 24714053

Mobile               : (968) 99329636

Email                : hadhab@omantel.net.om

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                   Position

 

·       Rupesh Yashvanth Virji                                  Indian                            Managing Director

 

·       Yashvanth Virji                                              Indian                            Director

 

·       Mohamed Saif Khalfan Al Hennai                    Omani                           Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th June 2003

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/72660/9

 

Chamber Member No. : 125643

 

Issued Capital              : RO 40,000

 

Paid up Capital            : RO 40,000

 

Name of Shareholder (s)

 

·       Rupesh Yashvanth Virji

 

·       Yashvanth Virji

 

·       Mohamed Saif Khalfan Al Hennai

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of general foodstuffs and catering supplies.

 

Import Countries:         Europe and the Far East.

 

Operating Trend:         Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

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 1,400,000                            RO 1,480,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank of Baroda

Muttrah Corniche Branch

PO Box: 7231, Jibroo 114

Muscat

Tel: (968) 24714549 / 24712367 / 24734549

Fax: (968) 24714560

 

 

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.62.12

UK Pound

1

Rs.103.93

Euro

1

Rs.85.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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