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Report Date : |
09.01.2014 |
IDENTIFICATION DETAILS
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Name : |
BAHAR OMAN METALS & ALLIED SERVICES LLC |
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|
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Registered Office : |
Al Maraasey
Building, Muttrah Sea Front, P O Box 879, Muscat 100 |
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Country : |
Oman |
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Date of Incorporation : |
08.07.2011 |
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Com. Reg. No.: |
1/12350/0 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
· importer and distributor of chromite ore. Subject is in process of acquiring mines and operations. |
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No. of Employees : |
08 |
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 : |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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 |
Company Name : BAHAR OMAN METALS & ALLIED SERVICES LLC
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
BAHAR OMAN METALS & ALLIED SERVICES LLC
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
Name Position
·
K S
Sarkar General
Manager
·
Amit
Dixit Assistant
General Manager
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
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
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.
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.
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.62.24 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.84.82 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.