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Report Date : |
07.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BAHWAN HEALTH CARE CENTRE LLC |
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Formerly Known as : |
EBIN RUSHED PHARMACY CO LLC (ERP) |
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Registered Office : |
Bahwan Business Centre, 4th Floor, Ruwi, P O Box 169, Muscat 113 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1979 |
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Com. Reg. No.: |
1/04939/8, Muscat |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the
import, distribution and retail of the following products:- · Surgical dressings · Dental materials · Dental equipment · Surgical instruments & implants · Laboratory equipment & reagents · Medical equipment · Pharmaceuticals · Perfumes, cosmetics & consumer products |
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No of Employees : |
55 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 : BAHWAN HEALTH CARE CENTRE LLC
Previously Known As : EBIN RUSHED PHARMACY CO LLC (ERP)
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : 1979
Registration Date : 25th April 1985
Commercial Registration Number : 1/04939/8, Muscat
Chamber Membership Number : 1273
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Total Workforce : 55
Activities : Distributors of pharmaceuticals and medical products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rahul Kar, Financial Manager
BAHWAN HEALTH CARE
CENTRE LLC
EBIN RUSHED PHARMACY CO LLC
(ERP)
Registered & Physical
Address
Building : Bahwan Business
Centre, 4th Floor
Area : Ruwi
PO Box : 169
Town : Muscat 113
Country : Sultanate of Oman
Telephone : (968) 24796218 / 24793741 / 24650651 / 24650660
Facsimile : (968) 24701547 / 24796158
Mobile : (968) 99505139
/ 94000964
Email : erp@suhailbahwangroup.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
Branch Office (s)
Location Description
·
Wadi
Kabir Warehousing
& service centre
Muscat
Tel: (968) 24817730
Fax: (968) 24815586
·
Bahwan
Plaza Rented
pharmacy outlet
Al Noor Street
Ruwi
Muscat
Tel: (968) 24798644
·
Makha
Business Centre Rented
pharmacy outlet
Ruwi
Muscat
·
Al
Araimi Complex Rented
pharmacy outlet
Qurum
Muscat
Tel: (968) 24563631
Name Position
·
Suhail Salem Abdullah Bahwan Al Mukhaimi Managing
Director
·
Saad Suhail Salem Abdullah Bahwan Al Mukhaimi Director
·
Ahmed Suhail Salem Abdullah Bahwan Al Mukhaimi Director
·
Amal Saad Suhail Salem Abdullah Bahwan Al
Mukhaimi Director
·
Mohamed
Ghazal General
Manager
·
Madhor
Bomb Deputy
General Manager
·
Trevor
Fernandes Assistant
General Manager
·
T T
Krishna Daz Commercial
Manager
·
Sandeep Kondor Sales
Manager
·
Rahul
Kar Financial
Manager
Date of Establishment : Subject’s
operations date back to 1979, however it was registered on 25th
April 1985
History : Subject began in 1979 under the name “Ebin
Rushed Pharmacy Co LLC (ERP)”. However on
1st January 2014 it changed its name to “Bahwan Health Care Centre LLC”.
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/04939/8,
Muscat
Chamber Member No. : 1273
Issued Capital : RO 100,000
Paid up Capital : RO 100,000
Name of Shareholder
(s) Percentage
·
Suhail Bahwan Group Holding 98%
·
Bahwan Trading Co (BTC) 2%
Subject is a wholly owned subsidiary, of the Bahwan Group of companies.
The Bahwan Group ranks as one of the foremost business houses in the Sultanate
of Oman. The group has diverse business interests, representing many world
renowned companies, products and services. The Group was established in 1965 by
brothers Sheikh Suhail and Sheikh Saud Bahwan.
The Bahwan Group have a dominant position in several business areas such
as Automobiles, Construction Equipment, Building Materials, Electrical Engineering,
Telecommunications, Travel, Food, Home Appliances, Computers, Pharmaceuticals
and Hospital Products.
The Bahwan Group
comprises the following concerns:
·
Al
Gaddag Engineering LLC
·
Suhail
& Saud Bahwan Building Materials LLC
·
Suhail
& Saud Bahwan Building Materials LLC
·
Amiantit
Oman SAO
·
Arab
Merchants Co LLC
·
Arabian
Car Marketing Co LLC
·
Arabian
Caravans Furnishing & Trading Co LLC
·
Auto
Parts Centre LLC
·
Automobile
Automotive Centre
·
Bahwan
Engineering Company LLC
·
Bahwan
Contracting Company LLC
·
Bahwan
Foods (Khalijana) Co LLC
·
Bahwan
Travel Agencies LLC
·
Delta
Ltd
·
International
Equipment & Contracting Co LLC
·
National
Crushers
·
Rent-A-Car
LLC
·
Utmost
Building Materials Co LLC
·
Gulf
Mercantile Trading
·
Mercantile
Information & Telecommunication Technology Est (MITTE)
·
Al
Mutawah Trading Co LLC
·
Al
Omaniya Automobile Marketing LLC
·
Arabian
Engineering Services LLC
·
Bilad
(Oman) LLC
·
Electronics
Company LLC
·
Inma
Company Oman LLC
·
Port
Services Corp SAOG
·
Qurum
Contractors LLC
·
Sogex
Oman LLC
Activities: Engaged in the import, distribution and
retail of the following products:
- Surgical dressings
- Dental materials
- Dental equipment
- Surgical instruments & implants
- Laboratory equipment & reagents
- Medical equipment
- Pharmaceuticals
- Perfumes, cosmetics & consumer products
Import
Countries: Europe, United
States of America and Japan
International
Suppliers:
·
Merivaara Finland
·
Dentisply Switzerland
·
Mathys Switzerland
·
Pennine United
Kingdom
·
Karl Hecht Germany
·
Belmont Japan
Operating Trend: Steady
Subject has a
workforce of 55 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 11,875,000 RO 12,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rahul Kar, Financial Manager
·
Oman
Arab Bank
Muttrah Business District
PO Box: 2010, Ruwi 112
Muscat
Tel: (968) 24700161 / 24706265
/ 24706267
Fax: (968) 24797736
·
The Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
·
HSBC
Bank Middle East
Mutrah 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.
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.20 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.55 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
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Report Prepared
by : |
MNL |
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 |
-- |
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.