MIRA INFORM REPORT

 

 

Report No. :

318293

Report Date :

22.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BAHANIS TRADING COMPANY LLC

 

 

Registered Office :

Muttrah Business District, PO Box 371, Muttrah 114, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

04.07.2013

 

 

Com. Reg. No.:

1/00729/8

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Engaged in the import and distribution of building materials, including pressure fittings, drainage fittings, PVC valves, isolation valves – Hydroseal, construction materials, general tools, door locks, brass valves and bath fittings and bathroom mirrors.

 

 

No. of Employees :

65

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

Payment Behaviour :

Unknown

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

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 heavily dependent on dwindling oil resources, which generates 77% of government revenue. It is using enhanced oil recovery techniques to boost production. 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 from 46% to 9% by 2020. Muscat also is focused on 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, have challenged the government's ability to effectively balance its budget as oil prices decline. Despite government acknowledgement that Oman’s expansive social welfare benefits are unsustainable, Oman authorities are comfortable with short-term budget deficits and have approved an expansionary 2015 budget. Concurrently, Oman has expanded efforts to support the development of small and medium-size enterprises and entrepreneurship. Government agencies and large oligarchic group companies have announced 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : BAHANIS TRADING COMPANY LLC

Country of Origin                                   : Oman

Legal Form                                           : Limited Liability Company – LLC

Registration Date                                  : 4th July 2013

Commercial Registration Number           : 1/00729/8

Membership Number                             : 13067

Issued Capital                                       : RO 200,000

Paid up Capital                                     : RO 200,000

Total Workforce                                     : 65

Activities                                               : Distributors of building materials.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : R Murely, Financial Controller

 

COMPANY NAME

 

BAHANIS TRADING COMPANY LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Muttrah Business District

PO Box            : 371, Muttrah 114

Town                : Muscat

Country             : Oman

Telephone         : (968) 24791680 / 24791682 / 24791683

Facsimile          : (968) 24791685

Mobile              : (968) 99378710 / 99798278 / 99866460

Email                : bahanistrading@alhosnigroup.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Nasser Amer Shuwaihan Al Hosni                                               Managing Director

 

Amer Shuwaihan Amer Al Hosni                                                 Director

 

Ronald Prerera                                                                          General Manager

 

R Murely                                                                                   Financial Controller

 

Max Rozario                                                                              Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 4th July 2013

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.   : 1/00729/8

 

Membership No.           : 13067

 

Issued Capital              : RO 200,000

 

Paid up Capital            : RO 200,000

 

Name of Shareholder (s)

 

Nasser Amer Shuwaihan Al Hosni

 

Amer Shuwaihan Amer Al Hosni

 

 

AFFILIATED COMPANIES

 

Majan Continental Hotel

Oman

 

National Plastic Factory

Oman

 

Al Mandoos Trading Co LLC

Oman

 

Al Lub Paper Factory

Oman

 

Scorpion Chemicals Factory

Oman

 

Jabreen Converting Industries

Oman

 

Dar Al Safwa Real Estate Services LLC

Oman

 

Al Khabourah Cooking Gas Factory

Oman

 

Haifa Industrial Services

Oman

 

Nizwa Gas Industries

Oman

 

Muscat Heaters Industry LLC

Oman

 

Al Hosni Trading & Contracting Ent

Oman

 

Sun Star Digital Photo Services

Oman

 

Star Modern Industries

Oman

 

National Plastic Factory

United Arab Emirates

 

Daas Interiors

United Arab Emirates

 

Majan Building Contracting

United Arab Emirates

 

National Plastic Factory

Egypt

 

Daas Tourism Services Ltd

Egypt

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, including pressure fittings, drainage fittings, PVC valves, isolation valves – Hydroseal, construction materials, general tools, door locks, brass valves and bath fittings and bathroom mirrors.

 

Import Countries: Europe and China

 

International Suppliers:

 

Trade Shining Group                  China

Heavy Metal Trading Co China

 

Subject has a workforce of 65 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

 

Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

Fax: (968) 24793229

 

 

PAYMENT HISTORY

 

Unknown

 

 

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.62.92

UK Pound

1

Rs.93.57

Euro

1

Rs.67.34

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.