MIRA INFORM REPORT

Report No. :	346206
Report Date :	27.10.2015

IDENTIFICATION DETAILS

Name :	BAHWAN PROJECTS AND TELECOMS LLC
Registered Office :	Al Rawaq, Building No. 10/1, Block 205, Plot 20, Way No. 207, Street 7, Al Qurum, Muscat 100 PO Box 169
Country :	Oman
Financials (as on) :	31.12.2014
Date of Incorporation :	29.08.2007
Com. Reg. No.:	1/02570/0
Legal Form :	Limited Liability Company
Line of Business :	Engaged in the provision of turnkey technology and engineering services, products and solutions in core industry sectors, such as telecommunications, broadcasting, construction, oil and gas, petrochemicals, power, desalination and defence.
No. of Employees :	80

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

Status :	Satisfactory
Payment Behaviour :	No Complaints
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, 2015

Country Name	Previous Rating (31.12.2014)	Current Rating (31.03.2015)
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

IDENTIFICATION & CONTACT DETAILS
1) Name (s):
Organization Official Name		:	BAHWAN PROJECTS & TELECOMMUNICATIONS LLC
2) Registered Address/ Contact details:
Address		:	Al Rawaq, Building No. 10/1, Block 205, Plot 20, Way No. 207, Street 7, Al Qurum
Town		:	Muscat 100
Country		:	Oman
PO Box		:	169
Phone (s)		:	(968) 24650000
		:	(968) 24650400
		:	(968) 24793741
		:	(968) 24650402
Facsimile		:	(968) 24659721
Mobile		:	(968) 99221749
Email		:	pandt@suhailbahwangroup.com
3) Operational / Physical Address & Contact Details:
Address		:	Al Rawaq, Building No. 10/1, Block 205, Plot 20, Way No. 207, Street 7, Al Qurum
Town		:	Muscat 100
Country		:	Oman
PO Box		:	169
Phone (s)		:	(968) 24650000
		:	(968) 24650400
		:	(968) 24793741
		:	(968) 24650402
Facsimile		:	(968) 24659721
Mobile		:	(968) 99221749
Email		:	pandt@suhailbahwangroup.com
:
LEGAL FORM & INCORPORATION (REGISTRATION) DETAILS
Legal Form - Category		:	Limited Liability Company – LLC
Date of Registration		:	29th August 2007
Commercial Reg Number		:	1/02570/0
Expiry Date		:	N/A
CHAMBER OF COMMERCE MEMBERSHIP
Menbership Number		:	1887
KEY FACTS
Operational Status		:	STEADY
Financial Condition		:	FAIR
Primary Business Activity		:	Providers of turnkey technology and engineering services, products and solutions in core industry sectors
Number of Employees		:	80
Capital		:	RO 250,000
CAPITAL DETAILS
Issued Capital:
NO OF SHARES			VALUE OF SHARE		AMOUNT
N/A			N/A		RO 250,000
Paid Up Capital:
NO OF SHARES					AMOUNT
N/A			N/A		RO 250,000
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
			Year Ending 31/12/13		Year Ending 31/12/14
Total Sales			RO 14,620,000		RO 15,150,000
Local sources consider subject’s financial condition to be Fair
Projected total revenue for the year ending 31/12/15 is RO 15,800,000.
The above figures were provided by Mr Samuel R Paul, General Manager
BANKER
1	Name			HSBC Bank Middle East
	Address			Muttrah Business District, Ruwi 112 Muscat
	PO Box			240
	Tel			(968) 24799927
				(968) 24799920
				(968) 24700810
	Fax			(968) 24704241
SHAREHOLDERS
1	Name			Suhail Bahwan Group Holding LLC
	Country			Oman
	Percentage			90%
2	Name			Bahwan Trading Co LLC (BTC)
	Country			Oman
	Percentage			10%
SENIOR MANAGEMENT
Sr.No	Name			Nationality	Dsignation
1	Samuel R Paul			n/a	Genral Manager
2	Arvind Alex D’Souza			n/a	Commercial Manager
3	Jay Prabakhar			n/a	Projects Manager
AFFILIATED COMPANIES
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:
1	Al Gaddag Engineering LLC
2	Suhail & Saud Bahwan Building Materials LLC
3	Suhail & Saud Bahwan Building Materials LLC
4	Amiantit Oman SAO
5	Arab Merchants Co LLC
6	Arabian Car Marketing Co LLC
7	Arabian Caravans Furnishing & Trading Co LLC
8	Auto Parts Centre LLC
9	Automobile Automotive Centre
10	Bahwan Engineering Company LLC
11	Bahwan Contracting Company LLC
12	Bahwan Foods (Khalijana) Co LLC
13	Bahwan Travel Agencies LLC
14	Delta Ltd
15	International Equipment & Contracting Co LLC
16	National Crushers
17	Rent-A-Car LLC
18	Utmost Building Materials Co LLC
19	Gulf Mercantile Trading
20	Mercantile Information & Telecommunication Technology Est (MITTE)
21	Al Mutawah Trading Co LLC
22	Al Omaniya Automobile Marketing LLC
23	Arabian Engineering Services LLC
24	Bilad (Oman) LLC
25	Electronics Company LLC
26	Inma Company Oman LLC
27	Port Services Corp SAOG
28	Qurum Contractors LLC
29	Sogex Oman LLC
30	Bahwan Health Care Centre LLC

TRADE ACTIVITY

Engaged in the provision of turnkey technology and engineering services, products and solutions in core
industry sectors, such as telecommunications, broadcasting, construction, oil and gas, petrochemicals,
power, desalination and defence.

Expertise extends across several areas such as copper, fiber optic, wireless, unified communication, digital
broadcast, IP television, ELV networks, fire safety, security, surveillance, renewable energy, network
infrastructure and front-end engineering design.

Subject offers latest products and state-of-the-art solutions for the Information and Communications
Technology (ICT) and Infrastructure development sector. Our expertise extends across several areas such
as copper, fibre optic, wireless, unified communication, digital broadcast, IP television, ELV networks, fire
safety, security, surveillance, renewable energy, network infrastructure and front-end engineering design
BPT's client includes Ministries and other Government organisations, telecom operators, Oil & Gas
companies, public utility companies and private sector.

BPT represents several world renowned companies' products and solutions in the areas of Transmission &
Access, Information Management, Enterprise Cabling Solutions, Test & Measurement, Outside Plant
Telecom, Media and Broadcast Systems, CCTV Security, Surveillance, Fire safety & Access Control and
Enterprise Solutions.

Subject is ISO 9001:2008 accredited.

INTERNATIONAL TRADE ACTIVITY MARKETS
Sr.No	Country			Activity
1	Euprope			Importing
2	GCC Countries			Importing
CLIENTS
1	Omantel
2	Ooredoo
3	TEO
4	Friendi
5	Majan Telecom
6	Mazoon Telecom
7	Injaz Telecom
8	Ministry of Education
9	Ministry of Higher Education
10	Ministry of Defence
11	Ministry of Justice
12	Ministry of Health
13	Ministry of Transport & Comm.
14	Royal Guard of Oman
15	Royal Oman Police
16	Public Authority for Radio & Television
17	L&T
18	Worley Parsons
19	Al Wattaniya
20	CCC
21	Simplex
22	Shanfari Partners
23	GALFAR
24	BEC
25	Al Turki
26	PDO
27	BP
28	ORPIC
29	Oman Oil Co
30	RAK Petroleum
31	Occidental Oman
32	Occidental Petroleum
33	TOTAL
34	Petrogas
35	MOL
36	PTTEP
PREMISES
Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Muscat
PAYMENT
No complaints regarding subject’s payments have been reported.
ADVERSE DATA
Performance Defaults		:	No record found
Payment Defaults		:	No record found
Adverse Press Coverage		:	No record found
Litigations		:	No record found
Former Business Relationships		:	No record found
INVESTIGATOR'S COMMENTS
Person Interviewed : Samuel R Paul, General Manager
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.64.96
UK Pound	1	Rs.99.54
Euro	1	Rs.71.64

INFORMATION DETAILS

Analysis Done by :	RSM
Report Prepared by :	DPT

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%)

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