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MIRA INFORM REPORT
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Report No. : |
502301 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BAHWAN PROJECTS & TELECOMMUNICATIONS LLC |
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Registered Office : |
Al Rawaq, Building
No. 10/1, Block 205, Plot 20, Way No. 207, Street 7, Al Qurum, P O Box: 169,
Muscat 100 |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
29.08.2007 |
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Com. Reg. No.: |
1/02570/0 |
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Legal Form : |
Limited Liability
Company – LLC |
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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. |
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No. of Employees : |
80 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default. |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
OMAN - ECONOMIC OVERVIEW
Oman is heavily dependent on its dwindling oil resources, which generate 84% of government revenue. In 2016, low global oil prices drove Oman’s budget deficit to $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously 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% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name :
BAHWAN
PROJECTS & TELECOMMUNICATIONS LLC
Country of Origin : Oman
Legal Form :
Limited Liability Company – LLC
Registration Date : 29th
August 2007
Commercial
Registration Number : 1/02570/0
Chamber Membership
Number : 1887
Issued Capital : RO
250,000
Paid up Capital : RO
250,000
Total Workforce :
80
Activities :
Providers of turnkey technology and engineering services, products and
solutions in core industry sectors
Financial Condition : Fair
Payments :
Regular
Operating Trend : Steady
COMPANY
NAME
BAHWAN PROJECTS & TELECOMMUNICATIONS LLC
ADDRESS
Registered & Physical
Address
Building : Al Rawaq, Building No.
10/1, Block 205, Plot 20
Street : Way No. 207, Street 7
Area : Al Qurum
PO Box : 169
Town : Muscat 100
Country : Oman
Telephone : (968) 24650000 / 24650400 / 24793741 / 24650402
Facsimile : (968) 24659721
Mobile : (968) 99221749
Email : pandt@suhailbahwangroup.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Muscat.
KEY
PRINCIPALS
Name Position
·
Samuel R Paul General
Manager
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Arvind Alex D’Souza Commercial
Manager
·
Jay Prabakhar Projects
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 29th
August 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/02570/0
Chamber Member No. : 1887
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Name of Shareholder (s) Percentage
·
Suhail Bahwan Group Holding LLC 90%
Muscat
·
Bahwan Trading Co LLC (BTC) 10%
Muscat
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:
·
Al
Gaddag Engineering LLC
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Suhail
& Saud Bahwan Building Materials LLC
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Suhail
& Saud Bahwan Building Materials LLC
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Amiantit
Oman SAO
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Arab
Merchants Co LLC
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Arabian
Car Marketing Co LLC
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Arabian
Caravans Furnishing & Trading Co LLC
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Auto
Parts Centre LLC
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Automobile
Automotive Centre
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Bahwan
Engineering Company LLC
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Bahwan
Contracting Company LLC
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Bahwan
Foods (Khalijana) Co LLC
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Bahwan
Travel Agencies LLC
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Delta
Ltd
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International
Equipment & Contracting Co LLC
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National
Crushers
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Rent-A-Car
LLC
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Utmost
Building Materials Co LLC
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Gulf
Mercantile Trading
· Mercantile
Information & Telecommunication Technology Est (MITTE)
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Al
Mutawah Trading Co LLC
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Al
Omaniya Automobile Marketing LLC
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Arabian
Engineering Services LLC
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Bilad
(Oman) LLC
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Electronics
Company LLC
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Inma
Company Oman LLC
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Port
Services Corp SAOG
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Qurum
Contractors LLC
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Sogex
Oman LLC
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Bahwan
Health Care Centre LLC
OPERATIONS
Activities: 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.
Import
Countries: Europe and GCC
countries
Clients:
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Omantel
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Ooredoo
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TEO
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Friendi
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Majan Telecom
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Mazoon Telecom
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Injaz Telecom
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Ministry of Education
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Ministry of Higher Education
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Ministry of Defence
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Ministry of Justice
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Ministry of Health
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Ministry of Transport & Comm.
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Royal Guard of Oman
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Royal Oman Police
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Public Authority for Radio & Television
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L&T
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Worley Parsons
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Al Wattaniya
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CCC
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Simplex
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Shanfari Partners
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GALFAR
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BEC
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Al Turki
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PDO
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BP
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ORPIC
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Oman Oil Co
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RAK Petroleum
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Occidental Oman
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Occidental Petroleum
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TOTAL
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Petrogas
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MOL
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PTTEP
Operating Trend: Steady
Subject has a
workforce of 80 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO 16,250,000 RO 16,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
PAYMENT
HISTORY
Regular
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.52 |
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Euro |
1 |
INR 80.59 |
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OMR |
1 |
INR 169.76 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.