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MIRA INFORM REPORT
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Report No. : |
489455 |
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Report Date : |
02.02.2018 |
IDENTIFICATION DETAILS
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Name : |
BAHAJJAJ GENERAL TRADING AND CONTRACTING COMPANY LLC |
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Registered Office : |
Muttrah 114, PO Box: 354, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
15.06.1975 |
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Com. Reg. No.: |
1/00946/0 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject is engaged in the manufacture of footwear and clothing |
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No. of Employees : |
26 |
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 : |
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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 could hinder their implementation.
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Source : CIA |
SUMMARY
Company Name : BAHAJJAJ GENERAL TRADING AND CONTRACTING
COMPANY LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 15th June 1975
Commercial Registration Number : 1/00946/0
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 26
Activities : Manufacturers of footwear and clothing
Financial Condition : Fair
Payments : No complaints
Operating Trend : Steady
COMPANY
NAME
BAHAJJAJ GENERAL TRADING AND CONTRACTING COMPANY LLC
ADDRESS
Registered & Physical
Address
Location : Muttrah 114
PO Box : 354
Town : Muscat
Country : Oman
Telephone : (968) 24833651
/ 24791596 / 24811529
Facsimile : (968) 24835811
Mobile : (968)
99353899
Email : bahajjaj@omantel.net.om
Premises
Subject operates from a small suite of offices and a workshop that are
rented and located in the Suburban Business Area of Muscat.
KEY
PRINCIPALS
Name Nationality Position
·
Salem Bin Salah Bin Saeed Al Kathiri Omani Managing
Director
·
Mohamed Sulaiman Mohamed Al Mahrouqi Omani Director
·
Mehis Bhagwandis Indian Director
·
Mahesh Sampat - General
Manager
LEGAL
FORM & OWNERS
Date of
Establishment : 15th
June 1975
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/00946/0
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder (s)
· Salem Bin Salah Bin Saeed Al Kathiri
·
Mohamed Sulaiman Mohamed Al Mahrouqi
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Mehis Bhagwandis
OPERATIONS
Activities: Engaged in the manufacture of footwear and clothing
Operating Trend: Steady
Subject has a workforce of 26 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
1,750,000 RO
1,900,000
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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Commercial Bank
of Oman SAOG
Muttrah
Business District
PO Box:
1696, Ruwi 112
Muscat
Tel:
(968) 24793225 / 24793226 / 24793228
Fax: (968) 24793229
PAYMENT
HISTORY
No complaints regarding subject’s payments have been reported.
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 63.61 |
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1 |
INR 89.32 |
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Euro |
1 |
INR 78.95 |
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OMR |
1 |
INR 166.10 |
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 : |
SYL |
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.