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Report Date : |
24.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ABOU NABIL LLC |
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Registered Office : |
Anetco Building Gala Industrial Area, Azaiba PO Box 174 Muscat 114 |
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Country : |
Sultanate of Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
17.02.1993 |
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Com. Reg. No.: |
1/03115/5 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Wholesale and retail of building materials, as well as waterproofing contracting services and glass processing |
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No. of Employees : |
300 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
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. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
Source
: CIA
Company Name : ABOU NABIL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 17th February 1993
Commercial Registration Number : 1/03115/5
Chamber Membership Number : 1568
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
Total Workforce : 300
Activities : Wholesale and retail of building materials, as well as waterproofing
contracting services and glass processing
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Mohamed, Finance Manager
ABOU NABIL LLC
Building : Anetco
Building
Area : Gala
Industrial Area, Azaiba
PO Box : 174
Town : Muscat 114
Country : Sultanate of
Oman
Telephone : (968) 24593249
/ 24501820 / 24501809
Facsimile : (968) 24595278
Mobile : (968)
99462758 / 99358823
Email : anetco@omantel.net.om
/ info@abounabil.net
Subject operates from a large suite of offices, a warehouse, showroom
and workshop that are rented and located in the Industrial Area of Muscat.
Branch Offices
Location Description
· Musanna Office
premises
Tel: (968)
26869090
· Mabella Office
premises
Tel: (968) 24453943
· Sohar Office
premises
Tel: (968) 26753014
· Sur Office
premises
Tel: (968) 25542917
Name Nationality Position
· Nabil Salem Saeed
Al Ruwaidi Omani Managing
Director
· Salem Saeed Al
Ruwaidi Omani Director
· Hassan Miyan
Sulaiman Darvesh Indian Director
· Feraz Jabbar
- Administration
Manager
· Ibrahim Mohamed - Finance
Manager
Date of
Establishment : 17th
February 1993
Legal Form : Limited Liability
Company – LLC
Commercial Reg.
No. : 1/03115/5
Chamber Member No. : 1568
Issued Capital : RO 250,000
Paid up Capital : RO 250,000
· Nabil Salem Saeed
Al Ruwaidi
· Salem Saeed Al
Ruwaidi
· Hassan Miyan
Sulaiman Darvesh
Subject is a member of the Darvesh Group of
Companies, which has extensive and varied operations throughout the Middle East,
Far East and Africa. The group is currently planning to extend operations to
Myanmar and other CIS countries. The combined annual turnover of the group is
in excess of US$ 100 million.
The Darvesh Group of Companies consists of the
following concerns:
· Mega Star Trading
Co LLC
Mohamed Bin Ali
Alamr Building
Ras Al Khor Road
Al Aweer
Industrial Area
PO Box: 6512
Dubai
United Arab
Emirates
Tel: (971-4)
3332211
Fax: (971-4)
3332667
Email: mega@emirates.net.ae
· Nova Tapes &
Stationery Industries LLC
Al Aweer
Industrial Area
PO Box: 2194
Dubai
United Arab
Emirates
Tel: (971-4)
3337600
Fax: (971-4)
3337411
Email: novaind@emirates.net.ae
· Elegant Furniture Manufacturing
LLC
PO Box: 2194
Dubai
United Arab
Emirates
Tel: (971-4)
3337667
Fax: (971-4)
3337186
Email: efm@emirates.net.ae
· Nova Home
Appliances
PO Box: 2194
Dubai
United Arab
Emirates
Tel: (971-4)
3337600
Fax: (971-4)
3337411
· Batavia Eximp
& Contracting (S) Pte Ltd (BECS)
Maxwell Road
PO Box: 3544
Singapore 9055
Tel: (65) 2255633
Fax: (65) 2255733
· Associate Lumbers
Ltd
Associate House
85 Victoria Road
Mustafa Bazzar
Mumbai 400010
India
Tel: (91-22)
3717777
Fax: (91-22)
3738787
· West African
Trading Co (WATCO)
32 Boulevard
Latrille
PO Box: 833
Abid
Ivory Coast
Tel: (225) 448859
· General Trading
& Contracting Co Ltd (GETCO)
42 Azadliq
Prospect, Apt 18
Baku 370007
Azerbaijan
Tel: (994-12)
964209
Fax: (994-12) 964209
Activities: Engaged in the wholesale and retail of building materials, construction
equipment, ironmongery products, timber, cement, paint, glass and mirrors,
aluminium profiles, polycarbonate sheets, stretch films and tapes.
Subject
also offers waterproofing contracting services and glass processing.
Import Countries: India, United Kingdom, France and Italy
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales RO
7,800,000 RO
8,180,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Baroda
Greater Muttrah
Branch
PO Box: 1610
Muscat 112
Tel: (968)
24817373
Fax: (968)
24817308
No complaints regarding subject’s payments have been reported.
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.64.69 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.86.30 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.