MIRA INFORM REPORT

 

 

Report Date :

02.12.2013

 

IDENTIFICATION DETAILS

 

Name :

JABREEN CONVERTING INDUSTRIES TRADING AND SERVICE LLC

 

 

Registered Office :

Khabura Industrial Area, PO Box : 536, Ruwi 112, Muscat

 

 

Country :

Oman

 

 

Date of Incorporation :

22.01.1987

 

 

Com. Reg. No.:

1/25867/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Subjects operations are performed through the following divisions: Beds and Mattress Division, Marble Products Division, Aluminium Fabrication Division

 

 

No. of Employees :

350

 

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, 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

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

 

SUMMARY

 

Company Name                                     : JABREEN CONVERTING INDUSTRIES TRADING AND SERVICE LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 22nd January 1987

Commercial Registration Number            : 1/25867/2

Chamber Membership Number                : 3265

Issued Capital                                        : RO 1,000,000

Paid up Capital                                      : RO 1,000,000

Total Workforce                                     : 350

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                 : Ismail Al Mari, Administration Manager

 

 

 

COMPANY NAME

 

JABREEN CONVERTING INDUSTRIES TRADING AND SERVICE LLC

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Khabura Industrial Area

PO Box             : 536, Ruwi 112

Town                 : Muscat

Country             : Oman

 

Telephone         : (968) 24592468 / 24791682

Facsimile          : (968) 24595674 / 24791685

Mobile               : (968) 99613166 / 99419496 / 99462921

Email                : jabreen@alhosmigroup.com / jabreen@omantel.net.om

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Industrial Area of Muscat.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Amer Shoil Al Hosani                                                                             Chairman

 

Faisal Amer Shoil Al Hosani                                                                   Managing Director

 

Fahd Amer Shoil Al Hosani                                                                     Director

 

Naser Amer Shoil Al Hosani                                                                    Director

 

Mazen Amer Shoil Al Hosani                                                                  Director

 

Anthony Joyce                                                                                       Chief Executive Officer

 

H P Alex                                                                                               General Manager

 

Ismail Al Mari                                                                                        Administration Manager

 

Salem Obaid Al Hajri                                                                              Public Relations Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           22nd January 1987

 

Legal Form      :                       Limited Liability Company – LLC

 

Commercial Reg. No.  :           1/25867/2

 

Chamber Member No. :           3265

 

Issued Capital              :           RO 1,000,000

 

Paid up Capital            :           RO 1,000,000

 

Name of Shareholder (s)                   

 

·         Amer Shoil Al Hosani                                                                      

 

·         Faisal Amer Shoil Al Hosani                                                            

 

·         Fahd Amer Shoil Al Hosani                                                              

 

·         Naser Amer Shoil Al Hosani                                                             

 

·         Mazen Amer Shoil Al Hosani

 

 

AFFILIATED COMPANIES

 

Subject is a member of Al Hosni Group International

 

·         Muscat Heater LLC

 

·         Star Modern Industries

 

·         Majan Continental Hotel

 

·         National Plastic Factory

 

·         Al Mandoos Trading Co LLC

 

·         Al Lub Paper Factory

 

·         Scorpion Chemicals Factory LLC

 

·         Dar Al Safwa Real Estate Services LLC

 

·         Al Khabourah Cooking Gas Factory

 

·         Haifa Industrial Services

 

·         Nizwa Gas Industries

 

·         Bahanis Trading Company

 

·         Al Hosni Trading and Contracting Ent

 

·         Sun Star Digital Photo Services

 

·         National Plastic Factory

 

·         Daas Interiors

 

·         Majan Building Contracting

 

·         Daas Tourism Sevices Ltd

 

 

OPERATIONS

 

Activities:                     Subjects operations are performed through the following divisions:

 

Beds and Mattress Division

 

Engaged in the manufacture of divan beds, frames and mattresses.

 

Marble Products Division

 

Engaged in the processing of marble kitchen tops, marble and tiles.

 

Aluminium Fabrication Division

 

Engaged in the fabrication of aluminium for use in kitchen units.

 

Import Countries:         Europe and the Far East

 

Subject has a workforce of approximately 350 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

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject enjoys a good reputation for the quality of its products with nothing detrimental uncovered regarding the manner in which operations are conducted. As such the company is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.39

UK Pound

1

Rs.102.06

Euro

1

Rs.84.98

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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.