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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL NABEEL INTERNATIONAL LLC |
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Registered Office : |
House No. 1128,
Way No. 3820, Ghubra, Wadi Kabir, P O Box 443 & 612, Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
21.05.2007 |
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Com. Reg. No.: |
1/01990/9 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
importer and distributor of electrical equipment |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Oman |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source : CIA |
Company Name : AL NABEEL INTERNATIONAL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Registration Date : 21st May 2007
Commercial Registration Number : 1/01990/9
Chamber Membership Number : 7146
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 35
Activities : Distributors of electrical equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL NABEEL
INTERNATIONAL LLC
Registered &
Physical Address
Building : House No. 1128
Street : Way No. 3820
Area : Ghubra, Wadi Kabir
PO Box : 443 & 612
Town : Muscat
Country : Oman
Telephone : (968) 24819068
Facsimile : (968) 24817668
Mobile : (968) 99214884 / 99262206
Email : lightingzoneoman@gmail.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Muscat.
Branch Office (s)
Location Description
·
Ruwi Showroom
premises
·
Muscat Showroom premises
Name Nationality Position
·
Saleh
Obaid Humaid Al Rashdi Omani Managing
Director
·
Abdullatif
Khonanali Indian Director
·
Leno
Srinivath - Sales
Manager
Date of Establishment : 21st
May 2007
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/01990/9
Chamber Member No. : 7146
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Name of Shareholder
(s)
·
Saleh
Obaid Humaid Al Rashdi
·
Abdullatif
Khonanali
Activities: Engaged in the import and distribution of
electrical equipment.
Import
Countries: United Kingdom,
Spain, China and Norway
International
Suppliers:
·
Orbik United Kingdom
·
Frater Spain
·
SG Norway
·
ASL China
Operating Trend: Steady
Subject has a
workforce of 35 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 1,520,000 RO 1,700,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank Middle East
Muttrah Business District
PO Box: 240, Ruwi 112
Muscat
Tel: (968) 24700810 / 24799920 / 24799927
Fax: (968) 24704241
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.62.38 |
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UK Pound |
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.