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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ABOU NABIL LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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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 |
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Line of Business : |
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. |
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No of Employees : |
300 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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.
|
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 :
Sayed Ibrahim Mohamed,
Finance Manager
ABOU NABIL LLC
Registered &
Physical Address
Building : Anetco Building
Area : Gala
Industrial Area, Azaiba
PO Box : 174, Muttrah 114
Town : Muscat
Country : Sultanate of
Oman
Telephone : (968) 24593249
/ 24501820 / 24501809
Facsimile : (968) 24595278
Email : anetco@omantel.net.om
/ info@abounabil.net
Premises
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
Sayed Ibrahim Mohamed - Finance
Manager
P Singh - Sales Manager (Building Materials)
Arun D’Souza - Sales
Manager (Special Products)
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
Name of Shareholder (s)
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 31/12/12: Year Ending 31/12/13:
Total Sales RO
8,180,000 RO
8,545,000
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.61.89 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
-- |
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.