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MIRA INFORM REPORT
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Report No. : |
493234 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ABOU NABIL LLC |
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Registered Office : |
Anetco Building, Gala
Industrial Area, Azaiba, 174, Muttrah 114, Muscat, Sultanate of Oman |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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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, 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. |
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No. of Employees : |
300 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
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 : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Sayed Ibrahim
Mohamed, Finance Manager
COMPANY
NAME
ABOU NABIL LLC
ADDRESS
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
Mobile : (968) 99462758 / 99358823
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
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Mabella Office
premises
Tel: (968) 24453943
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Sohar Office
premises
Tel: (968) 26753014
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Sur Office
premises
Tel: (968) 25542917
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Salalah Office
premises
Tel: (968) 23299624
Fax: (968) 23299426
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Nizwa Office
premises
Tel: (968) 25437315
Fax: (968) 25437314
KEY
PRINCIPALS
Name Nationality Position
·
Nabil Salem
Saeed Al Ruwaidi Omani Managing
Director
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Salem
Saeed Al Ruwaidi Omani Director
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Hassan
Miyan Sulaiman Darvesh Indian Director
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Feraz
Jabbar - Administration
Manager
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Sayed
Ibrahim Mohamed - Finance
Manager
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P Singh - Sales
Manager (Building Materials)
·
Arun
D’Souza - Sales
Manager (Special Products)
LEGAL
FORM & OWNERS
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) Percentage
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Hassan Miyan Sulaiman Darwesh 70%
·
Mashreq Muscat
International Co LLC 30%
Muscat
AFFILIATED
COMPANIES
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:
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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
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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
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Elegant
Furniture Manufacturing LLC
PO Box: 2194
Dubai
United Arab Emirates
Tel: (971-4) 3337667
Fax: (971-4) 3337186
Email: efm@emirates.net.ae
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Nova
Home Appliances
PO Box: 2194
Dubai
United Arab Emirates
Tel: (971-4) 3337600
Fax: (971-4) 3337411
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Batavia
Eximp & Contracting (S) Pte Ltd (BECS)
Maxwell Road
PO Box: 3544
Singapore 9055
Tel: (65) 2255633
Fax: (65) 2255733
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Associate
Lumbers Ltd
Associate House
85 Victoria Road
Mustafa Bazzar
Mumbai 400010
India
Tel: (91-22) 3717777
Fax: (91-22) 3738787
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West
African Trading Co (WATCO)
32 Boulevard Latrille
PO Box: 833
Abid
Ivory Coast
Tel: (225) 448859
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General
Trading & Contracting Co Ltd (GETCO)
42 Azadliq Prospect, Apt 18
Baku 370007
Azerbaijan
Tel: (994-12) 964209
Fax: (994-12) 964209
OPERATIONS
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
DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year Ending 31/12/15: Year Ending 31/12/16: Year Ending 31/12/17:
Total Sales RO 45,500,000 RO 50,000,000 RO 47,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Sayed Ibrahim Mohamed, Finance Manager
BANKERS
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Bank of
Baroda
Greater Muttrah Branch
PO Box: 1610
Muscat 112
Tel: (968) 24817373
Fax: (968) 24817308
PAYMENT
HISTORY
Regular
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 65.10 |
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1 |
INR 90.47 |
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Euro |
1 |
INR 79.59 |
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OMR |
1 |
INR 169.37 |
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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PRA |
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Report Prepared
by : |
NIT |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
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Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.