MIRA
INFORM REPORT
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Report Date : |
25.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
OCEAN & LAKES, INC. |
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Registered Office : |
800 6th Avenue
Suite #16, New York - 10001 |
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Country : |
United States |
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Date of Incorporation : |
09/05/2006 |
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Legal Form : |
Corporation -
Private |
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Line of Business : |
Importer and
wholesaler of men's and boy's T-shirts and jeans. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Status : |
New Company |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
IDENTIFICATION &
EXECUTIVE SUMMARY
Company Name: OCEAN
& LAKES, INC.
Address: 800
6TH AVENUE SUITE #16
City: NEW YORK
State/Province: NEW
YORK
Zip Code: 10001
Country: UNITED
STATES
Telephone: 201
952-7363
Facsimile: 201
440-1151
As of: 31/12/2006
Sales /
Revenue: 890,000
Net Income:
Total Equity:
Number of Employees:
2
Legal Form: Corporation
- Private
Website: No
Website
Maj.
Shareholder: The Jara family
Business Activity: The Company is engaged as an importer
and wholesaler of men's and boy's T-shirts and
jeans.
NOTE TO CLIENT
Person Contacted:
Mr. Amman Jara, Co-President.
NOTE: THE ADDRESS
PROVIDED 8000 6TH AVENUE, SUITE #16, NEW YORK, NY 10001 IS INCORRECT. 800 6TH
AVENUE, SUITE #16, NEW YORK, NY 10001 IS THE CORRECT ADDRESS WHICH IS JUST FOR
CORRESPONDENCE.
THE CORRECT LEGAL
NAME FOR THIS FIRM IS OCEAN &
LAKES, INC. FOR WHICH A REPORT FOLLOWS.
LEGAL
Legal Form: Corporation –
Private
Since (D/M/Y): 09/05/2006
State/Province of
Incorporation: NY
Status: ACTIVE
Previous Legal Form:
Company is NOT
required to publish an annual financial report.
Current Entity Name:
OCEAN & LAKES, INC.
Initial DOS Filing
Date: MAY 09, 2006
County: NEW YORK
Jurisdiction: NEW
YORK
Entity Type:
DOMESTIC BUSINESS CORPORATION
Current Entity
Status: ACTIVE
Selected Entity
Address Information DOS Process (Address to which DOS will mail process if
accepted on behalf of the entity)
OCEAN & LAKES, INC.
SUITE 6E
140 WEST 29TH STREET
NEW YORK, NEW YORK,
10001
Registered Agent
NONE
NOTE: New York State
does not issue organizational identification numbers.
Managers/Key
Personnel
Mr. Amman Jara Co-President
Ms. Maria Jara Co-President
OWNERS
The Jara family % Majority
AFFILIATED ENTITIES
There are no
subsidiaries, divisions or affiliated companies.
BANKS
Commerce Bank
St. Louis MO
Telephone: 314-726-2255
Facsimile:
856-380-6066
Account Number:
Account Manager:
The bank requires a
signed authorization from management which could not be obtained.
PAYMENT HISTORY
Mr. Jara stated that
local purchases are insignificant in nature and invoices are settled with petty
cash or company checks. Therefore, supplier references could not be obtained.
Overseas transactions are usually settled with wire transfers or letters of
credit.
FINANCIAL INFORMATION
FINANCIAL FIGURES
Year-End (D/M/Y): 31/12/2006
31/12/2006 31/12/2006
Consolidated
Sales / Revenues 890,000 - -
Mr. Jara deferred
financial documents, but stated that 2007 year to date sales have exceeded
US$790,000.
CURRENT OPERATIONS
NAICS Code: 42232
Men's and Boys' Clothing and Furnishings Wholesale
SIC Code: 5136
Number of
Employees: 2
Business Activity:
The Company is engaged
as an importer and wholesaler of men's and boy's T-shirts and jeans. The products are manufactured in Pakistan
under private labels and distributed to retailers such as Suitmart and Factory
Command as well as others throughout the United States.
Mr. Jara stated that
the Company does not report a physical headquarters at this time. The above address is a mailing address for
the Firm. The Company utilizes public warehousing in New Jersey, the address
was deferred. There are no other known locations for this firm.
PUBLIC RECORD
A nationwide search
of public revealed no Uniform Commercial Codes, legal actions or bankruptcy
petitions.
GENERAL COMMENTS
OCEAN & LAKES, INC. is a relatively new company, incorporated
in mid 2006. The Company is engaged as an importer and wholesaler of men's and
boy's T-shirts and jeans. The Company is not a seeker of local trade credit as
a payment record could not be developed. Nothing of a negative nature was
reported or noted. The Company is considered responsible for normal business
transactions.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)