MIRA INFORM
REPORT
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Report Date : |
05.04.2011 |
IDENTIFICATION DETAILS
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Name : |
SEA PEARLS LLC |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
11.03.1990 |
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Com. Reg. No.: |
1/29426/1 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Wholesale and retail of jewellery and precious stones |
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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Maximum Credit Limit : |
US$ 750,000 |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
SUMMARY
Company Name : SEA PEARLS LLC
Country of Origin :
Legal Form : Limited Liability Company – LLC
Registration Date : 11th March 1990
Commercial Registration Number : 1/29426/1
Chamber Membership Number : 2674
Issued Capital : RO 400,000
Paid up Capital : RO 400,000
Total Workforce : 60
Activities : Wholesale and retail of jewellery and precious stones
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 750,000
Person Interviewed : Tony Thomas, Finance Manager
COMPANY NAME
SEA PEARLS LLC
company ADDRESS
Registered & Physical Address
Street :
Area : Ruwi 112
PO Box : 3917
Town :
Country :
Telephone : (968) 24709486 / 24703299
Facsimile : (968) 24793616
Email : seapearls@seapearls.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Muscat.
Branch Office (s)
Subject operates a total of nine showrooms located in
KEY PRINCIPALS
Name Position
·
Sheikh
Salim Sayed Hameed Al Fara Al Ouraimi Managing
Director
·
Fedaran
Salim Sayed Hameed Al Fara Al Ouraimi Director
·
P A
Riaz Operations
Manager
·
Mohamed
Salem Public
Relations Manager
·
Osama
Gulani Sales
Manager
·
Tony
Thomas Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 11th
March 1990
Legal Form :
Limited Liability Company –
LLC
Commercial Reg. No. : 1/29426/1
Chamber Member No. : 2674
Issued Capital : RO 400,000
Paid up Capital : RO 400,000
Name of Shareholder
(s)
·
Sheikh
Salim Sayed Hameed Al Fara Al Ouraimi
·
Fedaran
Salim Sayed Hameed Al Fara Al Ouraimi
AFFILIATED COMPANIES
·
Galfar Engineering
& Contracting LLC
Ghala
PO Box: 533
Tel: (968) 24703715 / 24703286
Fax: (968) 24706778
OPERATIONS
Activities: Engaged in the wholesale and retail of
jewellery and precious stones.
Import
Countries: Europe and the
Operating Trend: Steady
Subject has a
workforce of 60 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Riyal
Omani (RO)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales RO 8,950,000 RO 9,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Tony Thomas, Finance Manager
BANKERS
·
Commercial Bank of
Muttrah Business District
PO Box: 1696, Ruwi 112
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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 |
Rs.44.65 |
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1 |
Rs.71.93 |
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Euro |
1 |
Rs.63.24 |
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 |
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.