MIRA INFORM REPORT

 

 

Report Date :           

01.07.2011

 

IDENTIFICATION DETAILS

 

Name :

PALMERA INTERNATIONAL LLC

 

 

Registered Office :

Villa No. 98, 18 November Street, Ghubrah North, Ghubrah 130, P O Box 916, Muscat

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

03.06.2009

 

 

Com. Reg. No.:

1/07067/0

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of building materials, tiles, marble, timber and flooring products

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

EUR 150,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Oman

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : PALMERA INTERNATIONAL LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 3rd June 2009

Commercial Registration Number                        : 1/07067/0

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 25

Activities                                               : Distributors of building materials, tiles, marble, timber and flooring

products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : EUR 150,000

Person Interviewed                                 : Milad Murad, Commercial Manager

COMPANY NAME

 

PALMERA INTERNATIONAL LLC

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Villa No. 98

Street               : 18 November Street

Area                 : Ghubrah North, Ghubrah 130

PO Box             : 916

Town                 : Muscat

Country             : Oman

Telephone         : (968) 24498580 / 95496761

Facsimile          : (968) 24497780

Email                : info@palmeraintl.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Muscat.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Abdullah Al Dabari                                                                             Managing Director

 

·       Kamal Abdullah Al Dabari                                                                  Director

 

·       Milad Murad                                                                                      Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 3rd June 2009

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/07067/0

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Abdullah Al Dabari

 

·       Kamal Abdullah Al Dabari

 

 

AFFILIATED COMPANIES

 

·       Technique LLC

PO Box: 89

Muscat 111

Tel: (968) 24491244

Fax: (968) 24491478

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials, tiles, marble, timber and flooring products.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                                        Year Ending 31/12/10:

 

Total Sales                                                        RO 725,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank of Muscat

     Al Burj Street

     Greater Muttrah

     PO Box: 6326, Ruwi

     Muscat

     Tel: (968) 24701769

     Fax: (968) 24796488

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.72

UK Pound

1

Rs.71.96

Euro

1

Rs.64.79

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.