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MIRA INFORM REPORT
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Report No. : |
497617 |
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Report Date : |
17.03.2018 |
IDENTIFICATION DETAILS
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Name : |
PEARL LIGHT GLOBAL LLC |
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Registered Office : |
Al Wadi Al Kabeer, Ruwi 112 PO Box 713 Muscat |
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Country : |
Oman |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
1/06094/6 |
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Legal Form : |
Limited Liability Company – LLC |
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Line of Business : |
Subject engaged in the import and distribution of sanitary
ware, lighting, construction materials, electrical equipment and oilfield and
gas equipment and supplies |
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No. of Employees : |
15 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Maximum Credit Limit : |
US$ 150,000 |
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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
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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 $11.5 billion, or approximately 19% of GDP, but the budget deficit was reduced to 13% of GDP in 2017 as Oman reduced government subsidies. Oman has limited foreign assets and is issuing debt to cover its deficit.
Oman is using enhanced oil recovery techniques to boost production, but has simultaneously pursued a development plan that focuses on diversification, industrialization, and privatization, with the objective of reducing the oil sector's contribution to GDP from 46% at present to 9% by 2020 in accordance with Oman’s ninth five-year development plan. Tourism and gas-based industries are key components of the government's diversification strategy.
Muscat also has notably focused on creating more Omani jobs to employ the rising number of nationals entering the workforce. However, high social welfare benefits — that had increased in the wake of the 2011 Arab Spring — have challenged the government's ability to effectively balance its budget in light of low export oil prices. In response, Omani officials imposed austerity measures to its gasoline and diesel subsidies in 2016, with further subsidy cuts planned for electricity and liquid petroleum gas. The spending cuts have faced some public opposition, which in 2017 prompted the Omani Government to announce a cap on fuel prices and a plan to provide 25,000 public-sector jobs for Omanis.
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Source
: CIA |
SUMMARY
Company Name : PEARL LIGHT GLOBAL LLC
Country of Origin : Oman
Legal Form : Limited Liability Company – LLC
Start Date : 1996
Registration Date : 25th January 2009
Commercial Registration Number : 1/06094/6
Issued Capital : RO 150,000
Paid up Capital : RO 150,000
Total Workforce : 15
Activities : Distribution of sanitary ware, lighting, construction materials, electrical
equipment and oilfield and gas equipment and supplies
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY
NAME
PEARL LIGHT GLOBAL LLC
ADDRESS
Registered &
Physical Address
Location : Al
Wadi Al Kabeer, Ruwi 112
PO Box :
713
Town :
Muscat
Country : Oman
Telephone :
(968) 24837122 / 24783042 / 24835042
Facsimile :
(968) 24830524
Mobile :
(968) 96174610
Email : contactus@pearllightglobal.com
Premises
Subject operates from a small suite of offices that are
rented and located in the Central Business Area of Muscat.
Branch Office (s)
Location Description
· Honda
Road Showroom
premises
Ruwi
KEY
PRINCIPALS
Name Nationality Position
· Madhu
Pillai Indian Managing Director
· Srileja
Mahishabahat Indian Director
·
Yaqoob Mubarak
Sultan Al Ghafri Omani Director
·
Abdulla Mubarak
Salim Al Khalil Omani General Manager
LEGAL
FORM & OWNERS
Date
of Establishment : 25th
January 2009, however activities date back to 1996
Legal
Form : Limited
Liability Company – LLC
Commercial
Reg. No. :
1/06094/6
Issued Capital : RO 150,000
Paid up Capital :
RO 150,000
Name of Shareholder (s) Percentage
· Madhu
Pillai 60%
· Yaqoob
Mubarak Sultan Al Ghafri 30%
· Srileja
Mahishabahat 10%
AFFILIATED
COMPANIES
· Lotus
Muscat LLC
Ruwi 112
PO Box: 713
Muscat
Tel: (968) 24835042 / 24830412
Fax: (968) 24830542
OPERATIONS
Activities: Engaged in the import and distribution
of sanitary ware, lighting, construction materials, electrical
equipment and oilfield and gas equipment
and supplies
Import Countries: Europe and the Far East
Brand Names: THERMAX, SOHAR, DOLPHY and EDEZA
LIGHTING
Operating Trend: Steady
Subject has a workforce of 15 employees.
FINANCIAL
DATA
Financial highlights provided by local sources are given
below:
Currency: Riyal Omani (RO)
Year
Ending 31/12/16: Year Ending
31/12/17:
Total Sales RO
1,600,000 RO
1,725,000
Local sources consider subject’s financial condition to be
Fair.
The above financial figures are based on estimations by our
local sources.
BANKERS
PO Box: 234
Muscat 113
Tel: (968) 24736041 / 24736042
Fax: (968) 24736043
PAYMENT
HISTORY
No complaints regarding subject’s payments have been
reported.
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.
According to local sources, subject enjoys a good reputation
for the quality of its products with nothing detrimental uncovered regarding
the manner in which operations are conducted. 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 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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OMR |
1 |
INR 169.16 |
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 : |
TRU |
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
·
Payment
record
·
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.