MIRA
INFORM REPORT
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Report Date : |
02.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
PROGRESSIVE
MARKETING WLL |
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Registered Office : |
Street No. 2,
Industrial Area, P O Box 6055, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
19919/56, Doha |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products, including meat, fish and
poultry products. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : PROGRESSIVE MARKETING WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 2003
Commercial Registration Number : 19919/56, Doha
Issued Capital : QR 3,000,000
Paid up Capital : QR 3,000,000
Total Workforce : 75
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
PROGRESSIVE
MARKETING WLL
ADDRESS
Registered & Physical Address
Street : Street No. 2
Area : Industrial Area
PO Box : 6055
Town : Doha
Country : Qatar
Telephone : (974) 4602655
Facsimile : (974) 4603306
Mobile : (974) 5819487
Email : mohsin@pm.com.qa
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Doha.
KEY PRINCIPALS
Name Nationality Position
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Abdulrahman
Abdullah Al Ansari Qatari Managing Director
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P Faisal
Hayder Indian Director
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P P Hayder Indian Director
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Mohsin Bin
Ahmed - Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 19919/56,
Doha
Issued Capital : QR 3,000,000
Paid up Capital : QR 3,000,000
Name of Shareholder (s)
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Abdulrahman
Abdullah Al Ansari
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P Faisal
Hayder
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P P Hayder
Note to the Legal Form
A limited liability company must have between two and thirty members. Its minimum capital cannot be less than QR 200,000. The capital is divided into shares of not less than QR 1,000 each. The company must keep a register of members. The liability of members is restricted to the nominal value of their shares in the registered capital.
AFFILIATED COMPANIES
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Family Food
Centre
Doha
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Al Ansari
& Partner Trading
Doha
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Al Ansar
International
Doha
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Microworld
Doha
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
general foodstuff products, including meat, fish and poultry products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 75 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Qatari
Riyals (QR)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue QR 14,800,000 QR 16,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Qatar National
Bank SAQ
PO Box : 1002
Doha
Tel : (974) 4413511 / 4407407
Fax : (974) 4415020
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000:
Established in
2003, subject is involved in the import and distribution of general foodstuff
products, including meat, fish and poultry products.
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 and the above credit figure is
deemed to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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. |
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%)