MIRA INFORM REPORT

 

 

Report Date :

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

PROGRESSIVE MARKETING WLL

 

 

Registered Office :

Street No. 2 Industrial Area PO Box 6055 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

11.10.2006

 

 

Com. Reg. No.:

33976, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import and distribution of general foodstuff products.

 

 

No. of Employees :

65

 

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 :

US$ 200,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : PROGRESSIVE MARKETING WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 11th October 2006

Commercial Registration Number            : 33976, Doha

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 65

Activities                                               : Import and distribution of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Arvind Menon, Finance Manager

 

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) 44602655 / 44422456

Facsimile          : (974) 44603306

Mobile               : (974) 55819487 / 55897802

Email                : info@pm.com.qa / mohsin@pm.com.qa / assik@family.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

 

·       Abdulrahman Abdullah Al Ansari                        Qatari                                                Managing Director

 

·       Permupllipat Pyyoorayil Fasalu                         Indian                                     Director

 

·       Permupllipat Pyyoorayil Asik                                 -                                        General Manager

 

·       Permupllipat Pyyoorayil Gamal                              -                                        Assistant General Manager

 

·       Bader Al Zaman                                                   -                                        Administration Manager

 

·       Arvind Menon                                                       -                                        Finance Manager

 

·       Raja Punnen                                            -                                        Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 11th October 2006

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 33976, Doha

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

 

·       Abdulrahman Abdullah Al Ansari

 

·       Permupllipat Pyyoorayil Fasalu

 

 

AFFILIATED COMPANIES

 

·       Family Food Centre

Doha

 

·       Al Ansari & Partner Trading

Doha

 

·       Al Ansar International

Doha

 

·       Microworld

Doha

 

·       Abdulrahman Abdullah Al Ansari Trading & Contracting

Doha

 

·       Variety Trading Co WLL

     Doha

 

 

OPERATIONS

 

Activities: 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 65 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                QR 23,200,000                          QR 25,000,000

 

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

 

The above figures were provided by Mr Arvind Menon, Finance Manager

 

 

BANKERS

 

·       Qatar National Bank SAQ

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

     Fax: (974) 44415020

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              November 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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.