MIRA INFORM REPORT

 

 

Report Date :           

31.10.2011

 

IDENTIFICATION DETAILS

 

Name :

PRAGATI GLASS GULF LLC

 

 

Registered Office :

287 Nizwa Industrial Estate, P O Box 1314, Nizwa 611

 

 

Country :

Oman

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

18.12.2006

 

 

Com. Reg. No.:

1/01036/2

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturer of glass bottles and jars for perfumes and cosmetics

 

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$ 800,000

Status :

Satisfactory

Payment Behaviour :

Usually Correct 

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 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Oman

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                         : PRAGATI GLASS GULF LLC

Country of Origin                                    : Oman

Legal Form                                            : Limited Liability Company – LLC

Registration Date                                   : 18th December 2006

Commercial Registration Number            : 1/01036/2

Membership Number                              : 11509

Issued Capital                                        : RO 150,000

Paid up Capital                                      : RO 150,000

Total Workforce                                     : 210

Activities                                               : Manufacture of glass bottles and jars for perfumes and cosmetics

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 800,000

Person Interviewed                                 : Denish Wadia, Finance Manager

 

 

 

COMPANY NAME

 

PRAGATI GLASS GULF LLC

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 287 Nizwa Industrial Estate

PO Box             : 1314

Town                 : Nizwa 611

Country             : Oman

Telephone         : (968) 25449419 / 25449429

Facsimile          : (968) 25449431

Mobile               : (968) 95703147 / 96787921

Email                : contacts@pragatiglassgulf.com / nitinc@pragatiglassgulf.com

 

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Nizwa

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Nitin Chaudhary                                                                                Managing Director

 

·       Ajay Thaker                                                                                      General Manager

 

·       Amrendar Kumar                                                                               Marketing Manager

 

·       Ashish Guupta                                                                                  Export Manager

 

·       Denish Wadia                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th December 2006

 

Legal Form                  : Limited Liability Company – LLC

 

Commercial Reg. No.  : 1/01036/2

 

Membership No.          : 11509

 

Issued Capital              : RO 150,000

 

Paid up Capital            : RO 150,000

 

Name of Shareholder (s)

 

·       Pragati Glass Work Ltd

111, Damji Shamji Industrial Complex
9 L.B.S Marg
Kurla (W)
Maharashtra
Mumbai 400 070

India

Tel: (91-22) 25164922

Fax: (91-22) 25153677

 

·       Hilal Mohamed Sultan Al Ajri

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of glass bottles and jars for perfumes and cosmetics. Production began

     during 2009.

 

Import Countries: India

 

Subject has a workforce of approximately 210 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Riyal Omani (RO)

 

                                                                        Year Ending 31/12/10:

 

Total Sales                                                        RO 4,044,000

 

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

 

The above figures were provided by Mr Denish Wadia, Finance Manager

 

 

BANKERS

 

·       The Commercial Bank of Oman SAOG

Muttrah Business District

PO Box: 1696, Ruwi 112

Muscat

Tel: (968) 24793225 / 24793226 / 24793228

Fax: (968) 24793229

 

 

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.48.82

UK Pound

1

Rs.78.57

Euro

1

Rs.69.29

 

 

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.