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Report Date : |
15.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PRAGATI GLASS GULF LLC |
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Registered Office : |
287 Nizwa Industrial Estate, PO Box: 1314, Nizwa 611 |
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Country : |
Oman |
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Financial as on: |
31.12.2012 |
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Date of Incorporation : |
18.12.2006 |
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Com. Reg. No.: |
1/01036/2 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacturers of glass bottles and jars. |
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No. of Employees : |
200 |
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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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Oman |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
oman - ECONOMIC OVERVIEW
Oman is a middle-income economy that is heavily dependent on
dwindling oil resources. Because of declining reserves and a rapidly growing labor
force, Muscat has actively pursued a development plan that focuses on
diversification, industrialization, and privatization, with the objective of
reducing the oil sector's contribution to GDP to 9% by 2020 and creating more
jobs to employ the rising numbers of Omanis entering the workforce. Tourism and
gas-based industries are key components of the government's diversification
strategy. However, increases in social welfare benefits, particularly since the
Arab Spring, will challenge the government's ability to effectively balance its
budget if oil revenues decline. By using enhanced oil recovery techniques, Oman
succeeded in increasing oil production, giving the country more time to
diversify, and the increase in global oil prices through 2011 provided the
government greater financial resources to invest in non-oil sectors. In 2012,
continued surpluses resulting from sustained high oil prices and increased
enhanced oil recovery allowed the government to maintain growth in social
subsidies and public sector job creation. However, the Sultan made widely
reported statements indicating this would not be sustainable, and called for
expanded efforts to support SME development and entrepreneurship. Government
agencies and large oligarchic group companies heeded his call, announcing new
initiatives to spin off non-essential functions to entrepreneurs, incubate new
businesses, train and mentor up and coming business people, and provide
financing for start-ups. In response to fast growth in household indebtedness,
the Central Bank reduced the ceiling on personal interest loans from 8 to 7%,
lowered mortgage rates, capped the percentage of consumer loans at 50% of
borrower's salaries for personal loans and 60% for housing loans, and limited
maximum repayment terms to 10 and 25 years respectively. In 2012 the Central
Bank also issued final regulations governing Islamic banking and two
full-fledged Islamic banks held oversubscribed IPOs while four traditional
banks opened sharia-compliant Islamic windows.
|
Source
: CIA |
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 :
200
Activities :
Manufacturers of glass bottles and jars.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Nitin Chaudhary, Managing Director
PRAGATI GLASS GULF LLC
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 / 95097762
Email : nitinc@pragatiglassgulf.com
/ export@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
Name Position
Nitin Chaudhary Managing
Director
Ajay Thaker General
Manager
Amrendar Kumar Marketing
Manager
Ashish Guupta Export
Manager
Denish Wadia Finance
Manager
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) Percentage
Pragati Glass Work Ltd 55%
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 30%
Nitin Chaudhary 15%
Activities: Engaged in the manufacture
of glass bottles and jars for the perfume and food industries. Production began
during 2009.
Import Countries: India
Operating Trend: Steady
Subject has a workforce of approximately 200 employees.
Financial highlights provided by local sources are given below:
Currency: Riyal Omani (RO)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales RO
5,300,000 RO
6,100,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Nitin Chaudhary, Managing Director
Commercial Bank of Oman SAOG
Muttrah Business District
PO Box: 1696, Ruwi 112
Muscat
Tel: (968) 24793225 / 24793226 /
24793228
Fax: (968) 24793229
No complaints regarding subject’s payments have been reported.
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.63.06 |
|
|
1 |
Rs.101.15 |
|
Euro |
1 |
Rs.84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
41-55 |
Ba |
Overall operation
is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.