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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
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Name : |
PROGRESSIVE MARKETING WLL |
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Registered Office : |
Street No. 2, Industrial
Area, 6055 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
11.10.2006 |
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Com. Reg. No.: |
33976, |
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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 |
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No. of Employees : |
65 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Qatar |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
QATAR - ECONOMIC OVERVIEW
Qatar has prospered in the
last several years with continued high real GDP growth. Throughout the
financial crisis Qatari authorities sought to protect the local banking sector,
with direct investments into domestic banks. GDP is driven largely by changes
in oil prices and by investment in the energy sector. Economic policy is
focused on developing Qatar's nonassociated natural gas reserves and increasing
private and foreign investment in non-energy sectors, but oil and gas still account
for more than 50% of GDP, roughly 85% of export earnings, and 50% of government
revenues. Oil and gas have made Qatar the world's highest per-capita income
country and the country with the lowest unemployment. Proved oil reserves in
excess of 25 billion barrels should enable continued output at current levels
for about 57 years. Qatar's proved reserves of natural gas exceed 25 trillion
cubic meters, about 13% of the world total and third largest in the world.
Qatar's successful 2022 World Cup bid is accelerating large-scale
infrastructure projects such as Qatar's metro system, light rail system, the
construction of a new port, roads, stadiums and related sporting
infrastructure. The new Hamad International Airport is expected to open in
mid-2014 with an annual passenger capacity of 24 million on initial opening and
50 million when complete
|
Source
: CIA |
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
3,000,000
Paid up Capital : QR
3,000,000
Total Workforce : 65
Activities :
Distributors of general foodstuff products
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raja Punnen, Financial Controller
PROGRESSIVE
MARKETING WLL
Street : Street No. 2
Area : Industrial Area
PO Box : 6055
Town : Doha
Country : Qatar
Telephone : (974) 44602655 / 44422456 / 44603604
Facsimile : (974) 44603306
Mobile : (974) 55819487 / 55897802
Email : info@pm.com.qa
/ mohsin@pm.com.qa / assik@family.com.qa
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Industrial Area of Doha.
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
Date of Establishment : 11th
October 2006
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 33976, Doha
Issued Capital : QR 3,000,000
Paid up Capital : QR 3,000,000
·
Abdulrahman
Abdullah Al Ansari
·
Permupllipat Pyyoorayil Fasalu
·
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
Activities: Engaged in the import and distribution of
general foodstuff products, including meat, fish and poultry
products.
Import
Countries: Europe, Oman,
Saudi Arabia and India.
International
Suppliers:
·
Alana
Meat India
·
Double
Horse India
·
Tyson
Chicken India
·
Al Safa
Poultry Oman
· Al Kadi Poultry Saudi Arabia
Operating Trend: Steady
Subject has a
workforce of 65 employees.
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales QR
145,000,000 QR 164,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Raja
Punnen, Financial Controller
·
Qatar
National Bank SAQ
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.60.80 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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 |
|
|
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 |
|
|
-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.