MIRA
INFORM REPORT
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Report Date : |
13.06.2006 |
IDENTIFICATION
DETAILS
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Name : |
BLUE
SALON |
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Registered Office : |
Suhaim
Bin Hamad Street, PO Box – 6255, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
2614, Doha |
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Legal Form : |
Sharikat
Tadhamun (General Partnership) |
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Line of Business : |
Retailers of general consumer products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
750,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : BLUE SALON
Country of Origin : Qatar
Legal Form : General Partnership
Registration Date : 1981
Commercial Registration Number : 2614, Doha
Partners Capital : QR 3,500,000
Total Workforce : 85
Line of Business : Retailers of general consumer products.
Financial Condition : Good
Payments : Regular and timely
Operating Trend : Steady
COMPANY NAME
BLUE
SALON
ADDRESS
Registered & Physical
Address
Location : Suhaim Bin Hamad Street
PO Box : 6255
Town : Doha
Country : Qatar
Telephone : (974) 4441424 / 4323076 / 4447408
Facsimile : (974) 4446456
Email : bluesaln@qatar.net.qa
Premises
Subject
operates from a medium sized suite of offices, a warehouse and a showroom that
are owned and located in the Central Business Area of Doha.
Branch Office (s)
Location Description
·
The
Mall Rented
Showroom premises
D Ring Road covering
an area of 2,700
Doha square
metres.
·
City
Centre Mall Rented
showroom premises
West Bay Area
Doha
·
Subject
also operates 2 modern warehouse facilities totalling 5,500 square metres and
including cold storage facilities.
KEY PRINCIPALS
·
Sheikh
Abdul Rahman Bin Nasser Al Thani Managing
Partner
·
Ashraf
Abdul Rahman Abu Issa Partner
·
Nabil
Abdul Rahman Abu Issa Partner
·
Fawaz
Adham N. Al Idrissi General
Manager
·
Naser
Al Ali Commercial
Manager
·
Gubal
Krishen Finance
Manager
LEGAL FORM & OWNERS
Date
of Establishment : 1981
History : Subject was originally established in 1981
as a General Partnership between
Sheikh Abdul Rahman Bin Nasser
Al Thani and Mr Abdul Rahman Abu Issa.
Following the death of Mr Abdul Rahman Abu
Issa in 1987, his interests in the
business were passed on to his
sons (by inheritance), namely Ashraf and Nabil
Abdul Rahman Abu Issa.
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 2614, Doha
Partners
Capital : QR 3,500,000
Name of Partner (s)
·
Sheikh
Abdul Rahman Bin Nasser Al Thani
·
Ashraf
Abdul Rahman Abu Issa
·
Nabil
Abdul Rahman Abu Issa
Note to the Legal Form The
Company Law defines “Sharikat Tadhamun” as a company established between
two or more general partners who will jointly
and unlimitedly, to the extent of their personal assets, be responsible for the
liabilities of the company. Creditors may claim the debts from either the
company as a separate legal entity or from the general partners.
Notwithstanding the
English translation of its name, this type of company should not be compared to
the partnership concept under English Law. A Sharikat Tadhamun is considered a
company and has the attributes of a corporation similar to that of a
partnership under Scottish Law or to the “Societe en Nom Collectif” under
French Law.
There are no legal
requirements concerning the amount of capital of a general partnership. The
shares of each partner, presented in cash, kind or rights, must not be issued
in the form of negotiable instruments, nor can they be transferred or assigned
without the unanimous approval of the partners unless the memorandum
specifically provides otherwise.
AFFILIATED COMPANIES
·
Grand
Stores LLC
Saleh Bin Al Hag Building
Garhoud Street
Deira
PO Box : 2144
Dubai
United Arab Emirates
Tel : (971-4) 2823700
Fax : (971-4) 2828382
Email : gsdvbai@emirates.net.ae
·
Safeway
Emirates
PO Box : 6664
Dubai
United Arab Emirates
Tel : (971-4) 2442112
·
Grand
Stores
Amman
Jordan
Tel : (962-6) 4646387
·
Grand
Trading Agencies
PO Box : 425
Abu Dhabi
United Arab Emirates
Tel : (971-2) 6312100
Fax : (971-2) 6312231
LINE OF BUSINESS
Operations
: Distributors,
retailers and commission agents dealing in general consumer
products such as photographic equipment,
hi-fi systems, ready-made garments, perfumes and cosmetics, linen, electrical
and non-electrical household appliances, , audio and video cassettes.
Subject also provides wholesale services
supplying over 800 retail outlets throughout Qatar.
Import
Countries :
Germany, the United Kingdom, France, Italy, Belgium, Sweden,
Netherlands, Japan, India and the United
States of America.
International
Suppliers :
·
Addis
Houseware United Kingdom
·
Crydex United Kingdom
·
Grundig Germany
Operating
Trend : Steady
Subject
has a workforce of 85 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Qatari Riyals (QR)
Year
Ending 31/12/04 Year
Ending 31/12/05
Total
Revenue QR
41,850,000 QR
42,475,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
Arab
Bank Ltd
Souk Wakef Branch
PO Box : 172
Doha
Tel : (974) 4321570 / 4321573
·
Qatar
National Bank SAQ
Main Branch
PO Box : 1002
Doha
Tel : (974) 4413511
·
The
Commercial Bank of Qatar Ltd (QSC)
Main Branch
PO Box : 3232
Doha
Tel : (974) 4490222
Fax : (974) 4438182
PAYMENT HISTORY
Subject’s
payment record is reported to be met in a regular and timely manner.
Date of transaction April
1997
Credit
amount 50,000
Amount
overdue 0
Payment
terms 30 days
Payment
Method Letters of
Credit
Paying
record Regular
Currency Pounds
Sterling
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Blue
Salon is well established with operations dating back to 1981. It is a General
Partnership between the well-known and wealthy Qatari businessman Sheikh Abdul
Rahman Bin Nasser Al Thani and also Ashraf Abdul Rahman Abu Issa and his
brother Nabil Abdul Rahman Abu Issa.
The
company deals with a host of reputable international suppliers and payment
obligations are reportedly met in a regular and timely manner. The financial
situation is considered to be healthy and profitable and the business is deemed
trustworthy for respecting its financial trade commitments. As such the above
credit figure is admissible.
Maximum
suggested credit figure: US$ 750,000
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/normal. |
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 |