MIRA INFORM REPORT
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Report Date : |
9th May 2006 |
IDENTIFICATION DETAILS
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Name : |
NOUR
SAADA ELECTRICAL EQUIPMENT & TRADING CO WLL |
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Registered Office : |
Saad
Bin Majid Building Mushreib
Street 854,
Doha Qatar |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
17715,
Doha |
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Legal Form : |
With
Limited Liability - WLL |
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Line of Business : |
Import, distribution and
retail of electrical and electronic products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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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Maximum Credit Limit : |
US$
250,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
NOUR SAADA ELECTRICAL EQUIPMENT & TRADING CO WLL |
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Country of Origin |
Qatar |
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Legal Form |
With Limited Liability - WLL |
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Registration Date |
1978 |
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Commercial Registration Number |
17715, Doha |
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Issued Capital |
QR 200,000 |
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Paid up Capital |
QR 200,000 |
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Total Workforce |
40 |
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Line of Business |
Import, distribution and retail of electrical and electronic products. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
NOUR SAADA
ELECTRICAL EQUIPMENT & TRADING CO WLL
ADDRESS
Registered &
Physical Address
Building : Saad Bin Majid Building
Street : Mushreib Street
PO Box : 854
Town : Doha
Country : Qatar
Telephone : (974) 4325579 / 4412253
Facsimile : (974) 4322819
Premises
Subject operates
from a medium sized suite of offices and a showroom that are owned and located
in the Central Business Area of Doha.
KEY PRINCIPALS
Saad Bin Majid Al
Saad Managing
Director
Ghanim Bin Majid Al
Saad Director
Naeem Mushtaq General
Manager
Ahmed Mushtaq Marketing
Manager
Ismail Salah El Din Sales
Manager
Mistra Manee Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1978
Legal Form : Sharikat Thet Massouliya Mahdoudeh (With
Limited
Liability - WLL)
Commercial Reg.
No. : 17715, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Name of Shareholder
(s)
Saad Bin Majid Al
Saad
Ghanim Bin Majid Al
Saad
Note to the
Legal Form
A limited liability
company must have between two and thirty members. Its minimum capital cannot be
less than QR 200,000. The capital is divided into shares of not less than QR 1,000 each. The company must keep a
register of members. The liability of members is restricted to the nominal
value of their shares in the registered capital.
LINE OF BUSINESS
Operations : Engaged in the import, distribution and
retail of electrical and electronic products, lighting fixtures and fittings,
including lampshades, light bulbs and outdoor lighting systems, as well as
electrical household appliances.
Import Countries
: United Kingdom, Japan and
Germany
International
Suppliers :
MEM Ltd United Kingdom
Mazda Electrical Japan
Operating Trend
: Steady
Subject has a
workforce of 40 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 10,800,000 QR 12,375,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
United Bank Ltd
PO Box : 242
Doha
Tel : (974) 4438666
/ 4424900
Fax : (974) 4424600
Commercial Bank of
Qatar Ltd (QSC)
Salwa Road
PO Box : 3232
Doha
Tel : (974) 4428686
Fax : (974) 4428734
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 15,000,000
Nour Saada
Electrical Equipment & Trading Co WLL is well established in the Qatari
market with operations dating back to 1978.
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.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 250,000
RATING EXPLANATIONS
RATING
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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 |