MIRA INFORM REPORT

 

 

Report Date :

4th November, 2006

 

IDENTIFICATION DETAILS

 

Name :

UNITED CONSTRUCTION EST. CYBARCO LTD (JV)

 

 

Registered Office :

Salwa Road, PO Box: 1851, Doha, Qatar

 

 

Country :

Qatar

 

 

Date of Incorporation :

January 2005

 

 

Legal Form :

Joint Venture

 

 

Line of Business :

Subject is engaged in the construction of a five star Hotel and chalet in Doha located In the Ras Abou Aboud Area.

 

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$ 200,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

SUBJECT NAME

 

UNITED CONSTRUCTION EST. CYBARCO LTD (JV)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Salwa Road

PO Box             : 1851

Town                 : Doha

Country             : Qatar

Telephone         : (974) 4370350

Facsimile          : (974) 4370546

Email                : ucecybarco@yahoo.com

 

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in a Commercial Business Area of Doha.

 

 

KEY PRINCIPALS

 

·       Ali Sawan                                                                             General Manager

 

·       Faisal Al Saifi                                                                       Project Manager

 

·       Khamis Al Saifi                                                                     Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : January 2005

 

Legal Form                  : Joint Venture

 

 

Name of Shareholder (s)                   Percentage

 

·       United Construction Est                                                  50%

Salwa Road

PO Box 1851

Doha

Qatar

Tel   : (974) 4686872 / 4686873

     Fax  : (974) 4686875

 

·       Cybarco Ltd                                                                   50%

10 Tefkrou Anthia Street

Dhali Industrial Zone

PO Box 21653

Nicosia 1511

     Cyprus

     Tel   : (357-22) 741300

     Fax  : (357-22) 741400

 

 

LINE OF BUSINESS

 

Operations: Subject is engaged in the construction of a five star Hotel and chalet in Doha located In the Ras Abou Aboud Area

 

Construction began in January 2005 and is due for completion by the end of 2006. The project’s total cost will be nearly QR 350 million.

 

Subject has a workforce of approximately 250 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Companies registered in Qatar are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Commercial Bank of Qatar Ltd (QSC)

PO Box : 3232

Doha

Tel: (974) 4490222

Fax: (974) 4438182

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

United Construction Est. Cybarco Ltd (JV) is a joint venture, established in January 2005 to construct a five star Hotel and chalets in Doha located In the Ras Abou Aboud Area.

 

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 subject is considered to be a fair trade risk and the above credit figure is within subject’s financial means.

 

Maximum suggested credit figure: US$ 200,000

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

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