MIRA INFORM REPORT

 

 

Report Date :

30.04.2007

 

IDENTIFICATION DETAILS

 

Name :

PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC)

 

 

Registered Office :

Toyota Tower, 8th Floor, P O Box 16069, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

August 1989

 

 

Com. Reg. No.:

12098, Doha

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Import and distribution of oilfield equipment and supplies

 

 

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

 

 

SUMMARY

 

Company Name                         : PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC)

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : August 1989

Commercial Registration Number            : 12098, Doha

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 15

Line of Business                                    : Import and distribution of oilfield equipment and

                                                              supplies

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC)

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Toyota Tower, 8th Floor

PO Box             : 16069

Town                 : Doha

Country             : Qatar

Telephone         : (974) 4419603

Facsimile          : (974) 4419604

Email                : petrotec@qatar.net.qa

 

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Doha.

 

 

KEY PRINCIPALS

 

·       Clifford W. Lasrado                                                                Managing Director

 

·       Fahad Al Fardan                                                                   Director

 

·       Salah Jaidah                                                             Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : August 1989

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 12098, Doha

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

 

Name of Shareholder (s)

 

·       Clifford W. Lasrado

 

·       Fahad Al Fardan

 

·       Salah Jaidah

 

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 and distribution of oilfield equipment and supplies including electro-mechanical equipment, instrumentation and controls, drilling equipment, process and chemicals as well as safety equipment.

 

Import Countries : Europe and the United States of America.

 

International Suppliers :

 

·       R. Stahl AG                                      Germany

·       Rotork Plc                                        United Kingdom

·       Garlock Sealing Technologies            United States of America

·       Dresser Inc.                                      United States of America

·       Swagelok Company                           United States of America

 

Operating Trend : Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Qatari Riyals (QR)

 

                                                Year Ending 31/12/05:                Year Ending 31/12/06:

 

Total Revenue                            QR 8,200,000                            QR 8,600,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Banque Paribas

Rayyan Road

PO Box : 2636

Doha

Tel : (974) 4430346 / 4430344

Fax : (974) 4430121

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

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 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

 

 

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%)

 

 

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