MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
ABU ADEL ENGINEERING SERVICES |
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Registered Office : |
Street
No. 15, Salwa Industrial Area, PO Box: 40541, Doha, Qatar. |
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Country : |
Qatar |
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Date of Incorporation : |
01.07.1988 |
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Com. Reg. No.: |
1082, Doha |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged
in industrial mechanical, electrical & instrumentation contracting, as
well as water and sewage works. The
company also imports and distributes industrial instrumentation, control
panels, SCADA systems. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$
400,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
ABU ADEL ENGINEERING SERVICES |
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Also
Known As |
A. A. ENGINEERING SERVICES |
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Country
of Origin |
Qatar |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
1st July 1988 |
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Commercial
Registration Number |
1082, Doha |
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Invested
Capital |
QR 4,000,000 |
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Total
Workforce |
230 |
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Line
of Business |
Industrial mechanical, electrical & instrumentation contracting. |
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Financial
Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
ABU ADEL
ENGINEERING SERVICES
ALSO KNOWN AS
A. A.
ENGINEERING SERVICES
ADDRESS
Registered & Physical Address
Street : Street No. 15
Area : Salwa Industrial Area
PO Box : 40541
Town : Doha
Country : Qatar
Telephone : (974) 4600235 / 4600350
Facsimile : (974) 4600237
Email : adel.hyder@aaes.net
Premises
Subject
operates from a medium sized suite of offices, a workshop and warehousing that
are owned and located in the Industrial Area of Doha.
KEY PRINCIPALS
· Abdul Razzak Abdullah Proprietor
· Adel Hyder General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st July 1988
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 1082, Doha
Invested
Capital : QR 4,000,000
Mr Abdul
Razzak Abdullah is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
· Water Flow Services Company WLL
PO
Box 40541
Doha
Tel : (974) 4600235
Fax : (974) 4600237
· Formapipe International
PO Box 40541
Doha
Tel :
(974) 4810235
LINE OF BUSINESS
Operations
: Engaged in
industrial mechanical, electrical & instrumentation contracting, as well as
water and sewage works.
The
company also imports and distributes industrial instrumentation, control
panels, SCADA systems.
Subject also operates a metal fabrication shop, machine shops and electrical motor rewind and service centre.
Import
Countries :
Europe, United States of America and Japan.
International
Suppliers :
· Stroud
Instruments Ltd United Kingdom
· IMI
Fluidair Compressors United Kingdom
· British
Rototherm (SSD) United Kingdom
· Albany
Engineering United Kingdom
· Bailey Birkett United
Kingdom
· Wika Germany
·
Schneider
Electric SA France
· Jofra Ametek Denmark
· Fuji
Electric Co Ltd Japan
· Preso United
States of America
Operating
Trend : Steady
Subject
has a workforce of approximately 230 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Qatari Riyals (QR)
2003 2004 2005
Total
Revenue QR 46,423,561 QR 58,241,559 QR 63,051,021
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
International
Bank of Qatar
Suhaim Bin Hamad Street
PO Box 2001
Doha
Tel :
(974) 4473700
Fax :
(974) 4473710
·
Arab
Bank Ltd
119 Grand Hammed Avenue
PO Box : 172
Doha
Tel :
(974) 4387777
Fax :
(974) 4410774
·
Commercial
Bank of Qatar Ltd (QSC)
PO Box : 3232
Doha
Tel :
(974) 4490000
Fax :
(974) 4490070
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 150,000
Abu Adel
Engineering Services has been in business since 1988 and enjoys an excellent
reputation for the quality of its products and services.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. The operating history is
clear and the financial situation is satisfactory. As such we are of the
opinion that the subject is a fair trade risk and the above credit figure is
within subject’s financial means.
Maximum
suggested credit figure: US$ 400,000
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 |
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NR |
In view of the lack of information, we have
no basis upon which to recommend credit dealings |
No Rating |
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