MIRA
INFORM REPORT
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Report Date : |
5th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
APOLLO ENTERPRISES |
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Registered Office : |
Al
Handasa Street, New Doha Area, PO Box: 2032, Doha, Qatar |
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Country : |
Qatar |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
614, Doha |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Subject’s
activities are performed through the following divisions: Ř
Real Estate Division Ř
Furniture Division Ř
Industrial Coatings Division Ř
Scaffolding Division Ř
Chemical
Division Ř
Telecommunications
Division |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
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$
500,000 |
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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 |
APOLLO ENTERPRISES |
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Country
of Origin |
Qatar |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
1978 |
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Commercial
Registration Number |
614, Doha |
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Invested
Capital |
QR 500,000 |
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Total
Workforce |
350 |
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Line
of Business |
Subject operates several divisions (see below for details) |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
APOLLO
ENTERPRISES
ADDRESS
Registered & Physical Address
Street : Al Handasa Street
Area : New Doha Area
PO Box : 2032
Town : Doha
Country : Qatar
Telephone : (974) 4426664 / 4689522
Facsimile : (974) 4416274
Email : apollo@qatar.net.qa
Premises
Subject
operates from a large suite of offices and a warehouse that are owned and
located in the Central Business Area of Doha.
KEY PRINCIPALS
· Hassan Abdullah Al Diyab Proprietor
& General Manager
· Michael Blenkinsop Assistant
General Manager
· Piju Balakrishnan Financial
Manager
· Les Franklin Manager
– Real Estate Division
· Collette Frost Manager
– Furniture Division
· Brian Frost Manager
– Industrial Coatings
· Barry Britton Manager
– Scaffolding Division
· Michael Taylor Manager
– Chemical Division
· Robert Woodward Manager
– Telecommunications
LEGAL FORM & OWNERS
Date of Establishment : 1978
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 614, Doha
Invested
Capital : QR 500,000
Mr
Hassan Abdullah Al Diyab 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
· Apollo Furniture
PO Box : 53824
Dubai
United Arab Emirates
Tel :
(971-4) 3391358
Fax :
(971-4) 3391361
LINE OF BUSINESS
Operations
: Subject’s
activities are performed through the following divisions:
·
Real Estate Division
Apollo Enterprises has been operating its
Real Estate division for over 25 years and during that time has become a market
leader.
Its portfolio covers the whole spectrum of
available properties, ranging from studio apartments to executive villas in the
West Bay Lagoon, as well as commercial office space.
·
Furniture Division
This division is engaged in the import and
retail of home furniture and furnishings, including custom-made sofas, beds,
Indonesian/Indian furniture and Mexican furniture, as well as curtains, bed
linen and lamps.
·
Industrial Coatings Division
Apollo
Enterprises Industrial Coatings Division was formed in late 1991, with the
intention of serving the ever expanding Oil and Gas Industry in Qatar. It operates two 'shop' facilities
for abrasive blasting and painting, both are located within the Salwa
Industrial Area. The first "shop" is located in street 38 (unit 54)
and offers 3600 sqm of work area. The second facility is located in street 41,
offering 15000 sqm of work / storage area and houses our new FBE coating plant.
·
Scaffolding Division
Engaged in the sale and rental
of scaffolding materials and accessories.
·
Chemical Division
The
Industrial Chemical Division of Apollo Enterprises is comprised of an agency
agreement with the world famous Belzona Polymetrics Inc. It distributes a wide
range of industrial chemicals used for the repair, renovation and protection of
machinery, equipment, buildings and structures.
·
Telecommunications Division
This
division offers a one-stop location for provision of telecommunication design
and installation services from basic telephone services to structured cabling
networks to radio and security systems. Its services range from re-arranging
telephones and cabling in an office to supply-install-commission of a network
solution or the maintenance of such systems.
Import
Countries :
United States of America and the United Kingdom
International
Suppliers :
· Aimbry Lighting United Kingdom
· Valence Technology Inc United States of America
Brand
Names :
SILENTNIGHT
Operating
Trend : Steady
Subject
has a workforce of approximately 350 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
52,900,000 QR
57,300,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Al
Ahli Bank of Qatar (QSC)
PO Box : 2309
Doha
Tel :
(974) 4326611
Fax :
(974) 4444652
·
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$ 150,000
Established
in 1978, subject is owned and managed by Mr Hassan Abdullah Al Diyab who is
well respected in the local business community.
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 deemed to be within subject’s financial means.
Maximum
suggested credit figure: US$ 500,000
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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