MIRA
INFORM REPORT
|
Report Date : |
12th March, 2007 |
IDENTIFICATION
DETAILS
|
Name : |
PENINSULAR PETROTECH ENGINEERING WLL |
|
|
|
|
Registered Office : |
D Ring Road, PO
Box: 4533, Doha, Qatar |
|
|
|
|
Country : |
Qatar |
|
|
|
|
Date of Incorporation : |
1982 |
|
|
|
|
Com. Reg. No.: |
8670, Doha |
|
|
|
|
Legal Form : |
Sharikat Thet
Massouliya Mahdoudeh (With Limited Liability - WLL) |
|
|
|
|
Line of Business : |
Engaged in the fabrication, field erection of heavy industrial vessels,
structures, process & utilities piping, structural steel buildings,
electrical & civil engineering anti corrosion surface treatments &
insulation services, and cathodic protection |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 800,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
PENINSULAR PETROTECH ENGINEERING WLL |
|
Country of Origin |
Qatar |
|
Legal Form |
With Limited Liability - WLL |
|
Registration Date |
1982 |
|
Commercial
Registration Number |
8670, Doha |
|
Issued Capital |
QR 8,000,000 |
|
Paid up Capital |
QR 8,000,000 |
|
Total Workforce |
470 |
|
Line of Business |
Fabrication, field erection of heavy
industrial vessels, structures,
process & utilities piping, structural steel buildings, electrical &
civil engineering anti corrosion surface treatments & insulation
services, and cathodic protection. |
|
Financial Condition |
Good |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
PENINSULAR PETROTECH ENGINEERING WLL
ADDRESS
Registered & Physical Address
Location : D Ring Road
PO Box : 4533
Town : Doha
Country : Qatar
Telephone : (974) 4663416
Facsimile : (974) 4663419
Email : pen1@qatar.net.qa
Premises
Subject operates
from a large suite of offices, warehousing and a workshop that are owned and
located in the Suburban Business Area of Doha.
KEY PRINCIPALS
·
Abdul
Rahman Mannai Managing
Director
·
Mohamed
A. Mannai Director
·
Adnan
Al Mannai Director
LEGAL FORM & OWNERS
Date of Establishment : 1982
Legal Form :
Sharikat Thet Massouliya
Mahdoudeh (With Limited Liability - WLL)
Commercial Reg. No. : 8670, Doha
Issued Capital : QR 8,000,000
Paid up Capital : QR 8,000,000
Name of Shareholder (s)
·
Teyseer
Trading And Contracting Co WLL
PO Box 1556
Doha
Tel :
(974) 4622226
Fax :
(974) 4622633
Email :
teyseer@qatar.net.qa
·
Abdul
Rahman Mannai
·
Mohamed
A. Mannai
·
Adnan
Al Mannai
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 : Subject’s activities include the fabrication, field erection of heavy industrial vessels, structures, process & utilities piping, structural steel buildings, electrical & civil engineering anti corrosion surface treatments & insulation services, and cathodic protection.
Subject’s clients include; Qatar Petroleum (QP), Qatar Fertilizer Company (QAFCO), Qatar Petrochemical Company (QAPCO), Qatar Petroleum Refinery (QPR), Qatar Steel Company (QASCO), Mesaieed Industrial City (MIC), Qatar National Hotel Company (QNHC), Qatar Fuel Additives Company (QAFAC), Qatar Chemical Company (Q-CHEM), Qatar Fuel Company (WOQOD), Qatar Vinyl Company (QVC), Qatar General Electricity & Water Corporation, Ministry of Municipal Affairs and Agriculture, Public Works Authority, and Qatar Armed Forces.
Import Countries
: United Kingdom, United
States of America and Asia.
International
Suppliers :
·
Emco Wheaton
UK Limited United Kingdom
Operating Trend
: Steady
Subject has a
workforce of approximately 470 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 88,350,000 QR 95,000,000
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
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Peninsular Petrotech Engineering WLL was established in 1982
and specialises in the fabrication, field erection of heavy industrial vessels,
structures, process & utilities piping, structural steel buildings,
electrical & civil engineering anti corrosion surface treatments &
insulation services, and cathodic protection.
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$ 800,000
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%)