MIRA
INFORM REPORT
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Report Date : |
28.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MARITIME
INDUSTRIAL SERVICES CO LTD |
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Registered Office : |
Grand Hamd
Street, P O Box 23174, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
January 2007 |
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Legal Form : |
Public Shareholding Company |
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Line of Business : |
Engaged as oil
and gas field contractors. |
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$ 30,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : MARITIME INDUSTRIAL SERVICES CO LTD
Country of Origin : Qatar
Legal Form : Public Shareholding Company
Registration Date : January 2007
Issued Capital : QR 500,000
Paid up Capital : QR 500,000
Total Workforce : 65
Line of Business : Oil and gas field contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
MARITIME INDUSTRIAL
SERVICES CO LTD
ADDRESS
Registered & Physical Address
Location : Grand Hamd Street
PO Box : 23174
Town : Doha
Country : Qatar
Telephone : (974) 4373931
Facsimile : (974) 4361232
Email : maritime@misqatar.org
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Central
Business Area of Doha.
KEY PRINCIPALS
Terry Michael Smith Chairman
Kevin Talbot Vice
Chairman
Mahmoud Saleh General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : January 2007
Legal Form :
Public Shareholding Company
Issued Capital : QR 500,000
Paid up Capital : QR 500,000
Name of Shareholder
(s)
·
Terry
Michael Smith
·
Kevin
Talbot
·
Qatari
businessmen and private investors
LINE OF BUSINESS
Operations : Engaged as oil and gas field contractors.
Subject has a
workforce of 65 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Qatar National
Bank SAQ
PO Box : 1002
Doha
Tel : (974) 4413511 / 4407407
Fax : (974) 4415020
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
Investigations undertaken
in Doha did not reveal any sign of payment defaults or delays during initial
trading stages, and subject is believed to meet its payment obligations in a
timely manner, nevertheless, and in view of the company’s infancy and the lack
of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 30,000
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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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%)