MIRA
INFORM REPORT
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Report Date : |
08.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
WATEEN TELECOM (PRIVATE) LIMITED |
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Registered Office : |
7th Floor, EFU House, Jail Road, Lahore |
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Country : |
Pakistan |
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Date of Incorporation : |
2005 |
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Com. Reg. No.: |
0049703 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Telecommunication Company |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
Business Name
WATEEN TELECOM (PRIVATE) LIMITED
Full Address
Registered Address
7th Floor, EFU House, Jail Road, Lahore, Pakistan
Tel 92 (42) 5787001 - 07, (7 Lines), 5715750 - 5715754 (4 lines)
Fax 92 (42) 5717008, 5716909
Email info@wateentel.com
Note
The Company’s registered address was changed from “78 B, Nisar Colony, Lahore Cantt” to “7th Floor, EFU House,
Jail Road, Lahore, Pakistan”
Short Description Of Business
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Nature of Business |
Telecommunication Company |
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Year Established |
2005 |
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Registration # |
0049703 |
Branches
In Islamabad & Karachi
Customer Services Centre
In Karachi, Islamabad,
Rawalpindi, Peshawar, Nowshera, Multan, Quetta, Gujranwala, Faisalabad
Auditors
A.F. Ferguson & Co.
(Chartered Accountants)
505 - 509, 5th Floor, Al-falah Building,
Shahrah-e-Quaid-e-Azam, Lahore, Pakistan
Legal Status
Subject Company was established as a Private Limited Company in 2005
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Authorized Capital |
Rs. 10,000,000,000/- |
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Issued & Paid up Capital |
Rs. 2,019,898,500/- |
Details of Chief Executive /
Directors
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Names |
Designation |
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Mr. Nahayan Mubarak Al
Nahayan Mr. Sheikh Saif Bin
Mohammad Bin Butti Hamid Al Hamid Mr. Dhafer Sahmi Jaber
Mufreh Al Abbabi Mr. Ali Saleem Al
Owais Mr. Bashir Ahmad Tahir Mr. Marwan Suleiman
Zawaydeh Mr. Pervez Ahmad
Shahid |
Chief Executive Director Director Director Director Director Director |
Shareholders
Wateen Telecom (Private) Limited is a subsidiary of UAE-based
Al Warid Telecom (Hold 99% shares)
Associates
A. Subsidiary
None
B. Associated Companies
(1) Alfalah Insurance
Company.
(2) Alfalah Exchange Company.
(3) Bank Alfalah Limited.
(4) CNBC Pakistan.
(5) Taavun (Pvt) Limited.
(6) Granulars (Pvt) Limited, Pakistan.
(7) Warid Telecom (Pvt)
Limited, Pakistan.
(8) Warid Telecom Bangladesh.
(9) Warid Telecom Congo.
(10) Wateen STM
(A joint venture between Wateen Telecom
(Pvt.) Ltd. and STM Group Inc. U.S.A.)
Business Activities
Subject is Telecommunication Company and is engaged in providing telecom solutions including Voice & LDI Services, True Broadband, Data & Bandwidth, TV & Multimedia, VNO.
Its main importing countries are European Countries.
Payments would be made through L/C, T.T. basis.
Its major customers are Private Companies Individuals, Corporate Banks.
Subject operates from caption leased office premises acquired a covered area of 1,500 Sq Yards which is situated in commercial area.
Subject employs about 300 persons in its set up.
Annual Sales Volume
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Year |
In Pak Rupees |
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2007 |
Not ascertained as the subject has commenced business in 2006 onwards |
Principals (Foreign)
(1) LG INTERNATIONAL CORPORATION.
(2) SSANGYANG CORPORATION.
(3) SAMSUNG CORPORATION.
(4) RAYCHEM N.V.
(5) WAN BAO, CHINA.
(6) ALCATEL CIT, FRANCE.
(7) ITOCHU CORPORATION.
Bankers
(1) MCB Bank Limited,
Pakistan.
(2) Faysal Bank Limited,
Pakistan.
(3) Habib Bank Limited,
Pakistan.
(4) Bank Alfalah Limited, Pakistan.
(5) United Bank Limited, Pakistan.
Latest News
A contract signed between Wateen Telecom and Motorola for deployment of Wimax network in Pakistan. Wateen Telecom, a subsidiary of Warid Telecom, and Motorola have signed the contract worth US$ 60 million for the deployment of Wi-max networks in the length and breadth of Pakistan. After the implementation of the project, Pakistan will become the first country in the world to have 802.16e Wi-Max technology for Wireless local loop application serving residential and corporate customers for data and voice alike at unprecedented data rates.
Memberships
Lahore Chamber of Commerce & Industry.(LCCI)
Foreign Exchange Rates
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Currency |
Unit |
Pakistani Rupee |
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US Dollar |
1 |
Rs. 60.88 |
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UK Pound |
1 |
Rs. 127.80 |
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Euro |
1 |
Rs. 89.20 |
Comments
Owned by the Abu Dhabi Group, Wateen Telecom is one of the largest foreign investors in Pakistan. A member of Warid Telecom International, Warid, Wateen, Warid-Bangladesh and Bank Alfalah are all sister companies. All their group of companies enjoys excellent credibility internationally as well as in Pakistan. The Company can be considered good for normal business dealings at usual trade terms and conditions.
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. |
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%)