MIRA
INFORM REPORT
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Report Date : |
03.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
DELTA DOHA CORPORATION |
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Registered Office : |
Umm Salal Mohamed Area, PO Box 4926, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
18365 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Manufacture of Wellheads and Valves. |
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$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DELTA DOHA CORPORATION
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 1996
Commercial Registration Number : 18365
Chamber Membership Number : 3030
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Total Workforce : 250
Activities : Manufacture of wellheads and valves.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
COMPANY NAME
DELTA DOHA CORPORATION
ADDRESS
Registered & Physical Address
Location : Umm Salal Mohamed Area
PO Box : 4926
Town : Doha
Country : Qatar
Telephone : (974) 4784880
Facsimile : (974) 4784881
Email : deltacorp@qatar.net.qa
Premises
Subject operates from a suite of offices and a factory covering an area
of 9,000 square metres that are owned and located in the Industrial Area of
Doha.
KEY PRINCIPALS
Name Nationality Position
· Sheikh
Qassim Bin Sultan Al Thani Qatari Managing
Director
· Sheikh
Sultan Bin Qassim Sultan Al Thani Qatari Director
· Wesam Fayek Swelem - General
Manager
· Omran Y Karama - Commercial
Manager
· Asad A Khan - Sales
Manager
· Ms Mihaela Sandu - Business
Development Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1996
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 18365
Chamber Member No. : 3030
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Name of Shareholder (s)
· Sheikh
Qassim Bin Sultan Al Thani
· Sheikh
Sultan Bin Qassim Sultan Al Thani
AFFILIATED COMPANIES
· Petro
Serv Engineering Limited
Doha
Qatar
· Qatar
Lubricant Co (QALCO)
Doha
Qatar
· Oriental
Trading Co (OTC)
Doha
Qatar
OPERATIONS
Activities: Engaged in the manufacture of wellheads and valves. Delta offers a complete line of wellhead products for
production and drilling use. This includes heavy duty gate valves, both manual
and actuated types, for Christmas Trees and casing and tubing suspension
systems. All valves and wellhead systems are designed and manufactured to
relevant API standards and comply with quality requirements. Delta products
meet relevant standards for materials supply to API, NACE, ASTM, and ASME
requirements and are approved by Lloyds Register. Subject also has ISO
9001/2000 certification.
Import Countries: India and China
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Qatari Riyals (QR)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Sales QR
55,000,000 QR
68,000,000
Local sources consider subject’s financial condition to be Good.
BANKERS
·
Commercial Bank of Qatar Ltd (QSC)
PO Box : 3232
Doha
Tel : (974) 4490222
Fax : (974) 4438182
·
HSBC Bank Middle East
Abdullah Bin Jassim Street
PO Box : 57
Doha
Tel : (974) 4423124
Fax : (974) 4416353
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
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.
The financial information in the report has been confirmed by Mr Asad Khan – Sales Manager.
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%)