MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
QATAR SHELL GTL LTD |
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Registered Office : |
Al Mirqab Tower,
7th Floor, Corniche Road, West Bay, PO Box 3747, Doha |
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Country : |
Qatar |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
28051, Doha |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject was formed to manage the Qatar Shell Gas To
Liquids Project |
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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : QATAR SHELL GTL LTD
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 2004
Commercial Registration Number : 28051, Doha
Chamber Membership Number : 8332
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Total Workforce : 500
Activities : Subject was formed to manage the Qatar Shell Gas To Liquids Project
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 800,000
COMPANY NAME
QATAR SHELL GTL LTD
ADDRESS
Registered & Physical Address
Building : Al Mirqab Tower, 7th
Floor
Street : Corniche Road
Area : West Bay
PO Box : 3747
Town : Doha
Country : Qatar
Telephone : (974) 4957777
Facsimile : (974) 4957778
Email : qatarenquiries@shell.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Doha.
KEY PRINCIPALS
Name Position
·
Andrew
Brown Managing Director
·
Sheik
Thani Al Thani General
Manager
·
Stephan
Daly Operations
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form :
Limited Liability Company
Commercial Reg. No. : 28051, Doha
Chamber Member No. : 8332
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Name of Shareholder (s)
·
Royal Dutch
Shell
Netherlands
·
Government of
Qatar
AFFILIATED COMPANIES
·
Qatar
Shell Services
Doha
Qatar
OPERATIONS
Activities: Subject was formed to manage the Qatar
Shell Gas To Liquids Project, the development cost of which is estimated to be
around US $5 billion.
This is an integrated upstream and downstream project. The upstream part of the project includes the development of a block within Qatar's vast North Field gas reserves to produce 1.6 billion cubic feet per day of gas, including onshore gas processing and the production of substantial quantities of condensate and LPG [liquid petroleum gas]. The downstream part of the project involves the construction of the world's largest GTL plant, at Ras Laffan, which will produce 140,000 barrels per day [bpd] of GTL products.
These
products will primarily be naphtha and transport fuels, with a smaller quantity
of normal paraffins and lubricant base oils.
The
project will be developed in two phases with the first phase becoming
operational in late 2008/early 2009, producing around 70,000 bpd of GTL
products. The second phase will be completed less than two years later and will
produce a further 70,000 bpd of GTL products.
Subject has a
workforce of approximately 500 employees.
FINANCIAL DATA
Companies
registered in Qatar are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
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
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)