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MIRA
INFORM REPORT
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Report Date : |
07.01.2008 |
IDENTIFICATION
DETAILS
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Name : |
QATAR TELECOM QSC
(Q-TEL) |
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Registered Office : |
Q-Tel Tower, West
Bay, P O Box 217, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
20th July 1987 |
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Legal Form : |
Qatari Shareholding Company (QSC) |
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Line of Business : |
Engaged in the provision of national and international
public telecommunication services in Qatar |
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$ 5,000,000 |
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Status : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : QATAR TELECOM QSC (Q-TEL)
Country of Origin : Qatar
Legal Form : Qatari Shareholding Company (QSC)
Registration Date : 20th July 1987
Issued Capital : QR 1,000,000,000
Paid up Capital : QR 1,000,000,000
Total Workforce : 1,900
Line of Business : Providers of national and international public
telecommunications services.
Financial Condition : Good
Payments : Prompt
Operating Trend : Steady
COMPANY NAME
QATAR TELECOM QSC
(Q-TEL)
ADDRESS
Registered & Physical Address
Building : Q-Tel Tower
Area : West Bay
PO Box : 217
Town : Doha
Country : Qatar
Telephone : (974) 4400290 / 4400222 / 4400431 /
4400641 / 4400363
Facsimile : (974) 4830060 / 4413904
Email : info@qtel.com.qa
Premises
Subject operates
from a large suite of offices that are leased and located in the Central
Business Area of Doha.
KEY PRINCIPALS
·
Sheikh
Abdullah Bin Mohamed Bin Saud Al Thani Chairman
·
Sheikh Mohamed
Bin Suhaim Al Thani Vice
Chairman
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Mohamed Bin
Eisa Al Muhannadi Director
·
Saad Mohamed
Al Rumaaihi Director
·
Mohamed
Abdullah Al Kubaissi Director
·
Abdullah Zaid
Al Talib Director
·
Ali Sharif Al
Imadi Director
·
Harib Masoud
Al Darmaki Director
·
Mohamed Joumoa
Al Qobaisi Director
·
Hamad Abdullah
Al Shamsi Director
·
Dr Nasser
Marafih Chief
Executive Office
·
Ajay Bahri Finance
Manager
·
Jassim Mohamed
Al Mansoori Human
Resources Manager
·
Waleed Mohamed
Al Sayed Customer
Services Manager
LEGAL FORM & OWNERS
Date of Establishment : 20th
July 1987
Legal Form :
Qatari Shareholding Company
(QSC)
Issued Capital : QR 1,000,000,000
Paid up Capital : QR 1,000,000,000
Name of Shareholder (s) Percentage
·
Government of
Qatar 55%
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Private
investors and local businessmen 44%
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Cable &
Wireless Plc 1%
Mercury House
Theobalds Road
London WC1X 8RX
United Kingdom
Tel : (44-207) 3154000
AFFILIATED COMPANIES
Name Share
Held
·
Qtel
Investment Holdings BSC 100.00%
·
TDC – Qtel MENA
Investcom BSC 79.00%
·
Omani Qatari
Telecommunications Company SAOC 55.00%
·
Navlink Inc 38.16%
LINE OF BUSINESS
Operations : Engaged in the provision of national and
international public telecommunication services in Qatar, including local and
long distance telephone, cellular mobile telephone, data communications,
radio-paging, facsimile, telegram, telex, electronic fund transfer and pay telephone services and ISDN services.
Operating Trend
: Steady
Subject has a workforce
of approximately 1,900 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency: Qatari
Riyals (QR’000s)
Consolidated
Balance Sheet 31/12/06
31/12/05
ASSETS
Non-current
assets
Property, plant
& equipment 3,043,280 2,491,227
License costs 353,658 380,518
Investment in an
associate 100,253 -
Available for sale
investments 1,753,026 1,198,683
Other financial
assets 142,840 94,917
Deferred tax assets 3,405 -
Total non-current assets 5,396,462 4,165,345
Current assets
Inventories 27,244 23,869
Accounts receivable
& prepayments 961,563 541,733
Cash and cash
equivalents 1,416,683 1,645,359
Total current assets 2,405,490 2,210,961
Total Assets 7,801,952 6,376,306
EQUITY &
LIABILITIES
Equity
Share Capital 1,000,000 1,000,000
Legal reserve 888,761 713,199
Fair value reserve 327,185 380,683
Translation reserve 90 150
Retained earnings 2,775,951 2,167,560
Minority interest 60,783 25,555
Total Equity 5,052,770 4,287,147
Non-current Liabilities
Interest bearing
loans and borrowings 648,177 573,413
Employee benefit
liabilities 117,911 100,085
Other liabilities 25,781 28,673
Deferred tax
liability - 293
Total non-current Liabilities
791,869 702,464
Current liabilities
Accounts payable
and accruals 1,255,113 784,959
Current account
with State of Qatar 569,827 397,069
Deferred income 132,373 204,667
Total current liabilities 1,957,313 1,386,695
Total
liabilities 2,749,182 2,089,159
Total Equity
& Liabilities 7,801,952 6,376,306
Consolidated
Income Statement 31/12/06 31/12/05
Sales
4,420,437 2,982,400
Other income 144,246 77,078
General &
administrative expenses (1,560,210) (1,111,633)
Other operating
expenses (732,871) (444,908)
Finance costs (17,857) (4,497)
Share of results of
an associate (1,520) -
Royalties (597,509) (404,968)
Net profit for the year 1,654,716 1,093,472
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Qatar National
Bank SAQ
Main Branch
PO Box : 1002
Doha
Tel : (974) 4413511
PAYMENT HISTORY
Subject’s payment
record is reported to be met in a generally prompt manner.
GENERAL COMMENTS
Established in 1987, subject is
involved in the provision of national and international public
telecommunication services in
Qatar.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 5,000,000
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. |
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%)