MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL GHORAIRI & PARTNERS WLL |
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Registered Office : |
Salwa Road, Souq Najd, PO Box 3547, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1990 |
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Com. Reg. No.: |
8195, Doha |
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Legal Form : |
With Limited
Liability - WLL |
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Line of Business : |
Trading Division - Engaged
in the distribution of building materials and construction equipment. Industrial Division - Distributors of industrial equipment, tools
and spare parts. Air Conditioning Division - Distributors of air conditioning units and
spare parts. |
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$ 500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GHORAIRI &
PARTNERS WLL
Country of Origin : Qatar
Legal Form :
With Limited Liability - WLL
Registration Date : 1990
Commercial
Registration Number : 8195,
Doha
Issued Capital : QR
1,000,000
Paid up Capital : QR
1,000,000
Total Workforce : 250
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 500,000
COMPANY NAME
AL GHORAIRI &
PARTNERS WLL
ADDRESS
Registered &
Physical Address
Street : Salwa Road
Area : Souq Najd
PO Box : 3547
Town : Doha
Country : Qatar
Telephone : (974) 4324959
Facsimile : (974) 4433530
Email : ghorair@qatar.net.qa
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Doha.
Branch Office
(s)
Location Description
·
“B” Ring Road Warehouse
premises
Doha
KEY PRINCIPALS
Name Position
·
Abdullah
Mohamed Ghorairi Managing
Director
·
Abdulaziz
Abdullah Mohamed Ghorairi Director
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Graham Young Projects
Manager
·
Abdul
Salam Manager
– Trading Division
·
Gamal
Jaro Manager
– Air Conditioning Division
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Srinavas
Raghavan Finance
Manager
·
Adna
Singh Procurement
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1990
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 8195, Doha
Issued Capital : QR 1,000,000
Paid up Capital : QR 1,000,000
Name of Shareholder (s)
·
Abdullah
Mohamed Ghorairi
·
Abdulaziz
Abdullah Mohamed Ghorairi
OPERATIONS
Activities: Subject’s operations are performed through the
following divisions:
- Contracting
Division
- Trading Division
Engaged in the distribution of building materials and construction
equipment.
- Industrial
Division
Distributors of industrial equipment, tools and spare parts.
- Air Conditioning
Division
Distributors of air conditioning units and spare parts.
Import
Countries: Australia,
United Kingdom and Saudi Arabia
International
Suppliers:
·
Rebound Ace
Sports Australia
·
Electronic
Visuals Ltd United Kingdom
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Saudi Ceramic
Company Saudi Arabia
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:
Total Sales QR 59,200,000 QR 65,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
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Doha Bank Ltd
Al Jasrah Street
PO Box : 3818
Doha
Tel : (974) 4435444
Fax : (974) 4416631 / 4410625
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Al Ghorairi &
Partners Ltd was established in 1990 and has made steady progress in the local
market. It operates a number of divisions with activities covering the
wholesale and retail of sanitary ware, the distribution of building materials
and industrial equipment, as well as the provision of contracting services
relating to sports and leisure facilities.
The company is run
in a professional manner and deal with a number of reputable international
suppliers. No problems have been reported regarding the manner in which payment
obligations are fulfilled and the operating history is clear. As such the
company is deemed a fair trade risk.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.78 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.90 |
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%)