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MIRA
INFORM REPORT
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Report Date : |
18.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CONSOLIDATED GULF CO WLL (CGC) |
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Registered Office : |
Pearl Tower, 2nd Floor, Al Saad Street, Al Saad
Area, P O Box – 1231, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
13407, Doha |
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Legal Form : |
Limited Liability - WLL |
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Line of Business : |
Subject operates several divisions |
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$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : CONSOLIDATED GULF CO WLL (CGC)
Country of Origin :
Qatar
Legal Form :
With Limited Liability - WLL
Registration Date :
1987
Commercial Registration Number :
13407, Doha
Issued Capital :
QR 3,000,000
Paid up Capital :
QR 3,000,000
Total Workforce :
200
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 1,500,000
COMPANY NAME
CONSOLIDATED GULF CO WLL (CGC)
ADDRESS
Registered & Physical Address
Building : Pearl Tower, 2nd Floor
Street : Al Saad
Street
Area : Al Saad Area
PO Box : 1231
Town : Doha
Country : Qatar
Telephone : (974) 4430666 / 4441941 / 4441947 / 4426091
Facsimile : (974) 4441942
Email : info@cgulfc.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Doha.
Branch Office (s)
Location Description
Al Merqab Rented
showroom & service centre
Doha
Tel: (974) 4430666
Al Najadah Rented
showroom
Doha
Tel: (974) 4312277
Landmark Mall Rented
showroom
Doha
Tel: (974) 4874131
Al Saad Rented showroom
Doha
Tel: (974) 4367844
City Center Mall Rented
showroom
Doha
Tel: (974) 4835352
KEY PRINCIPALS
Name Position
H.E. Sheikh Abdulaziz Abdulrahman Hamad
Althani Managing Director
Munther Khalid Director
H.K. Subaramayyan Sales
Manager
Anil Mahajan Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1987
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 13407, Doha
Issued Capital : QR 3,000,000
Paid up Capital : QR 3,000,000
Name of Shareholder
(s)
H.E. Sheikh Abdulaziz Abdulrahman Hamad
Althani
Munther Khalid
OPERATIONS
Activities: Subject’s operations are performed through the following divisions:
Nokia Mobile Phones Division
Subject is the exclusive distributor &
after sales services provider of the complete range of Nokia Mobile Phones,
Accessories, Enhancements & Enterprise Mobility Solutions including
high-end Switches, VPN Equipment & Firewalls. In mobile phones &
accessories segment, CGC enjoys a market share of more than 85% and has a major
presence in Qatar with a chain of 7 CGC owned & operated showrooms, a
Level-3 centralised Nokia Service Centre & a country-wide network of more
than 50 dealers.
Some of the brands it represents include Nokia GSM phones,
Marconi, Siemens, Getronics and Rhode & Schwarz.
Telecom Division
Engaged in the provision of the following products and services;
- Wireless & Wireline networks
- Mobile Communication
- Command & Control solutions
- Enterprise Telephony
- PABX based complete digital & analogue
solution for the enterprises
- IP Telephony
- Optical Fibre Networks
- M/W Radio ( P-P, P-MP) Networks
- Maintenance Services for Telecommunication
Networks
- OFC Network
- SDH/PDH
- Microwave Radio’s
- Specialized Telecom Solution for Oil &
Gas Sector
- SBM Solutions
- Radio Communication – Vessel Tracking System
- Digital Radio Trunking solutions
- Coastal communication solutions
- TETRA Solutions
IT Division
The IT Division is one of the youngest divisions of the
company and started operations in 1999. It offers the following solutions;
- Banking Solutions
- Logistics Solutions
- Bill Payment Solutions
- SAP Consulting & Implementation services
- Access Control solutions
- Enterprise
Content Management
- Closed Circuit Television (CCTV) solutions
- Plant Design Management
- Geographical Information Systems (GIS)
Oil & Gas Division
The Oil & Gas Division actively participates with the projects
related with Qatar Petroleum, State Industrial Units and Joint-Finance-Ventures
related to process plants.
Construction Division
Engaged as
general contractors as well as offering construction management services.
Import Countries: United Kingdom, Finland, Germany, France and Italy
Subject has a workforce of approximately 200 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
Commercial Bank of Qatar Ltd (QSC)
PO Box : 3232
Doha
Tel : (974) 4490222
Fax : (974) 4438182
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction December
2006
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Consolidated Gulf Co WLL (CGC) has been trading for 20 years, operating
several diversified divisions, including acting as the exclusive
distributor & after sales services provider of the complete range of Nokia
mobile phones, accessories, enhancements and enterprise mobility solutions.
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.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%)