MIRA
INFORM REPORT
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Report Date : |
18.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
DIPLOMAT GROUP WLL |
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Registered Office : |
Doha Industrial Area, PO Box 24935, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
28104, Doha |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject’s activities are performed through the following divisions Diplomat Switchgears, Contracting Division, Air
conditioning Duct Division, Trading Division |
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$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DIPLOMAT GROUP WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 2004
Commercial Registration Number : 28104, Doha
Issued Capital : QR 2,500,000
Paid up Capital : QR 2,500,000
Total Workforce : 500
Activities : Subject operates several divisions (see below for details)
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 400,000
COMPANY NAME
DIPLOMAT GROUP WLL
ADDRESS
Registered & Physical Address
Location : Doha
Industrial Area
PO Box : 24935
Town : Doha
Country : Qatar
Telephone : (974) 4685232 / 5830720 / 4505738
Facsimile : (974) 4685331 / 4502544
Email : diplomatdoha@qatar.net.qa
Premises
Subject operates from a large suite of offices, production facilities
and warehousing that are rented and located in the Industrial Area of Doha.
KEY PRINCIPALS
Name Nationality Position
· Saud
Al Mana Qatari Managing
Director
· Hanumanth
Gattu Reddy Indian Director
· Jackul
Viyaka Indian Director
· Parakash
Rao - General
Manager
· S.
Subaramanya - Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2004
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 28104, Doha
Issued Capital : QR 2,500,000
Paid up Capital : QR 2,500,000
Name of Shareholder (s)
· Saud
Al Mana
· Hanumanth
Gattu Reddy
· Jackul
Viyaka
OPERATIONS
Activities: Subject’s activities are performed through the following divisions:
·
Diplomat Switchgears
Diplomat
Switchgears started production at the start of 2007 and specialises in the
manufacture of switchgear circuits and panel
controls. It employs 50 workers and sales reached QR 20,000,000 in 2007.
·
Contracting Division
Engaged
as electromechanical contractors.
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Air conditioning Duct Division
This
division specialises in the manufacture of air conditioning accessories and
units.
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Trading Division
Engaged
in the import and distribution of general merchandise, including interior
decoration 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
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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.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Diplomat Switchgears is not
legal entity in its own right but a division of “Diplomat Group WLL”. Diplomat
Switchgears started production at the start of 2007 and specialises in the
manufacture of switchgear circuits and panel
controls. It employs 50 workers and sales reached QR 20,000,000 in 2007.
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.
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%)