MIRA INFORM REPORT

 

 

 

Report Date :

31.10.2008

 

IDENTIFICATION DETAILS

 

Name :

GULF CONTRACTING CO WLL

 

 

Formerly Known As :

GULF HOUSING & CONSTRUCTION CO WLL

 

 

Registered Office :

331 C Ring Road, Al Salata Al Jadeeda, PO Box  3886, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment  :

1976

 

 

Com. Reg. No.:

1141, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates through several divisions like Contracting Division and Housing Division (Spacemaker)

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,500,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear 

 

SUMMARY

 

Company Name                                     : GULF CONTRACTING CO WLL

Previously Known As                              : GULF HOUSING & CONSTRUCTION CO WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 1976

Commercial Registration Number            : 1141, Doha

Membership Number                              : 104/1

Issued Capital                                        : QR 50,000,000

Paid up Capital                                      : QR 50,000,000

Total Workforce                         : 10,000

Activities                                               : Subject operates several divisions (see below for details)

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 2,500,000

 

 

 

COMPANY NAME

 

GULF CONTRACTING CO WLL

 

 

PREVIOUSLY KNOWN AS

 

GULF HOUSING & CONSTRUCTION CO WLL

 

 

ADDRESS

 

Registered & Physical Address

Street               : 331 C Ring Road

Area                 : Al Salata Al Jadeeda

PO Box             : 3886

Town                 : Doha

Country : Qatar

Telephone         : (974) 4320997 / 4320998 / 4477000 / 5577000 / 4994499

Facsimile          : (974) 4449059 / 4478326 / 4477555 / 4994500

Email                : info@gulfcontracting.com

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Doha.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Street No. 45                                                                                    Owned factory and warehouse

Salwa Industrial Area

     Doha

     Tel : (974) 4600714 / 4601049

     Fax : (974) 4601050

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Yousuf Kassem Darwish Fakhroo                   Qatari                           Chairman

 

·       M. Bana                                                            -                              Managing Director

 

·       Hassan Kassem Darwish Fakhroo                  Qatari                           Director

 

·       Mohamed Kassem Darwish Fakhroo               Qatari                           Director

 

·       Nasser Kassem Darwish Fakhroo                   Qatari                           Director

 

·       Salman Kassem Darwish Fakhroo                  Qatari                           Director

 

·       Abdullah Kassem Darwish Fakhroo                 Qatari                           Director

 

·       John Kennedy                                               British                           General Manager

 

·       Stuart Goodwin                                             British                           Commercial Manager

 

·       V. Jayaraman                                               Indian                            Finance Manager

 

·       Daniel K Garvey                                            British                           Technical Manager

 

·       Andrew Snelling                                            British                           Contracts Manager

 

·       S. Krishnan                                                  Indian                            Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1976

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 1141, Doha

 

Membership No.          : 104/1

 

Issued Capital              : QR 50,000,000

 

Paid up Capital            : QR 50,000,000

 

Name of Shareholder (s)

 

·       Al Darwish United Co WLL

PO Box : 1811

Doha

Tel : (974) 4603983

Fax : (974) 4603984

 

·       Interserve Plc

Interserve House

Ruscombe Park

Twyford

Reading

Berkshire RG10 9JU

United Kingdom

Tel : (44-118) 9320123

Fax : (44-118) 9320206

 

 

AFFILIATED COMPANIES

 

·       Kassem Darwish Fakhroo & Sons

PO Box : 350

Doha

Tel : (974) 4422781

 

·       Qatar Communications Ltd

PO Box : 2481

Doha

Tel : (974) 4424347 / 4422781

Fax : (974) 4426378

 

·       Gulf Timber & Decor

PO Box : 350

Doha

Tel : (974) 4422781

 

·       Arabesque GRC Qatar Co

PO Box : 4800

Doha

Tel : (974) 4810107 / 4810108

Fax : (974) 4601281

 

·       Darwish Trading Co

Grand Hamad Avenue

Midmac Roundabout

PO Box : 350

Doha

Tel : (974) 4422781 / 4422666 / 4428164

Fax : (974) 4426378

 

·       Gulf Timber & Joinery Co WLL

PO Box : 4800

Doha

Tel : (974) 4810822

Fax : (974) 4601281

 

·       Darwish Travel Bureau

PO Box : 350

Doha

Tel : (974) 4443113

 

·       Gulf Automobile & Trading Co

PO Box : 3899

Doha

Tel : (974) 4810655 / 4446270 / 4422781

Fax : (974) 4810136 / 4449687

 

 

OPERATIONS

 

Activities: Subject’s activities are performed through the following divisions:

 

 

Engaged as general building contractors, specialising in general construction projects, including commercial buildings and residential works.

 

Completed Projects :

 

On 23rd April 1998, subject signed a contract covering construction work on the US Air

Force Base at Al Udeid. The contract was for US$ 980,267.

 

In 1999, subject completed work on the QAFAC-MTBC project. The contract was valued

at GBP 150,000.

 

During 2002 subject completed work at the Doha Sheraton Hotel which involved renovation of the 9th, 10th, 11th, and 12th floors as well as the ballroom. The client was the Qatar National Hotels Company and the project was valued as QR 54.67 million

 

Also in 2002 the company performed upgrading work on the arrivals terminal in the Doha International Airport on behalf of Qatar Airways. The work was worth QR 10.80 million.

 

 

Under this division, subject is engaged in the production of system built, pre-fabricated housing and portable accommodation units.

 

Import Countries: United States of America, the United Kingdom, Germany, Italy and India

 

International Suppliers:

 

·       Framaco International Inc                   United States of America

·       Interconti Projects Pvt Ltd                  India

 

Operating Trend: Steady

 

Subject has a workforce of approximately 10,000 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 4,150,000,000                      QR 4,900,000,000

 

Local sources consider subject’s financial condition to be Good.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Qatar National Bank

Government House Road

PO Box : 1002

Doha

Tel : (974) 4413511 / 4407407

Fax : (974) 415020

 

·       Al Ahli Bank of Qatar (QSC)

PO Box : 2309

Doha

Tel : (974) 326611

Fax : (974) 444652

 

·       Doha Bank Ltd

PO Box : 3818

Doha

Tel : (974) 4435444

Fax : (974) 4416631 / 4410625

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  July 2001                                  January 2004

Credit amount                            40,000                                      258,480

Amount overdue             0                                              0

Payment terms                          60 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   US Dollars                                 Canadian Dollars

 

 

GENERAL COMMENTS

 

Gulf Contracting Co WLL is well established in the local market with operations dating back over 30 years. It is engaged in the production and construction of housing units and the execution of related contracting projects.

 

The company is owned by members of the Fakhroo family who are respected businessmen with interests in a number of ventures throughout Qatar.

 

According to local sources, subject’s operating history is clear with nothing detrimental uncovered regarding the manner in which payment obligations are fulfilled. As such the company is considered to be a fair trade risk and the above credit figure is deemed to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.25

UK Pound

1

Rs.80.36

Euro

1

Rs.62.84

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions