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MIRA
INFORM REPORT
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Report Date : |
31.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
QATAR TELECOM QSC (Q-TEL) |
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Registered Office : |
Q-Tel Tower, West
Bay, PO Box 217, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
20.07.1987 |
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Legal Form : |
Qatari Shareholding Company (QSC) |
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Line of Business : |
Providers of national and international public telecommunication services. |
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 : |
Very Good |
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Payment Behaviour : |
No Complaints |
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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 : 2,000
Activities : Providers of national and international public telecommunicatio services.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 5,000,000
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
Name Position
·
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 Rumaihi Director
·
Dr Abdullah Al
Kubaisi Director
·
Abdullah Zaid
Al Talib Director
·
Ali Sharif Al
Emadi Director
·
Harib Masoud
Al Darmaki Director
·
Hamad Saeed Al
Badi 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%
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TDC – Qtel
MENA Investcom BSC 79.00%
·
Omani Qatari
Telecommunications Company SAOC 55.00%
·
Navlink Inc 38.16%
OPERATIONS
Activities: 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 2,000 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR’000s)
Consolidated
Balance Sheet 31/12/06 31/12/07
ASSETS
Non-current
assets
Property,
plant & equipment 3,043,280 9,462,192
License
costs 353,658 26,547,074
Investment
in an associate 100,253 2,523,960
Available
for sale investments 1,753,026 2,333,384
Other
financial assets 142,840 143,848
Deferred
tax assets 3,405 380,602
Total non-current assets 5,396,462 41,391,060
Current assets
Inventories 27,244 127,616
Accounts
receivable & prepayments 961,563 2,105,184
Amounts
due from liquidator
- 389,640
Cash
and cash equivalents 1,416,683 3,250,092
Total current assets 2,405,490 5,872,532
Total Assets 7,801,952 47,263,592
EQUITY & LIABILITIES
Equity
Share
Capital 1,000,000 1,000,000
Legal
reserve 888,761 1,000,000
Fair
value reserve 327,185 600,759
Translation
reserve 90 743,675
Retained
earnings 2,775,951 3,555,462
Minority
interest 60,783 9,605,706
Total Equity 5,052,770 16,505,602
Non-current Liabilities
Interest
bearing loans and borrowings 648,177 20,904,031
Employee
benefit liabilities 117,911 191,075
Other
liabilities 25,781 66,454
Total non-current Liabilities
791,869 21,161,560
Current liabilities
Accounts
payable and accruals 1,255,113 7,381,874
Current
account with State of Qatar 569,827 1,134,786
Deferred
income 132,373 358,624
Interest
bearing loans and borrowings
- 721,146
Total current liabilities 1,957,313 9,596,430
Total liabilities 2,749,182 30,757,990
Total Equity & Liabilities 7,801,952 47,263,592
Consolidated
Income Statement 31/12/06 31/12/07
Revenue
4,420,437 10,373,430
Other
income 144,246 222,231
General
& administrative expenses (1,560,210) (4,542,514)
Other
operating expenses (732,871)
(2,757,931)
Finance
costs (17,857) (993,791)
Share
of results of an associate (1,520) 92,237
Royalties (597,509) (607,637)
Net profit for the year
1,654,716 1,877,993
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 SAQ
Main Branch
PO Box 1002
Doha
Tel: (974) 4413511
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.25 |
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UK Pound |
1 |
Rs.80.36 |
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Euro |
1 |
Rs.62.84 |
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%)