MIRA INFORM REPORT

Report Date :

25.11.2008

IDENTIFICATION DETAILS

Name :	QATAR VINYL COMPANY LTD. Q.S.C.
Registered Office :	Mesaieed Industrial City, PO Box : 24440, Doha, Qatar
Country :	Qatar
Date of Incorporation :	December 1997
Legal Form :	Qatari Shareholding Company - QSC
Line of Business :	Production of Vinyl Chloride Monomer, Ethylene Dichloride, and Caustic Soda.

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.		Satisfactory

Maximum Credit Limit :	US$ 1,500,000
Status :	Good
Payment Behaviour :	Regular
Litigation :	Clear

SUMMARY

Company Name	QATAR VINYL COMPANY LTD. Q.S.C.
Country of Origin	Qatar
Legal Form	Qatari Shareholding Company - QSC
Registration Date	December 1997
Issued Capital	US$ 400,000,000
Paid up Capital	US$ 400,000,000
Total Workforce	300
Line of Business	Production of vinyl chloride monomer, ethylene dichloride, and caustic soda.
Financial Condition	Undetermined
Payments	Nothing detrimental uncovered

COMPANY NAME

QATAR VINYL COMPANY LTD. Q.S.C.

ADDRESS

Registered & Physical Address

Location : Mesaieed Industrial City

PO Box : 24440

Town : Doha

Country : Qatar

Telephone : (974) 4765888

Facsimile : (974) 4765777 / 4795704

Email : qvc@qvc.com.qa

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Mesaieed Industrial City.

KEY PRINCIPALS

· Ottar Berge Managing Director

· Waleed Raslan Al Abdullah Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : December 1997

Legal Form : Qatari Shareholding Company - QSC

Issued Capital : US$ 400,000,000

Paid up Capital : US$ 400,000,000

Name of Shareholder (s) Percentage

· Qatar Petrochemical Company (QAPCO) 31.9%

· Norsk Hydro 29.7%

· Qatar Petroleum (QP) 25.5%

· Atofina 12.9%

LINE OF BUSINESS

Operations : Engaged in the production of vinyl chloride monomer, ethylene dichloride, and caustic soda.

Production Capacity: 220,000 metric tonnes per annum - Vinyl chloride monomer

175,000 metric tonnes per annum - Ethylene dichloride

580,000 metric tonnes per annum - Caustic soda

Import Countries : Japan, Norway and France

Export Countries : Australia, Asia & the Indian Sub-Continent.

Subject has a workforce of approximately 300 employees.

FINANCIAL HIGHLIGHTS

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

· Banque Paribas

Rayyan Road

PO Box : 2636

Doha

Tel : (974) 4430346 / 4430344

Fax : (974) 4430121

· Qatar National Bank

Government House Road

PO Box : 1002

Doha

Tel : (974) 4413511 / 4407407

Fax : (974) 415020

· HSBC Bank Middle East

Abdullah Bin Jassim Street

PO Box : 57

Doha

Tel : (974) 4423124

Fax : (974) 4416353

· Standard Chartered Bank

Abdullah Bin Jassim Road

PO Box : 29

Doha

Tel : (974) 4414252

Fax : (974) 4413739

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Qatar Vinyl Company Ltd Q.S.C. was founded in 1997 and is engaged in the production of vinyl chloride monomer, ethylene dichloride, and caustic soda.

The company is run in a professional manner and is owned by a number of well known and financially sound organisations, including Norsk Hydro and Qatar Petroleum (QP).

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 admissible.

Maximum suggested credit figure: US$ 1,500,000

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.50.09
UK Pound	1	Rs.74.90
Euro	1	Rs.63.40

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/normal.	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

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