MIRA INFORM REPORT

 

 

Report Date :           

01.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MORNING STAR 

 

 

Registered Office :

Commercial Building, D-Ring Road, Near Lulu Hypermarket, P.O. Box 19475, Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

25.02.2007

 

 

Com. Reg. No.:

25214

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers and distributors of solar lighting systems, solar panels, lathe machine, solar outdoor lights, solar latern and hand tools

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

QR 50,000

Status :

Small Company 

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Qatar

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

Morning Star

 

 

Company ADDRESS

 

Building             : Commercial Building

Street                           : D-Ring Road

Area                             : Near Lulu Hypermarket

P.O. Box           : 19475

Town                 : Doha

Country             : Qatar

Telephone         : (974) 4465 9360 / Mobiles (974) 5586 4785 / 5580 3077 

Fax                   : (974) 4465 9360 (ask for fax)

E-Mail               : Morningstar.service@yahoo.com

 

Also known as : Morning Star

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Jesudasan Prakash                Managing Director

 

2. Khalid Mubarak Saeed          Director

 

 

Total Employees : 5

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers

or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts.

 

Opinion on maximum credit : QR 50,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME     : COMMERCIAL BANK OF QATAR LTD (QSC)

Branch   : Main branch

PO Box   : 3232

Town      : Doha

Telephone: (974) 4449 0222

Fax      : (974) 4443 8182

 

 

FINANCIAL INFORMATION

 

Private companies in Qatar are not required to publish or disclose

balance sheets. However, the subject interviewed offered the

following information :

 

Sales Turnover    : QR 2,000,000 – 2010 - exact

 

Net Profit               : not given

 

Financial year ends 31 December.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : 25 February 2007

 

C.R. No. : 25214 (expiry date : 1 March 2012)

 

Chamber of Commerce Membership No. : 12241

 

Authorised Capital : QR 200,000

 

Paid up Capital : QR 200,000

 

Limited Liability Company with the following shareholders :

 

                                               Percentage

 

1. Jesudasan Prakash                          49%

  (Indian national)

 

2. Khalid Mubarak Saeed                       51%

  (Qatari national)

 

* The local sponsor, according to Qatari laws must hold a minimum of

  51% of the capital, however, in practice and unofficially the

  partner gets a fixed annual percentage of the profit and a

  sponsorship fee without any investment in the company.

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers and distributors of solar lighting systems, solar panels, lathe machine, solar outdoor lights, solar latern and hand tools.

 

NACE Code : 4759 / 4669

 

Imports from USA and India

 

Exports to Saudi Arabia and Oman.

 

 

FACILITIES

 

The Company has the following facilities :

 

Rented office premises with warehousing facilities located at the heading address.

 

 

SPECIAL NOTE

 

Interviewed: Jesudasan Prakash (Managing Director).

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.16

UK Pound

1

Rs.72.10

Euro

1

Rs.63.10

 

 

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

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

----

NB

New Business

----

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.