MIRA INFORM REPORT

 

 

Report Date :

05.12.2011

 

IDENTIFICATION DETAILS

 

Name :

NATIONAL FOOD CO SAQ (NAFCO)

 

 

Registered Office :

Salwa Road, Al Rehab Street Central Market Area PO Box 30100 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.03.1997

 

 

Com. Reg. No.:

19468, Doha

 

 

Legal Form :

Qatari Shareholding Company - QSC

 

 

Line of Business :

Processors and packagers of dates and other fruit and vegetables.

 

 

No. of Employees :

50

 

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$ 200,000

Status :

Satisfactory

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : NATIONAL FOOD CO SAQ (NAFCO)

Country of Origin                                    : Qatar

Legal Form                                            : Qatari Shareholding Company - QSC

Registration Date                                   : 1st March 1997

Commercial Registration Number                        : 19468, Doha

Chamber Membership Number                : 3442

Issued Capital                                        : QR 50,000,000

Paid up Capital                                      : QR 50,000,000

Total Workforce                                     : 50

Activities                                               : Processors and packagers of dates and other fruit and vegetables.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Tariq Anwar, Finance Manager

 

COMPANY NAME

 

NATIONAL FOOD CO SAQ (NAFCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Salwa Road, Al Rehab Street

Area                 : Central Market Area

 

PO Box             : 30100

 

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44684981

Facsimile          : (974) 44683581

Email                : dohadates@gmail.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Doha.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sayed Al Ismail                                                                                 General Manager

 

·       Tariq Anwar                                                                                      Finance Manager

 

·       Ashraf Bukhary                                                                                 Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st March 1997

 

Legal Form                  : Qatari Shareholding Company - QSC

 

Commercial Reg. No.  : 19468, Doha

 

Chamber Member No. : 3442

 

Issued Capital              : QR 50,000,000

 

Paid up Capital            : QR 50,000,000

 

Name of Shareholder (s)                               Percentage

 

·       Hasad Food Company (HF)                                        80%

Doha

 

·       Qatar Industry Manufacturing Co                                 20%

Doha

 

 

AFFILIATED COMPANIES

 

·       Qatar Metal Coating Company

 

·       National Paper Industries Company

 

·       Qatar Sand Treatment Plant

 

·       Qatar Nitrogen Company

 

·       Qatar Acids Company

 

 

OPERATIONS

 

Activities: Engaged in the processing and packaging of dates and other fruit and vegetables.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 50 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                QR 12,800,000                          QR 14,000,000

 

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

 

The above figures were provided by Mr Tariq Anwar, Finance Manager

 

 

BANKERS

 

·       Doha Bank Ltd

PO Box : 3818

Doha

Tel : (974) 44435444

Fax : (974) 44416631 / 44410625

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.35

UK Pound

1

Rs.80.50

Euro

1

Rs.69.14

 

 

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.