MIRA INFORM REPORT

 

 

Report Date :

17.12.2011

 

IDENTIFICATION DETAILS

 

Name :

AL FARMAN INVESTMENT & INTERNATIONAL TRADING CO WLL

 

 

Registered Office :

Jetco Building, 2nd Floor Bin Omran Area PO Box 22466 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

12.07.2006

 

 

Com. Reg. No.:

33401, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject operates several divisions like Ceramic, Tiles and Marble Division, Bathroom and Sanitaryware Division, Fits Out Furniture Division, etc.

 

 

No. of Employees :

45

 

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$ 250,000

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                                     : AL FARMAN INVESTMENT & INTERNATIONAL TRADING CO WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 12th July 2006

Commercial Registration Number            : 33401, Doha

Chamber Membership Number                : 121816

Issued Capital                                        : QR 1,000,000

Paid up Capital                                      : QR 1,000,000

Total Workforce                                     : 45

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

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Rana Khader Qussir, Business Development Manager

 

COMPANY NAME

 

AL FARMAN INVESTMENT & INTERNATIONAL TRADING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Jetco Building, 2nd Floor

Area                 : Bin Omran Area

 

PO Box             : 22466

 

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44365269 / 44410763 / 44414836

Facsimile          : (974) 44311925

Email                : info@alfarman.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sheikh Faisal  Bin Jassim Al Thani                                                     Chairman

 

·       Amer Maroun                                                                                    Commercial Manager

 

·       Rana Khader Qussir                                                                          Business Development Manager

 

·       Tariq Mahmoud                                                                                 Administration Manager 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th July 2006

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 33401, Doha

 

Chamber Member No. : 121816

 

Issued Capital              : QR 1,000,000

 

Paid up Capital            : QR 1,000,000

 

 

Name of Shareholder (s)                                Percentage

 

·       Al Faisal Holding Co WLL                                          100%

Doha

 

 

OPERATIONS

 

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

 

·       Ceramic, Tiles and Marble Division

 

     Engaged in the import and distribution of ceramics, tiles and marble, subject is also engaged in cutting and fixing.

 

·       Bathroom and Sanitaryware Division

 

     Engaged in the import and distribution of bathroom sets and sanitary ware products.

 

·       Fits Out Furniture Division

 

     Engaged in the import and distribution of furniture for hotels, restaurants and residential complexes.

 

·       Light Fixture Division

 

     Engaged in the import and distribution of interior and exterior lighting, stadium lights and airport lighting.

 

·       Signage Division

 

     Engaged in the import and distribution of signage products.

 

·       Building Management System Division

 

Engaged in the import and distribution of building management systems and control access.

 

Import Countries: Europe and the United States of America.

 

Agencies Held:

 

·       Honeywell                 United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 45 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 37,625,000                          QR 39,000,000

 

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

 

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

 

 

BANKERS

 

·       Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44490222

Fax: (974) 44438182

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.