MIRA INFORM
REPORT
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Report Date : |
22.01.2011 |
IDENTIFICATION DETAILS
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Name : |
GULF CONTRACTING |
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Formerly Known As : |
Gulf Housing & Construction
Company WLL |
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Registered Office : |
Gulf Contracting |
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Country : |
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Financials (as on) : |
31.12.2009 (Consolidated) |
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Date of Incorporation : |
01.01.1976 |
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Com. Reg. No.: |
1141 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Building and civil engineering contractors for industrial and infrastructure projects |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
QR 6,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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a2 |
a2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company NAME
Gulf Contracting
GULF CONTRACTING
company ADDRESS
Building : Gulf Contracting
Street :
331,
Area :
Al Salata Al Jadeeda Area, Opp.
P.O. Box : 3886
Town :
Country :
Telephone : (974) 4499 4499
Fax : (974) 4499 4555 / 4499 4500
E-Mail : gulfhous@qatar.net.qa / info@gulfcontracting.com / suryanarayana.r@gulfcontracting.com
Website : www.gulfcontracting.com
Shortform Name : GCC
Also Known As : Gulf Housing
Formerly known as : Gulf Housing & Construction Company WLL
SENIOR COMPANY PERSONNEL
Name Position
1. Yousuf Jassim Al Darwish Chairman
2. Mohammed Jassim Al Darwish Director
3. Abdul Rahman Al Darwish Director
4. Keith Ridgway Director
5. John Wyse Director
6. John Kennedy General Manager
7. Stuart Goodwin Commercial Manager
8. Surya Narayan Chief Accountant
Total Employees : 7,500
PAYMENTS
No complaints have been heard regarding payments from local suppliers or banks.
We consider it is acceptable to deal with subject for LARGE amounts,
although it is normal accepted practice for international suppliers
to deal on secured
terms with
Opinion on maximum credit : QR 6,000,000
Trade risk assessment : Low
SIGNIFICANT CHANGES
- July 2006
Subject has won the contract to replace 144 kilometres of pipeline to
improve portable water supply to the suburbs of Dhona.
- June 2006
Subject has recently started work on the airline engineering offices
and airline operations facilities package. The QR 170 million ($50
million) contract calls for the construction of two large two storey
buildings.
TRADE REFERENCES
NAME : BOOMER INDUSTRIES
Street :
Town : Lisburn
County :
Country :
NAME : ARCHERDALE LTD
Building : Hirst Wood Works
Street :
Town : Shipley
County : East
Country :
NAME : CITADEL ARCHITECTURAL PRODUCTS
Street :
Town :
State :
Country :
NAME : INTERPRO FOREST PRODUCTS
Street :
Town :
Province :
Country :
NAME : TRANSPAC RESOURCES LTD
Building :
Street : 999
Town :
Province :
NAME : IGC INTERNATIONAL GROUP
Street :
Town :
State :
Country :
NAME : TEXMASTIC INTERNATIONAL IN.
P.O. Box : 210309
Town :
State :
Country :
NAME : TRANS CONTINENTAL INDENTING
P.O.Box : 5475
Town :
State : U.A.E.
NAME : ANDREW MUIRHEAD & sons ltd
Street :
Town :
Country :
NAME : BELANI TRADING
P.O. Box : 26963
Town :
Country : U.A.E.
NAME : POLYFLOR LTD
PO Box : 3
Street : Radcliffe New Road
Area : Whitefield
Town :
Country :
NAME : S A SAHEB & CO
Street : Unit 0201, 35 New Bridge Road
Town :
Country :
NAME : TEXMASTIC INT'L
Street : 3334 Banning Street
Town :
State :
Country :
PRINCIPAL BANKERS
NAME : QATAR NATIONAL BANK (QNB)
Branch : Main Branch
P.O. Box : 1000
Town :
Telephone: (974) 4440 7777
Fax : (974) 4443 1036
Account No : 001-045525-001
The Company also has an account with the following banks :
1. Commercial Bank of
Grand
Telephone: (974) 4449 0000
Fax : (974) 4449 0070
2. Doha Bank Ltd
Main branch
2/F
Telephone: (974) 4443 5444
Fax : (974) 4441 6631
AUDITORS
Ernst & Young
Telephone: (974) 4441 4599
Fax : (974) 4441 4649
FINANCIAL INFORMATION
Private companies in
The following information is the latest available in our file:
Balance Sheets as at 31 December 2005 showed :
ASSETS
Property, plant & equipment : QR 7,899,134 - 2000 - exact
: QR 8,014,127 - 2001 - exact
: not given - 2002
: QR 11,749,679 - 2003 - exact
: QR 23,683,997 - 2004 - exact
: QR 55,305,215 - 2005 - exact
Long term receivables : QR 3,047,166 - 2000 - exact
: QR 4,846,224 - 2001 - exact
: not given - 2002
: QR 5,288,237 - 2003 - exact
: QR 9,229,297 - 2004 - exact
: QR 25,143,097 - 2005 - exact
Work in progress : QR 11,497,373 - 2000 - exact
: QR 10,519,219 - 2001 - exact
: not given - 2002
: QR 8,440,071 - 2003 - exact
: QR 37,702,795 - 2004 - exact
: QR 84,173,816 - 2005 - exact
Inventories : QR 5,672,215 - 2000 - exact
: QR 6,055,107 - 2001 - exact
: not given - 2002
: QR 8,465,369 - 2003 - exact
: QR 12,182,369 - 2004 - exact
: QR 15,193,454 - 2005 - exact
Accounts receivable & : QR 33,661,439 - 2000 - exact
prepayments : QR 37,875,100 - 2001 - exact
: not given - 2002
: QR 72,129,465 - 2003 - exact
: QR 72,022,013 - 2004 - exact
: QR 124,661,265 - 2005 - exact
Bank balances & cash : QR 4,012,294 - 2000 - exact
: QR 1,846,701 - 2001 - exact
: not given - 2002
: QR 11,454,341 - 2003 - exact
: QR 3,115,939 - 2004 - exact
: QR 7,961,358 - 2005 - exact
Total current assets : QR 54,843,321 - 2000 - exact
: QR 56,296,127 - 2001 - exact
: not given - 2002
: QR 100,489,246 - 2003 - exact
: QR 125,023,116 - 2004 - exact
: QR 231,989,892 - 2005 - exact
LIABILITIES
Advance billing : QR 4,537,096 - 2003 - exact
: QR 4,950,754 - 2004 - exact
: QR 12,341,861 - 2005 - exact
Accounts payable & accruals : QR 32,072,202 - 2000 - exact
: QR 30,471,146 - 2001 - exact
: not given - 2002
: QR 47,022,091 - 2003 - exact
: QR 69,869,853 - 2004 - exact
: QR 153,471,719 - 2005 - exact
Bank Overdraft : QR 4,125 - 2003 - exact
: 0 - 2004
: QR 5,059,313 - 2005 - exact
Total current liabilities : QR 32,072,202 - 2000 - exact
: QR 30,471,146 - 2001 - exact
: not given - 2002
: QR 51,563,312 - 2003 - exact
: QR 74,820,607 - 2004 - exact
: QR 170,872,893 - 2005 - exact
Long term payables : QR 953,312 - 2000 - exact
: QR 829,203 - 2001 - exact
: not given - 2002
: QR 767,224 - 2003 - exact
: QR 2,566,854 - 2004 - exact
: QR 14,298,365 - 2005 - exact
Share capital : QR 1,000,000 - 2000 - exact
: QR 1,000,000 - 2001 - exact
: QR 1,000,000 - 2002 - exact
: QR 1,000,000 - 2003 - exact
: QR 1,000,000 - 2004 - exact
: QR 1,000,000 - 2005 - exact
Legal reserve : QR 1,000,000 - 2000 - exact
: QR 1,000,000 - 2001 - exact
: not given - 2002
: QR 1,000,000 - 2003 - exact
: QR 1,000,000 - 2004 - exact
: QR 1,000,000 - 2005 - exact
Retained earnings : QR 30,764,107 - 2000 - exact
: QR 35,856,129 - 2001 - exact
: not given - 2002
: QR 63,196,626 - 2003 - exact
: QR 78,548,949 - 2004 - exact
: QR 125,266,946 - 2005 - exact
Total shareholders' equity : QR 32,764,107 - 2000 - exact
: QR 37,856,129 - 2001 - exact
: not given - 2002
: QR 65,196,626 - 2003 - exact
: QR 80,548,949 - 2004 - exact
: QR 127,266,946 - 2005 - exact
PROFIT & LOSS ACCOUNT
Sales Turnover : QR 41,800,000 - 1993 - exact
: QR 79,400,000 - 1994 - exact
: not given - 1995/96
: QR 147,000 000 - 1997 - exact
: QR 150,000,000 - 1998 - exact
: QR 157,500,000 - 1999 - exact
: QR 111,000,000 - 2000 - exact
: QR 191,177,783 - 2001 - exact
: QR 213,714,099 - 2002 - exact
: QR 213,796,152 - 2003 - exact
: QR 253,631,977 - 2004 - exact
: QR 550,000,000 - 2005 - exact
Net Profit : not given, regarded as confidential
Total Value of Current Contracts : QR 800,000,000 - 2006
Total Value of Stock Held : QR 6,000,000 - 2006
Total Capital Investment : QR 1,000,000 - 2006
Financial year ends 31 December.
The following
consolidated balance sheet as of 31 December 2009 applies to Interserve Plc,
CONSOLIDATED BALANCE SHEET
31/12/2009 31/12/2008 31/12/2007
(In
millions of UK PNDS)
ASSETS
NON-CURRENT ASSETS
Goodwill 198.9 228.9 228.4
Other intangible assets 31.9 33.4 34.8
Property, plant and equipment 148.8 156.8 117.6
Interests in joint ventures 67.4 114.0 82.1
Interests in associated
undertakings 57.0 72.5 39.3
Investments - - 0.1
Deferred tax asset 31.4 19.2 5.1
535.4 624.8 507.4
CURRENT ASSETS
Inventories 20.1 27.8 15.6
Trade and other receivables 355.3 372.1 370.7
Cash and deposits 60.9 61.3 69.4
436.3 461.2 455.7
Total assets 971.7 1086.0 963.1
LIABILITIES & EQUITY
CURRENT LIABILITIES
Bank overdrafts (11.6) (3.1) (4.9)
Unsecured loan notes - - (1.0)
Trade and other payables (482.7) (466.0) (468.3)
Current tax liabilities (8.5) (13.8) (10.0)
Short-term provisions (23.1) (14.0) (5.8)
(525.9) (496.9) (490.0)
Net current liabilities (89.6) (35.7) (34.3)
NON-CURRENT LIABILITIES
Bank loans (85.0) (165.5) (163.0)
Trade and other payables (9.0) (5.1) (9.4)
Non-current tax liabilities (9.1) (9.1) (8.4)
Long-term provisions (25.7)
(24.0) (26.0)
Retirement benefit obligation (95.3) (153.1) (83.1)
(224.1) (356.8) (289.9)
Total liabilities (750.0) (853.7) (779.9)
Net assets 221.7 232.3 183.2
EQUITY
Share capital 12.5 12.5 12.5
Share premium account 112.7 112.7 111.9
Capital redemption reserve 0.1 0.1
0.1
Merger reserve 49.0 49.0 49.0
Hedging and translation reserves 69.3
108.3 38.7
Investment in own shares (0.5) (0.5) (0.5)
Retained earnings (24.1) (51.8) (30.1)
Equity attributable to equity
holders of the parent 219.0 230.3 181.6
Minority interest 2.7 2.0 1.6
Total equity 221.7 232.3 183.2
CONSOLIDATED INCOME STATEMENT
31/12/2009 31/12/2008
(In
millions of UK PNDS)
CONTINUING OPERATIONS
Revenue 1,906.8 1,800.0
Cost of sales (1683.1) (1,576.8)
Gross profit 223.7 223.2
Administration expenses (167.1) (163.8)
Amortisation of acquired
intangible assets (5.0) (5.0)
Impairment of goodwill (30.0) -
Other exceptional items 9.0 -
Total administration expenses (193.1) (168.8)
Profit on disposal of property
and investments 37.3 -
Operating profit 67.9 54.4
Share of result 29.1 28.6
Amortisation of acquired
intangible assets (0.4) (0.3)
Share of result of associates
and joint ventures 28.7 28.3
Total operating profit 96.6 82.7
Investment revenue 31.6 39.9
Finance costs (39.0) (42.7)
Profit before tax 89.2 79.9
Tax (charge)/credit (16.8) (22.2)
Profit for the Year 72.4 57.7
CONSOLIDATED STATEMENT OF COMPREHENSIVE
INCOME
Profit for the period 72.4 57.7
OTHER COMPREHENSIVE INCOME
Exchange differences on translation
of foreign operations (21.3) 48.8
Loss on available-for-sale
financial assets (0.4) (1.3)
Gains /(losses) on cash flow hedges
(joint ventures) 28.8 (79.1)
(Losses)/gains on available-for-sale
financial assets (joint ventures) (16.8) 109.2
Actuarial losses on defined benefit
pension schemes (31.0) (80.7)
Deferred tax on items taken directly
to equity 5.3 14.2
Other comprehensive (expense)/income
net of tax (35.4) 11.1
Total comprehensive income 37.0 68.8
The following
unaudited condensed consolidated balance sheet (2nd Quarter Results) applies to
the 49% (indirect) shareholder, Interserve Plc,
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEET
30/6/2010 30/6/2009
31/12/2009
(Six months) (Six
months) (Year ended)
(In
millions of UK PNDS)
ASSETS
NON-CURRENT ASSETS
Goodwill 198.9 228.9 198.9
Other intangible assets 30.5 33.5 31.9
Property, plant and equipment 138.6 143.6 148.8
Interests in joint ventures 67.2 117.7 67.4
Interests in associated undertakings
62.2 69.0 57.0
Deferred tax asset 32.4 35.5 31.4
529.8 628.2 535.4
CURRENT ASSETS
Inventories 18.1 21.6 20.1
Trade and other receivables 387.8 395.3 355.3
Cash and deposits 49.6 70.4 60.9
455.5 487.3 436.3
Total assets 985.3 1,115.5 971.7
LIABILITIES & EQUITY
CURRENT LIABILITIES
Bank overdrafts (11.4) (13.7) (11.6)
Trade and other payables (494.2) (492.7) (482.7)
Current tax liabilities (7.1) (16.4) (8.5)
Short-term provisions (23.2) (15.5) (23.1)
(535.9) (538.3) (525.9)
Net current liabilities (80.4) (51.0) (89.6)
NON-CURRENT LIABILITIES
Bank loans (90.0) (140.0) (85.0)
Trade and other payables (9.2) (4.8) (9.0)
Non-current tax liabilities (9.1) (9.1) (9.1)
Long-term provisions (25.5) (22.6) (25.7)
Retirement benefit obligation (105.3) (205.1) (95.3)
(239.1) (381.6) (224.1)
Total liabilities (775.0) (919.9)
(750.0)
Net assets 210.3 195.6 221.7
EQUITY
Share capital 12.6 12.5 12.5
Share premium account 112.7 112.7 112.7
Capital redemption reserve 0.1 0.1 0.1
Merger reserve 49.0 49.0 49.0
Hedging and translation reserves 67.5 92.9 69.3
Investment in own shares (0.5) (0.5) (0.5)
Retained earnings (34.7) (73.2) (24.1)
Equity attributable to equity
holders of the parent 206.7 193.5 219.0
Minority interest 3.6 2.1 2.7
Total equity 210.3 195.6 221.7
UNAUDITED CONDENSED CONSOLIDATED INCOME
STATEMENT
CONTINUING OPERATIONS
Revenue 944.5 951.2 1,906.8
Cost of sales * (862.1) (845.2) (1,697.5)
Gross profit 82.4 106.0 209.3
Administration expenses * (65.4) (76.5) (152.7)
Impairment of goodwill - - (30.0)
Amortisation of acquired
intangible assets (2.5) (2.5) (5.0)
Other exceptional items - - 9.0
Total administration expenses (67.9) (79.0) (178.7)
Profit on disposal of property
and investments - 3.4 37.3
Operating profit 14.5 30.4 67.9
Share of results of associates and
joint ventures 14.8 13.5 29.1
Amortisation of acquired
intangible assets (0.2) (0.2) (0.4)
Total share of result of associates
and joint ventures 14.6 13.3 28.7
Total operating profit 29.1 43.7 96.6
Investment revenue 18.1
15.0 31.6
Finance costs (19.9) (18.7) (39.0)
Profit before tax 27.3 40.0 89.2
Tax (charge)/credit (5.3) (8.2) (16.8)
Profit for the period 22.0 31.8 72.4
* Business unit overheads in the former
Specialist Services businesses have been reallocated in the prior period
comparatives from administration expenses to cost of sales in line with the
current Support Services division’s
classification. This reclassification does not impact on operating profit.
UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF
COMPREHENSIVE INCOME
Profit for the period 22.0 31.8 72.4
OTHER COMPREHENSIVE INCOME
Exchange differences on translation
of foreign operations 4.3 (26.1) (21.3)
(Losses)/gains on available-for-sale
financial assets
(excluding joint ventures) (0.8) 0.2 (0.4)
(Losses)/gains on cash flow hedges
(joint ventures) (40.1) 46.9 28.8
Gains/(losses) on available-for-sale
financial assets (joint ventures) 32.2
(32.0) (16.8)
Actuarial losses on defined benefit
pension schemes (22.3) (54.4) (31.0)
Deferred tax on items taken directly
to equity 8.8 11.0 5.3
Other comprehensive expense
net of tax (17.9) (54.4) (35.4)
Total comprehensive income/ (expense)
4.1 (22.6) 37.0
Financial year ends 31 December.
LEGAL STATUS AND HISTORY
Date Started : 1 January 1976
History : Subject was incorporated on 1 January 1976 as a Limited Liability Company under the name Gulf Housing & Construction Company WLL with Al Darwish United Co and McInerney Properties Ltd as shareholders. Shares were subsequently acquired by the present owners. In 2007 subject changed its name to the present.
C.R. No. : 1141 (valid)
Contractors Registration No : 457
Authorised Capital : QR 1,000,000
Paid up Capital : QR 1,000,000
Limited Liability Company with the following shareholders :
Percentage
1. Al Darwish United Co WLL 51.00%
represented by Yousuf J. Al Darwish
2. Interserve Plc 49.00%
Interserve House
Twyford
Telephone: (44 118) 932 0123
Fax : (44 118) 932 0206
Email : info.facilities@interserve.com
Website : www.interserveplc.co.uk
Parent Company
Interserve Plc is a member of Interserve Group which is headed by
Interserve Holdings Plc.
Established in 1906 and heads a group engaged in:
Building, civil engineering & public works contractors; steel bridge
building contractors; building contractors and auxiliary services;
excavations and foundation, earth-moving and piling, grouting and
soil stabilisation contractors; pipelines, tank farms and water and
gas mains contractors. Demolition and blasting services. Sewage works
and drainage, water supply and waterworks, plumbing, piping and
tubing contractors; plumbing, sanitary and lavatory installation
contractors; heating, ventilating and air conditioning contractors.
Electrical distribution networks; electrical sub-stations;
cable-laying contractors. Leasing/renting of electrical, electronic
and telecommunication equipment. Inland waterway and harbour works,
springs and wells. Gas, water, heating, ventilating and air
conditioning installation and maintenance,
In 1999 it changed the name to the present one.
In 1991 the group acquired construction services group R.M. Douglas,
services specialist How Group. In August 1999, industrial services
and access provider Bandt was acquired. December 2000 saw the
aquisition of Building & Property, a major provider of facilities to
the public and privatised sector.
The Group directly employs over 12,500 people and operates in
Australasia, Far East,
Middle East, Europe,
Affiliated companies
of Gulf Housing & Construction Company
Wll :
Associates
1. Gulf Automobile and Trading Company WLL
Telephone: (974) 4432 0273
2. Gulf Timber and Joinery Company WLL
Telephone: (974) 4432 1558
Telex : 4298 DH
Specialists in purpose made joinery, furniture, windows,
doors and frames as well as paint spray finish's in
lacquer french polishing and wood carving
3. Darwish Trading Company (DTC)
Telephone: (974) 4442 2781
Importers, wholesalers and retailers of building materials,
electrical and electronic equipment, office furniture and
equipment, domestic appliances, construction equipment;
switchgear and tools, hand and power tools, tyres and rubber
products; sanitary ware and elevators.
4. Barduct Busbar Systems
Telephone: (974) 4442 2781
Designers and manufacturers of busbar systems from 25 to
7,500 AMPS
5. Darwish Engineering
Telephone: (974) 4443 3230 / 4443 3233 / 4442 2257 / 4442 2259
Fax : (974) 4443 3125
Civil engineering, mechanical, electrical, landscaping and
general building contractors.
6. Qatar Communication Co. Ltd
Gulf Street
Telephone: (974) 4442 4347 / 424348
Fax : (974) 4442 6378
Importers and distributors of a wide range of
data communications equipment and networking
systems; electrical engineering products
and supplies, safety and security equipment.
7. Arabesque (GRC) and Concrete
Telephone: (974) 4481 0078
8. Interrent (
Telephone: (974) 4442 9753
9. American Express Representative Office
Telephone: (974) 4442 2411
10.KD Property Co
Telephone: (974) 4442 2788
11.
KD Building, First Floor
Telephone: (974) 4444 1916
Fax : (974) 4444 1219
Providing computer services such as turnkey
computers solution, software development
consultancy, contract programming and
specialized IBM mainframe training
12.HOW United Services
Mechanical, electrical and plumbing contractors.
Telephone: (974) 4466 0222
Fax : (974) 4466 6220
Affiliates of Parent Company
Affiliated Companies of Interserve Plc
Affiliated Companies of Interserve Plc in the region
1. Khansaheb Hussain 49.00%)
Telephone: (971 2) 665 3964
Fax : (971 2) 665 3069
2. Madina Group (49.00%)
Street 44 and 45
Salwa Industrial Area
Telephone: (974) 4460 0818
Fax : (974) 4460 3143
Email : madina@madinagroup.com
Website : www.madinagulf.com
3. How United Services (49.00%)
Area 41, AI Hilal West
Bldg. 209, “C” Ring Road
Telephone: (974) 4466 0222
Fax : (974) 4466 6220
Email : howunt@qatar.net.qa
4. RMD Kwikform (49.00%)
Sharjah
Telephone: (971 6) 553 4173
Fax : (971 6) 553 4327
Email : rmd.me@rmdkwikform.com
5. RMD Kwikform (49.00%)
Telephone: (971 2) 665 9798
Fax : (971 2) 665 5690
Email : rmd.auh@rmdkwikform.com
6. Khansaheb Civil Engineering (45.00%)
Telephone: (971 4) 285 7251
Fax : (971 4) 285 7539
Email : kcehodxb@khansaheb.ae
7. Douglas OHI LLC (33.33%)
Jibroo
Telephone: (968) 2459 0540
Fax : (968) 2459 4657
Email : ohidoug@omantel.net.om
8. RMD Kwikform
Post code 100
Telephone: (968) 2461 3571
Fax : (968) 2461 3573
Email : rmd.oman@rmdkwikform.com
9. RMD Kwikform
(Almoayed)
Flat 12, Building 829
Road 833, Block 408
Sanabis
Telephone: (973) 1738 2724
Fax : (973) 1738 2624
Email : rmd.bahrain@rmdkwikform.com
10.RMD Kwikform Saudi
Building No 3194
Al Khobar
Telephone: (966 3) 882 5444
Fax : (966 3) 882 6604
Email : rmd.ksa@rmdkwikform.com
11.RMD Kwikform
Telephone: (974) 4467 5925
Fax : (974) 4467 3282
Email : rmd.qatar@rmdkwikform.com
Affiliated Companies of Interserve Plc around the world
1. Interservefm Ltd
Facilities Management services in central local government,
commercial, healthcare and educational sectors
2. Interserve (Defence) Ltd
Property and facilities management services to the Ministry
of Defence
3. Interserve (Facilities Management) Ltd
Facilities Management services in the
private sectors
4. Interserve (Facilities Services) Ltd
Mechanical and electrical services in the public and
private sectors
5. Interserve (Facilities Services-Slough) Ltd
Building, maintenance and cleaning services for 8,000
council owned homes
6. Climate Equipment Ltd
Marketing, sale and distribution of air conditioning and
ventilation equipment
7. Climate Services Ltd
Maintenance of refrigeration equipment
8. Interserve Industrial Services Ltd
Mechanical and process pipework, scaffolding and access,
thermal insulation, electrical, instrumentation and
control systems, power transmission and distribution
protective coatings and asbestos surveying and removal
services to the industrial and construction sectors
9. Interserve Project Services Limited
Construction and Engineering Services, PFI framework,
and alliancing opportunities
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ACTIVITIES
The Company is involved in the following activities :
Building and civil engineering contractors for industrial and
infrastructure projects.
Manufacturers of prefabricated concrete structures, timber buildings and steel system units; manufacturers of Spacemaker portable cabins.
Production capacity : over 1,500 square metres of spacemaker portable
cabins.
Subject holds ISO 9001, ISO 14001 and OHSAS 18001 Certifications
Imports from
Exports portable cabins to the neighbouring countries.
Principal Agencies
Held : Weyerhaeuser SA,
:
: C.E.S. Fencing
(Telford) Ltd,
: A.E. Madakia Corp,
Subject has carried out many projects for banks, i.e. the four
branches of Qatar National Bank at Al-Rayyon, Al Khor, Al Shamal and
Messai'eed, the new main branch of HSBC, Arab Bank Branch at 'C' Ring
Road and the two Doha Bank branches at Bin Omran and Al Merqab areas.
In addition, the company has executed other notable and prestigiuous
contracts such as Al Dafna Conference Centre at Doha Sheraton Hotel,
the Olympic Aquatic
Complex, the
Project.
Subject has achieved Grade 1 status for Construction as classified by
the Government of
Completed Projects
- May 2006, Gulf Contracting Co. WLL started work on the airline engineering offices and airline operations facilities package. The QR 170 million ($ 50 million) contract calls for the construction of two large two-storey buildings.
- December 2002, Gulf Contracting Co. WLL was awarded an
estimated US$15 million contract to build a new office tower opposite
the City Centre shopping
mall in
as the Al Mahmoud tower, will comprise a basement, ground floor and
19 storeys and have a total built-up area of 24,000 square metres. It
was completed in July
2004. Client was
- November 2002, Gulf Contracting Co. WLL received a letter of
intent for an estimated QR 11 million 5 month contract to upgrade the
arrivals baggage
handling area at
work also included the refurbishment of offices and the arrivals duty
free area. Client was Qatar Airways.
- March 1996 : warehousing contract awarded in autumn 1995 by the
US Army Corps of Engineers (USACE). Besides the construction of
warehouses, the contract also included the installation of
associated utilities. The contract was valued at US$4.2 million
and was completed in September 1997.
- May 1997 : the main civil works subcontract on the US Air Force
military facilities project, for the construction of warehouses,
munitions storage magazines and supporting roads, site works and
utilities. Total value :
February 1999.
- July 1991 : Hawk Project, for the implementation of an existing
steel structure at the Doha Air Base for the Qatar Armed Forces.
The contract was valued at QR 10,00,000.
- July 1991 : completion of an accommodation and office complex,
valued at QR 1,000,000.
- Civil works at the Doha Air Base, value of contract : QR 400,000.
FACILITIES
The Company has the following facilities :
Owned premises comprising administrative offices and storage facilities located at the heading address, spacemaker/joinery workshop situated in Salwa Industrial Area, as well as labour camps in Wakhra, Umm Said, Dukhan and Salwa Industrial Area.
Until January 2008 subject was located at :
Al Emadi Real Estate Project Building No. 215, Area No. 41
Al Hilal West
Telephone: (974) 466 6605
Fax : (974) 466 6675
BRANCH OFFICES
1. Spacemaker
Telephone: (974) 4460 0714 / 4460 1049
Fax : (974) 4460 1050
Email : spacemkr@qatar.net.qa
2. Al Manjara Joinery
Telephone: (974) 4460 6884 / 4460 0714 / 4460 1049
Fax : (974) 4460 1050
Email : spacemkr@qatar.net.qa
SPECIAL NOTE
You enquired on: GULF CONTRACTING CO. (WLL). Please note that subject's correct name is as per heading.
Interviewed: Surya Narayan (Chief Accountant)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.