MIRA INFORM
REPORT
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Report Date : |
12.07.2011 |
IDENTIFICATION DETAILS
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Name : |
CORRO TECH WLL |
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Registered Office : |
Industrial Area, Street
No. 18, Gate No. 50, P O Box 22849, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
27.01.2006 |
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Com. Reg. No.: |
32301, Doha |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Import and distribution
of construction and concrete chemicals |
RATING & COMMENTS
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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 : |
US$ 600,000 |
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Status : |
Satisfactory |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Qatar |
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 |
SUMMARY
Company Name : CORRO TECH WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 27th January 2006
Commercial Registration Number : 32301, Doha
Membership Number : 11312/1
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 120
Activities : Import and distribution of construction and concrete chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 600,000
COMPANY NAME
CORRO TECH WLL
company ADDRESS
Registered & Physical Address
Location : Industrial Area, Street No. 18,
Gate No. 50
PO Box : 22849
Town : Doha
Country : Qatar
Telephone : (974) 44500840 / 44516931
Facsimile : (974) 44500830
Mobile : (974) 55290390 / 55551084
Email : admin@corrotechqatar.com
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a factory that are rented
and located in the Industrial Area of Doha.
KEY PRINCIPALS
Name Nationality Position
·
Issam
Ahmed Chaltaf Palestinian Managing
Director
·
Dr
Adnan Ahmed Chaltaf Palestinian Director
·
Abdulrahman
Sultan Fakhroo Qatari Director
·
Mesbah
Ahmed Tawfik - Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 27th
January 2006
Legal Form :
With Limited Liability –
WLL
Commercial Reg. No. : 32301, Doha
Membership No. : 11312/1
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Name of Shareholder
(s)
·
Issam
Ahmed Chaltaf
·
Dr
Adnan Ahmed Chaltaf
·
Abdulrahman
Sultan Fakhroo
AFFILIATED COMPANIES
·
International
Press Logistics (IPL)
Qatar
OPERATIONS
Activities: Engaged in the import and distribution of
construction and concrete chemicals including micro silica, fly ash, and concrete admixtures.
In January 2009,
subject completed construction on its manufacturing facility which produces concrete
admixtures.
Subject has also launched a transportation division
with Cement Bulkers to serve all ready mix companies in the Qatar market
Import
Countries: India, Spain,
France and South Africa
International
Suppliers:
·
Ashtech
India Pvt. Ltd India
·
FerroAtlantica Spain
·
Chryso France
·
Ash Resources South Africa
Operating Trend: Steady
Subject has a
workforce of approximately 120 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 66,700,000 QR 71,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
International
Bank of Qatar
Al Saad Branch
Doha
Tel: (974) 44478000
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.37 |
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UK Pound |
1 |
Rs.70.84 |
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Euro |
1 |
Rs.62.96 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.