MIRA
INFORM REPORT
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Report Date : |
18.03.2011 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL FOOD COMPANY |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
01.01.1991 |
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Com. Reg. No.: |
13119 |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Processors
and packagers of dates and edible oil. |
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 : |
QR 400,000 |
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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 – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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
National Food Company
ADDRESS
Building
:
Street :
Area : Central Market Area
P.O.
Box : 30100
Town :
Country :
Telephone:
(974) 4468 4981
Fax : (974) 4468 3581
Email : dohadates@gmail.com
Short
form : NAFCO
Also
known as : National Food Company (NAFCO)
SENIOR COMPANY PERSONNEL
Name Position
1.
Sheikh Faleh Bin Nasser Al Thani Chairman
2.
Mubarak Rashid Managing Director
3.
Tarek Anwar Chief
Accountant
Total
Employees : 65
PAYMENTS
No
complaints have been heard regarding payments from local suppliers
or
banks.
Subject
is a subsidiary of Hassad Food, which was established and owned by Qatar Investment
Authority (QIA) with the goal of investing in existing agricultural businesses
and projects around the world and re-exporting the produce where needed.
We
consider it is acceptable to deal with subject for MEDIUM amounts.
Opinion
on maximum credit : QR 400,000 (higher amounts may be
considered with
assurances from the
shareholders).
Trade
risk assessment :
PRINCIPAL BANKERS
NAME : ARAB BANK PLC
Branch :
PO
Box : 172
Town :
Telephone:
(974) 4443 7979
Fax : (974) 4441 0774
FINANCIAL INFORMATION
Private
companies in
the
following information :
Sales
Turnover : QR 4,000,000 - 2004
- exact
: QR 7,000,000
- 2005 - approx
: QR 15,000,000 - 2006 – exact
: not given
- 2007/2009
: QR
15,000,000 – 2010 - exact
Net
Profit : not given
Financial
year ends 31 December.
The
following Balance Sheets as at 31 December 2009 applies to Qatar Industrial
Manufacturing Company (Q.S.C), (latest available):
31/12/2009 31/12/2008 31/12/2007
(in
thousands of QR)
ASSETS
Cash 65,108 62,431 268,129
Time
Deposits 48,439 57,369 0
Cash
& Cash Equivalents
113,547 119,801 268,129
Securities
& Short-term
Investments 51,965 0 0
Accounts
Receivables 22,954 26,117 51,349
Provision
for Doubtful
Receivables (52) (161) (155)
Net
Receivables 22,901 25,956 51,194
Other
receivables 7,260 4,753 5,628
Current
receivables 30,162 30,709 56,822
Raw
Material 18,566 42,608 7,646
Spare
Parts 8,529 7,481 5,709
Finished
Goods 11,457 42,827 13,393
Total
Inventory 38,551 92,916 26,747
Provision
(Inventory) (536) (345) (557)
Net
Inventory 38,015 92,571 26,190
Due
from Sister Companies/
Associates 45,675 481 2,621
Prepaid
Total
Current Assets 281,111 248,238 356,507
Land
& Buildings
238,856 248,237 104,028
Furniture
& Equipment 8,173 7,359 6,990
Machinery 139,263 184,725 99,402
Other
Fixed Assets 30,972 25,720 23,691
Accumulated
Depreciation (109,471) (100,514) (84,732)
Capital
work in Progress 77,808 128,159 100,054
Fixed
Assets 385,601 493,685 249,433
Investment
in associates 315,101 227,617 111,502
Property/Real
estate Investment 45,888 45,888 45,888
Other
Long term Investments 179,398 191,481 224,478
Total
Long term Investments 540,387 464,986 381,868
Total
Long Term Assets 925,988 958,671 631,301
Total
Assets 1,207,099 1,206,909 987,808
LIABILITIES
& SHAREHOLDERS EQUITY
Short
Term Debt 5,308 1,252 16,566
Current
Portion of Long
Term
Debt 4,400 2,800 24,324
Accounts
Payable 35,584 92,262 17,463
Accrued
Expenses 2,460 6,283 5,441
Dividends
Payable 31,673 27,815 17,321
Due
To Sister Companies 318 4,061 0
Other
Current Liabilities 5,752 3,180 4,658
Total
Current Liabilities 85,495 137,654 85,773
Long
Term Debt 43,031 33,393 10,000
Long-Term
Notes Payable 19,665 18,329 26,565
Total
Long-term Liabilities 62,697 51,722 36,565
Total
Liabilities 148,192 189,376 122,338
Provision
for Employees'
Termination
Benefits 6,673 11,864 4,531
Other
Provisions 430 0 5,000
Total
Provisions 7,103 11,864 9,531
Total
Liabilities & Provisons 155,295 201,240 131,869
Minority
Interest 71,642 64,925 57,479
Paid-up
Capital 300,000 300,000 300,000
Legal/Statutory
Reserve 150,000 150,000 150,000
General\Voluntary
Reserve 53,714 53,714 53,714
Change
in Fair Val. Resv.
&
Translation Adj. 236,426 233,285 174,378
Due
To Shareholders
\Appropriation 120,000 120,000 105,000
Retained
Earnings/
Accumulated
losses 120,022 83,747
15,368
Total
Shareholders' Equity 980,162 940,745 798,460
Total
Liabilities
&
Shareholders' Equity 1,207,099 1,206,909 987,808
Comm.
& Contingent Liabilities 4,912 9,270 22,546
INCOME
STATEMENT
Gross
Revenue 299,239 365,109 256,550
Cost
of Goods Sold (216,077) (284,699) (181,848)
Gross
Margin 83,162 80,410 74,702
S.G.
& A. (25,961)
(26,547) (22,720)
Depreciation
Expense (5,530) (1,963) (1,813)
Net
Operating Profit 51,671 51,900 50,169
Interest
Expense (5,207) (5,659) (1,265)
Interest
Income 0 0 18,151
Investment
Income 22,097 46,718 28,781
Income
from Associates 93,961 114,558 23,416
Total
Investment Income 116,059 161,275 52,198
Provisions (9,403) (24,904) (5,000)
Other
Income 11,780 14,968 3,310
Minority
Interests (10,717) (9,202) (5,422)
Net
Profit Before Taxes/Zakat 154,182 188,378 112,141
Net
Profit After Taxes
or
Zakat 154,182 188,378 0
Unusual
Items 6,093 0 3,495
Net
Profit After Unusual Items 160,276
188,378 115,635
Financial
year ends 31 December.
LEGAL STATUS AND HISTORY
Date
Started : 1 January 1991
History
: Subject was established in
C.R.
No. : 13119 (expiry date : 1 May 2010)
Chamber
of Commerce Membership No. : 168/1
Authorised
Capital : QR 50,000,000 (increased from QR 10,000,000 in 2010)
Paid
up Capital : QR 10,000,000 (increased from QR 10,000,000 in 2010)
Joint
Stock Company (closed) with the following shareholders :
Percentage
1.
Hassad Food 80%
Emiri Diwan
Telephone: (974) 4407 9209
Est. : 2008
(owned by Qatar Investment Authority
(Government))
2.
Qatar Industrial Manufacturing Company (Q.S.C) 20%
Al Dhafra Area
Telephone: (974) 4483 1199
Fax
: (974) 4483 7878
Email
: qimc@qimc.com.qa
Website : www.qimc.com.qa
Parent
company :
Hassad
Food was established and is owned by Qatar Investment Authority (QIA) with the
goal of investing in existing agricultural businesses and projects around the world
and re-exporting the produce where needed.
Affiliated
companies of National Food Company :
Subsidiary
Qatar-Tunisian
Food Company (Q-T Food)
Central
Market,
Telephone:
(974) 4468 4981 / 4468 1401
Fax : (974) 4468 3581
E-mail
: qimco@qatar.net.qa
Total
investment : QRs. 4.5 million
Production
Start Date : October 2001
Capacity
of plant : 500 tons/year Bottled Olive Oil
is
a joint venture company promoted by National Food Company
(NAFCO),
National Office of Olive Oil (
Tunisian
investors. The main activity of the company is to bottle
olive
oil and process other food-stuffs.
Associates
Affiliated
companies of Qatar Industrial Manufacturing Company (Q.S.C) :
1. Qatar Plastic Products Company WLL
Mesaieed Industral Area
Telephone:
(974) 4477 0815 / 4477 0819 / 4477 7111
Fax
: (974) 4447 0896
E-Mail
: accounts@qppc.net
Shortform Name : QPPC
2. Transind Company WLL
Telephone:
(974) 4441 9693 / 4441 7935
Fax
: (974) 4442 1043
E-Mail
: ebrahim@transindgroup.com
Trading Styles : Transindo /
Transworld Trading & Marketing Co
Also Known As : Transind Company
3.
Umm
Telephone: (974) 4471 5814
Fax
: (974) 4471 5813
E-mail : qstp@qatar.net.qa
Total investment : QRs. 100 million
Production Start Date : October 1992
Capacity of plant : 4.5 million tons/year
is wholly owned by
Qatar Industrial Manufacturing Company
(QIMC). The main activity
of the company is to produce treated
(washed) sand for
construction and agricultural uses.
4. Qatar Metal Coating Company (Q-COAT)
Mesaieed Industrial Area
Mesaieed
Telephone: (974) 4477 8275 / 4477 1221
(Marketing)
Fax
: (974) 4477 1180 / 4477 2424 (Marketing)
E-mail : qascogm@qatar.net.qa
Total investment : QRs. 39 million
Production Start Date : April 1992
Capacity of plant : 130,000 tons/year
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC) and Qatar
Steel Company (QASCO).
Q-COAT
s main activity is to produce epoxy coated steel bars
(8-40mm) which are mainly used in the
construction of buildings.
5. Qatar Paving Stones Company
Umm
Next to Abu Necolas Petrol Station
Telephone:
(974) 4490 6725 / 4490 6858 / 4490 6658 / 4483 1199 /
Fax
: (974) 4490 6851
6. Qatar Nitrogen Company (QAN)
Mesaieed Industrial Area
Telephone: (974) 4586 3604
Fax
: (974) 4493 1851
E-mail : qnitrogen@qatar.net.qa
Total investment : QRs. 21 million
Production Start Date : December 1999
Capacity of plant : 750 NM3/Hr Nitrogen
gaseous 330 ltr/Hr
Nitrogen liquid,
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC) and
activity of the company is to produce
nitrogen gas and liquid
nitrogen.
7. National Food Company (NAFCO)
Central Market
Telephone: (974) 4468 4981
Fax
: (974) 4468 3581
E-mail : qimco@qatar.net.qa
Total investment : QRs. 10 million
Production Start Date : August 2000
Capacity of plant : 800 tons of dry fruit
products/year
is a joint venture company, promoted by
Qatar Industrial
Manufacturing Company (QIMC) and the
Ministry of Municipal
Affairs and Agriculture (MMAA). The main
activity of the company
is to process, pack and market various food
products especially
dates.
8. Qatar Acids Company (Q-Acids)
Telephone: (974) 4476 0340 / 4476 0346
Fax
: (974) 4476 0341
E-mail : qataracids@qatar.net.qa
Total investment : QRs. 10 million
Production Start Date : July 2002
Capacity of plant : 30 tons/day
is wholly owned by Qatar Industrial
Manufacturing Company (QIMC).
The main activity of the company is to
produce sulphuric acid for
local and export markets.
9. Qatar Jet Fuel Company (QatJet)
Telephone: (974) 4462 1504 / 4462 2477
Fax
: (974) 4462 2736
E-mail : qatjet@qatar.net.qa
Total investment : QRs. 63 million
Operations Start Date : August 1990
Turnover (2006) : 190 million
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC) and Qatar Fuel
Company (WOQOD). The
main activity of the company is to sell
Aviation Fuel at
customers of Qatar Jet Fuel Company.
10.
Qatari-Saudi Gypsum Industries Company (QSG)
Salwa Industrial Area
Telephone: (974) 4460 2165
Fax
: (974) 4460 2169
E-mail : qsg@qatar.net.qa
Total investment : QRs. 68 million
Production Start Date : January 1994
Capacity of plant : 135,000 tons/year
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC). Qatar National
Cement Company
(QNCC) and National Gypsum Company (NGC).
The main activity of
the company is to produce Gypsum Powder for
various purposes.
Major construction companies are the main
customers of QSG. The
major markets are
exporting to other GCC States.
11.
Qatar Clay Bricks Company (QCBC)
Salwa Industrial Area
Telephone: (974) 4460 3487
Fax
: (974) 4460 3481
E-mail : qcbcqatar@qatar.net.qa
Total investment : QRs. 80 million
Production Start Date : July 1997
Capacity of plant : 7.5 million/year Clay
Blocks for wall and
Hoordi for ceiling 3 million/year Clay
Brick Pavers and Roof
Tiles is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC) and other
small Qatari companies and
individuals. The main activity of the
company is to produce Red
Clay Bricks using locally available clay.
12.
Qatar Plastic Products Company (QPPC)
Mesaieed
Telephone: (974) 4477 0819 / 4477 0815
Fax
: (974) 4477 0896
E-mail : qppc@qatar.net.qa
Total investment : QRs. 51 million
Production Start Date : August 2000
Capacity of plant : 8,600 tons/year Plastic
Bags 1,800 tons/year
Shrinkable Film 500 tons/year Recycled
Plastic
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC), Qatar
Petrochemical Company (QAPCO)
and FEBO of
heavy duty plastic bags, shrinkable film
and other plastic
products. QAPCO and Q-Chem are the main
customers of QPPC.
13.
Amiantit Qatar Pipes Company Limited (AQAP)
New Industrial Area,
Telephone: (974) 4490 1353/4
Fax
: (974) 4490 1352
E-mail : aqap@qimc.com.qa
Total investment : QRs. 70 million
Stated Production : May 2008
Start Date : 2007
Capacity of plant : 15,000 metric ton/year
is a joint venture company promoted by
Qatar Industrial
Manufacturing Company (QIMC), Saudi Arabian
Amiantit Company, and
Trading & Agency Services Ltd. (TRAGS
RAGS ). The main activity
of the company is to produce Fiber Glass
Pipes and Fittings up to
4m in diameter.
14.
Gulf Formaldehyde Company (GFC)
Telephone: (974) 4477 9779
Fax
: (974) 4477 0347
E-mail : admin@qafco.com
Total investment : QRs. 35 million
Production Start Date : October 2003
Capacity of plant : 80 Mt/year Urea
Formaldehyde (UFC-85)
is a joint venture company promoted by
Qatar Fertilizer Company
(QAFCO), Qatar Industrial Manufacturing Company
(QIMC), United
Development Company (UDC) and Amwal. The
main activity of the
company is to produce urea formaldehyde-85
and related products.
15.
Gasal
MIC & RLIC
Telephone: (974) 4493 4325
Fax
: (974) 4493 4326
Total investment : QRs. 190 million
Expected Production Start Date : Q1 - 2008
Capacity : Nitrogen Gas: 6000 Nm3/hr
Oxygen Gas: 4900 Nm3/hr
is a joint venture company promoted by
Qatar Petroleum - QP (1%),
Qatar Nitrogen Company - QAN (59%) and Air
Liquide - AL France
(40%). The main activity of the company is
to produce Industrial
Gases (Nitrogen and Oxygen) to supply the
industries in Mesaieed
ACTIVITIES
The
Company is involved in the following activities :
Processors
and packagers of dates and edible oil.
Production
Capacity : Dates : 1,000 tonnes /
year
Vegetables: 400 tonnes / year
Imports
requirements from Europe and
Exports
occasionally to GCC countries.
FACILITIES
The
Company has the following facilities :
Owned
premises comprising administrative offices and
processing unit with storage facilities located at the heading address.
Subject
previously used
SPECIAL NOTE
The
postal address which you provided: 7006
The
telephone and fax numbers given by you: 97444600250 and 97444601763 are
incorrect. Please note that subject's correct telephone and fax numbers are as
per heading.
Interviewed:
Tarek Anwar (Chief Accountant).
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.24 |
|
|
1 |
Rs.72.57 |
|
Euro |
1 |
Rs.63.00 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.