MIRA INFORM REPORT

 

 

Report Date :

22.03.2011

 

IDENTIFICATION DETAILS

 

Name :

DELTA DOHA CORPORATION

 

 

Registered Office :

New Industrial Area, Street No. 41 PO Box 4926 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

16.06.1996

 

 

Com. Reg. No.:

18365

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Manufacture of wellheads and valves.

 

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$ 1,500,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

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                                     : DELTA DOHA CORPORATION

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 16th June 1996

Commercial Registration Number                        : 18365

Chamber Membership Number                : 3030/1

Issued Capital                                        : QR 5,000,000

Paid up Capital                                      : QR 5,000,000

Total Workforce                                     : 300

Activities                                               : Manufacture of wellheads and valves.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

Person Interviewed                                 : Asad A Khan, Sales Manager

 

COMPANY NAME

 

DELTA DOHA CORPORATION

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : New Industrial Area, Street No. 41

 

PO Box             : 4926

 

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44784880

Facsimile          : (974) 44784881

Email                : deltacorp@qatar.net.qa / wesam@deltadoha.com

 

Premises

 

Subject operates from a suite of offices and a factory that are owned and located in the Industrial Area of Doha.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Sheikh Qassim Bin Sultan Al Thani                   Qatari                                    Managing Director

 

·       Sheikh Sultan Bin Qassim Sultan Al Thani         Qatari                                    Director

 

·       Mohamed Bin Khalifa Al Thani                                       Qatari                                    Director

 

·       Wesam Fayek Swelem                                         -                            General Manager

 

·       Omran Y Karama                                                 -                            Marketing Manager

 

·       Asad A Khan                                                               -                                Sales Manager

 

·       Mihaela Sandu                                                     -                            Business Development Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th June 1996

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 18365

 

Chamber Member No. : 3030/1

 

Issued Capital              : QR 5,000,000

 

Paid up Capital            : QR 5,000,000

 

Name of Shareholder (s)

 

·       Sheikh Qassim Bin Sultan Al Thani

 

·       Sheikh Sultan Bin Qassim Sultan Al Thani

 

·       Mohamed Bin Khalifa Al Thani

 

 

AFFILIATED COMPANIES

 

·       Petro Serv Engineering Limited

Doha

     Qatar

 

·       Qatar Lubricant Co (QALCO)

Doha

     Qatar

 

·       Oriental Trading Co (OTC)

Doha

     Qatar

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of wellheads and valves. Delta offers a complete line of wellhead products for production and drilling use. This includes heavy duty gate valves, both manual and actuated types, for Christmas Trees and casing and tubing suspension systems. All valves and wellhead systems are designed and manufactured to relevant API standards and comply with quality requirements. Delta products meet relevant standards for materials supply to API, NACE, ASTM, and ASME requirements and are approved by Lloyds Register. Subject also has ISO 9001/2000 certification.

 

Import Countries: India and China

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 74,000,000                          QR 78,500,000

 

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

 

The above figures were provided by Mr Asad A Khan, Sales Manager

 

 

BANKERS

 

·       Commercial Bank of Qatar Ltd (QSC)

PO Box: 3232

Doha

Tel: (974) 44490222

Fax: (974) 44438182

 

·       HSBC Bank Middle East

Abdullah Bin Jassim Street

PO Box: 57

Doha

Tel: (974) 44423124

Fax: (974) 44416353

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.05

UK Pound

1

Rs.73.05

Euro

1

Rs.63.81

 

 

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.