MIRA INFORM REPORT

 

 

Report Date :           

01.11.2011

 

IDENTIFICATION DETAILS

 

Name :

QATAR INSULATION CO WLL

 

 

Registered Office :

Salwa Road, P O Box 7943, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

10.10.2001

 

 

Com. Reg. No.:

23247, Doha

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Import and distribution of insulation products

 

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$ 500,000

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 – 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                                     : QATAR INSULATION CO WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 10th October 2001

Commercial Registration Number            : 23247, Doha

Chamber Membership Number                : 588/1

Issued Capital                                        : QR 1,000,000

Paid up Capital                                      : QR 1,000,000

Total Workforce                                     : 10

Activities                                               : Import and distribution of insulation products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

Person Interviewed                                 : Pradeep Rajan, Chief Financial Officer

 

COMPANY NAME

 

QATAR INSULATION CO WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Salwa Road

PO Box             : 7943

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44995077 / 44995090 / 44995019 / 44317550

Facsimile          : (974) 44995088 / 44317551

Email                : qinsulation@qatar.net.qa

 
Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ghanim Bin Saad Al Saad                                                                 Managing Director

 

·       Mukesh Patel                                                                                   General Manager

 

·       Pradeep Rajan                                                                                  Chief Executive Officer

 

·       Ahmed Abdulakrim                                                                            Chief Financial Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th October 2001

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 23247, Doha

 

Chamber Member No. : 588/1

 

Issued Capital              : QR 1,000,000

 

Paid up Capital            : QR 1,000,000

 

Name of Shareholder (s)

 

·       Ghanim Bin Saad Al Saad

 

·       Ghanim Bin Saad Al Saad Holding

     Qatar

 

 

AFFILIATED COMPANIES

 

·       Jersey Engineering & Trading Co

Doha

 

·       Jersey Industrial Co

Doha

 

·       Filing Co

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of insulation products.

 

Import Countries: Kuwait

 

International Suppliers:

 

·       Kimmco                   Kuwait

 

Operating Trend: Steady

 

Subject has a workforce of 10 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 38,200,000                          QR 40,000,000

 

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

 

The above financial figures were confirmed by Pradeep Rajan, Chief Executive Officer

 

 

BANKERS

 

·       Doha Bank Ltd

Salwa Road

PO Box: 2176

Doha

Tel: (974) 44882180 / 44884888 / 44882181

Fax: (974) 44881768

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.87

UK Pound

1

Rs.78.11

Euro

1

Rs.68.36

 

 

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%)

 

 

 

 

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.