MIRA INFORM REPORT

 

 

Report Date :           

04.10.2011

 

IDENTIFICATION DETAILS

 

Name :

AERODYNE COOLING SYSTEM WLL

 

 

Registered Office :

Al Wakalat Street, Street No. 26, Industrial Area, P O Box 22349, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

06.05.2000

 

 

Com. Reg. No.:

22593, Doha

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of heating, ventilation and air conditioning products and related accessories

 

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$ 150,000

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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                         : AERODYNE COOLING SYSTEM WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 6th May 2000

Commercial Registration Number            : 22593, Doha

Chamber Membership Number                : 5184

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 25

Activities                                               : Distributors of heating, ventilation and air conditioning products and

related accessories.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : C S Santosh, Administration Manager

 

 

 

COMPANY NAME

 

AERODYNE COOLING SYSTEM WLL

 

 

compaNY ADDRESS

 

Registered & Physical Address

Street               : Al Wakalat Street, Street No. 26

Area                 : Industrial Area

PO Box             : 22349

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44603531

Facsimile          : (974) 44606997

Mobile               : (974) 55837491

Email                : aerodyne@qatar.net.qa

 

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Industrial Area of Doha.

 

 

KEY PRINCIPALS

 

     Name                                              Nationality                               Position

 

·       George Philip                                    Indian                                        Managing Director

 

·       Abdul Mohsin Abdullah                      Qatari                                       Director

 

·       S K James                                            -                                          Marketing Manager

 

·       C S Santosh                                          -                                          Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th May 2000

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 22593, Doha

 

Chamber Member No. : 5184

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

·       George Philip

·       Abdul Mohsin Abdullah

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of heating, ventilation and air conditioning products and related

                 accessories.

 

Import Countries: Europe, Saudi Arabia, Thailand and the United States of America.

 

International Suppliers:

 

·       Afico                        Saudi Arabia

·       Foster                      United States of America

·       Durodyne                  United States of America

·       Excel                       United States of America

·       Venture Tape            United States of America

·       Thermaflex                United States of America

·       Gemco                     United States of America

·       Mason                      Thailand

·       Napco                      United Kingdom

·       Bostik                      United Kingdom

·       Luxo                        United Kingdom

·       Arpal                        United Kingdom

·       Mupro                      Germany

·       Henco                      Belgium

·       Megalite                   Netherlands

 

Operating Trend: Steady

 

Subject has a workforce of 25 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 14,700,000                          QR 15,320,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Doha Bank Ltd

PO Box: 3818

Doha

Tel: (974) 44435444

Fax: (974) 44416631 / 44410625

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.42

UK Pound

1

Rs.76.72

Euro

1

Rs.65.85

 

 

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.