MIRA INFORM
REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
APOLLO ENTERPRISES |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1978 |
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Com. Reg. No.: |
614, Doha |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject operates through several divisions :- · Real Estate Division · Furniture Division · Industrial Coatings Division · Scaffolding Division ·
Chemical
Division · Telecommunications Division |
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No. of Employees
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700 |
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$ 1,000,000 |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Qatar |
a2 |
a21 |
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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 : APOLLO ENTERPRISES
Country of Origin : Qatar
Legal Form : Sole Proprietorship
Registration Date : 1978
Commercial Registration Number : 614, Doha
Chamber Member Number : 392/1
Invested Capital : QR 500,000
Total Workforce : 700
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
Person Interviewed : Piju Balakrishnan, Finance Manager
APOLLO ENTERPRISES
Registered & Physical
Address
Street : Salwa Road
Area : New Doha Area
PO Box : 2032
Town : Doha
Country : Qatar
Telephone : (974) 44426664 / 44689522 / 44693334
/ 44583788
Facsimile : (974) 44416274
Mobile : (974) 55531937
Email : apollo@qatar.net.qa
Please note that
subject’s previous address was, Al Handasa Street, Doha.
Premises
Subject operates
from a large suite of offices, a showroom and storage facilities that are owned
and located in the Central Business Area of Doha.
Name Position
·
Hassan
Abdullah Al Diyab Proprietor
& General Manager
·
Michael
Blenkinsop Assistant
General Manager
·
Piju
Balakrishnan Financial
Manager
·
Babu
Rajan Manager
– Real Estate Division
·
Marouf
Yousefji Manager
– Furniture Division
·
Brian
Frost Manager
– Industrial Coatings
·
Barry
Britton Manager
– Scaffolding Division
·
Marcous
Alberto Manager
– Chemical Division
·
Robert
Woodward Manager
– Telecommunications
Date of Establishment : 1978
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 614, Doha
Chamber
Member No. : 392/1
Invested Capital
: QR 500,000
Mr Hassan Abdullah
Al Diyab is the sole proprietor of the business.
·
Apollo
Furniture
PO Box: 53824
Dubai
United Arab Emirates
Tel: (971-4) 3391358
Fax: (971-4) 3391361
Activities: Subject’s operations are performed through
the following divisions:
· Real Estate Division
Apollo Enterprises has been operating its
Real Estate division for over 25 years and during that time has become a market
leader.
Its portfolio covers the whole spectrum of
available properties, ranging from studio apartments to executive villas in the
West Bay Lagoon, as well as commercial office space.
· Furniture Division
This division is engaged in the import and
retail of home furniture and furnishings, including custom-made sofas, beds,
Indonesian/Indian furniture and Mexican furniture, as well as curtains, bed
linen and lamps.
· Industrial Coatings Division
Apollo Enterprises
Industrial Coatings Division was formed in late 1991, with the intention of
serving the ever expanding Oil and Gas Industry in Qatar. It operates two 'shop' facilities for abrasive
blasting and painting, both are located within the Salwa Industrial Area. The
first "shop" is located in street 38 (unit 54) and offers 3600 sqm of
work area. The second facility is located in street 41, offering 15000 sqm of
work / storage area and houses our new FBE coating plant.
· Scaffolding Division
Engaged in the sale and rental
of scaffolding materials and accessories.
·
Chemical Division
The Industrial
Chemical Division of Apollo Enterprises is comprised of an agency agreement
with the world famous Belzona Polymetrics Inc. It distributes a wide range of
industrial chemicals used for the repair, renovation and protection of
machinery, equipment, buildings and structures.
·
Telecommunications Division
This division offers a one-stop location for provision of telecommunication design and installation services from basic telephone services to structured cabling networks to radio and security systems. Its services range from re-arranging telephones and cabling in an office to supply-install-commission of a network solution or the maintenance of such systems.
Import
Countries: United States of
America and the United Kingdom
International
Suppliers:
·
Aimbry
Lighting United
Kingdom
·
Valence
Technology Inc United States of
America
Brand Names: SILENTNIGHT
Operating Trend: Steady
Subject has a
workforce of approximately 700 employees.
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total sales QR 67,200,000 QR 68,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Piju Balakrishnan, Finance Manager
·
Al Ahli
Bank of Qatar (QSC)
PO Box: 2309
Doha
Tel: (974) 44326611
Fax: (974) 44444652
·
Commercial
Bank of Qatar Ltd (QSC)
Salwa Road
PO Box: 3232
Doha
Tel: (974) 44428686
Fax: (974) 44428734
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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 |
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US Dollar |
1 |
Rs.51.16 |
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UK Pound |
1 |
Rs.81.79 |
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Euro |
1 |
Rs.68.34 |
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.