MIRA INFORM REPORT

 

 

Report Date :           

04.04.2012

 

IDENTIFICATION DETAILS

 

Name :

QATAR VINYL COMPANY LTD QSC (QVC)

 

 

Registered Office :

Mesaieed Industrial City, P O Box 24440, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

December 1997

 

 

Com. Reg. No.:

19874, Doha

 

 

Legal Form :

Qatari Shareholding Company

 

 

Line of Business :

Production of vinyl chloride monomer, ethylene dichloride, and caustic soda

 

 

No. of Employees :

220

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : QATAR VINYL COMPANY LTD QSC (QVC)

Country of Origin                                    : Qatar

Legal Form                                            : Qatari Shareholding Company - QSC

Registration Date                                   : December 1997

Commercial Registration Number            : 19874, Doha

Chamber Membership Number                : 2834

Issued Capital                                        : US$ 184,314,000

Paid up Capital                                      : US$ 184,314,000

Total Workforce                                     : 220

Activities                                               : Production of vinyl chloride monomer, ethylene dichloride, and caustic

soda

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Jerome Cruz, Finance Manager

 

COMPANY NAME

 

QATAR VINYL COMPANY LTD QSC (QVC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Mesaieed Industrial City

PO Box             : 24440

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44765888

Facsimile          : (974) 44765777 / 44795704

Email                : qvc@qvc.com.qa

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Mesaieed Industrial City.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Hamad Rashid A l Numai                                                                   Chief Executive Officer

·       Francios Delmas                                                                               Production Manager

·       Perane Ustad                                                                                    Finance Manager

·       Mohamed Darwish                                                                             Marketing Manager

·       Hamd Al Hiji                                                                                     Chief Financial Officer

·       Francois Delmas                                                                               Chief Operating Officer

·       Attallah Irsan                                                                                    Development & Training Manager

·       Jerome Cruz                                                                                     Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : December 1997

 

Legal Form                  : Qatari Shareholding Company - QSC

 

Commercial Reg. No.  : 19874, Doha

 

Chamber Member No. : 2834

 

Issued Capital              : US$ 184,314,000

 

Paid up Capital            : US$ 184,314,000

 

Name of Shareholder (s)                                          Percentage

 

·       Qatar Petroleum (QP)                                                55.2%

·       Qatar Petrochemical Company (QAPCO)                    31.9%

·       Atofina                                                                     12.9%

     France

 

 

OPERATIONS

 

Activities: Engaged in the production of vinyl chloride monomer, ethylene dichloride, and caustic soda.

 

Production Capacity:   220,000 metric tonnes per annum - Vinyl chloride monomer

                                    175,000 metric tonnes per annum - Ethylene dichloride

                                    580,000 metric tonnes per annum - Caustic soda

 

Import Countries: Japan, Norway and France

 

Export Countries: Australia, Asia & the Indian Sub-Continent

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

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                                US$ 498,161,000                      US$ 510,942,000

 

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

 

The above figures were provided by Mr Jerome Cruz, Finance Manager

 

 

BANKERS

 

·       Banque Paribas

Rayyan Road

PO Box: 2636

Doha

Tel: (974) 44430346 / 44430344

Fax: (974) 44430121

 

·       Qatar National Bank

Government House Road

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

Fax: (974) 44415020

 

·       HSBC Bank Middle East

Abdullah Bin Jassim Street

PO Box: 57

Doha

Tel: (974) 44423124

Fax: (974) 44416353

 

·       Standard Chartered Bank

Abdullah Bin Jassim Road

PO Box: 29

Doha

Tel: (974) 44414252

Fax: (974) 44413739

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              December 2006                        September 2007

Credit amount                                        150,000                         154,620

Amount overdue                         0                                              0

Payment terms                                      60 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 Canadian Dollars

 

 

GENERAL COMMENTS

 

Qatar Vinyl Company Ltd QSC (QVC) was founded in 1997 and is engaged in the production of vinyl chloride monomer, ethylene dichloride, and caustic soda.

 

The company is run in a professional manner and is owned by a number of well known and financially sound organisations, including Qatar Petroleum (QP).

 

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.50.56

UK Pound

1

Rs.81.05

Euro

1

Rs.67.49

 

 

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.