MIRA INFORM REPORT

 

 

Report Date :

18.04.2012

 

IDENTIFICATION DETAILS

 

Name :

QATAR INTERNATIONAL PETROLEUM MARKETING CO LTD QJSC  (TASWEEQ)

 

 

Registered Office :

Renaissance Office Tower, 8th & 12th Floors West Bay PO Box 24183 Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

29.07.2007

 

 

Com. Reg. No.:

36570, Doha

 

 

Legal Form :

Qatar Joint Stock Company - QJSC

 

 

Line of Business :

Exporters of liquefied petroleum gas (LPG), refined products, condensates and sulphur.

 

 

No. of Employees :

140

 

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$ 5,000,000

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 INTERNATIONAL PETROLEUM MARKETING CO LTD QJSC

                                                              (TASWEEQ)

Country of Origin                                    : Qatar

Legal Form                                            : Qatar Joint Stock Company - QJSC

Registration Date                                   : 29th July 2007

Commercial Registration Number            : 36570, Doha

Chamber Membership Number                : 14306

Issued Capital                                        : QR 150,000,000

Paid up Capital                                      : QR 150,000,000

Total Workforce                                     : 140

Activities                                               : Exporters of liquefied petroleum gas (LPG), refined products, condensates and sulphur.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 5,000,000

 

 

 

COMPANY NAME

 

QATAR INTERNATIONAL PETROLEUM MARKETING CO LTD QJSC (TASWEEQ)

 

 

ADDRESS

 

Registered & Physical Address

 

Building : Renaissance Office Tower, 8th & 12th Floors

Area                 : West Bay

 

PO Box : 24183

 

Town                 : Doha

Country : Qatar

 

Telephone         : (974) 44976111 / 44976248

Facsimile          : (974) 44976270 / 44976280

Email                : jdhariaraja@tasweeq.co.qa / info@tasweeq.com.qa

 

Please note that subject’s previous address was, Al Maha Building, Mohammed Bin Thani Street, Doha.

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       One Raffles Place                                                                             Office premises

Office No. 41-01, OIB Centre

Singapore 048616

Tel: (65) 65728600

Fax: (65) 65728601

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Dr Mohamed Saleh Al Sada                                                               Chairman

 

·       Saad Abdullah Al Khuwari                                                                  Chief Executive Officer

 

·       Anton Bray                                                                                       Director

 

·       Roger Hekman                                                                                  Director

 

·       Oliver Nordel                                                                         Director

 

·       Basheer Al Kholaifi                                                                            Procurement Manager

 

·       Joseph Dhariarja                                                                               Finance Manager

 

·       Abdulla Al Marri                                                                                Public Relations Manager

    

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th July 2007

 

Legal Form                  : Qatar Joint Stock Company - QJSC

 

Commercial Reg. No.  : 36570, Doha

 

Chamber Member No. : 14306

 

Issued Capital              : QR 150,000,000

 

Paid up Capital            : QR 150,000,000

Name of Shareholder (s)                               Percentage

 

·       Government of Qatar                                      100%

 

 

OPERATIONS

 

Activities: Engaged in the export of liquefied petroleum gas (LPG), refined products, condensates and sulphur.

     Subject also deals in crude oil and GTL entitlements on behalf of Qatar Petroleum under an agency

     agreement.

 

     Subject signed a Joint Venture Agreement with Siam Cement Group (or SCG) and its Vietnamese

     partners in Bangkok in February 2012 to invest in the petrochemicals complex in Long Son Island in

     southern Vietnam, valued at approximately US$ 4.5 billion. Tasweeq and PV GAS (a subsidiary of Petro

     Vietnam) signed a long- term feedstock agreement to supply propane and naphtha to the petrochemical

     complex.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of 140 employees.

 

 

FINANCIAL DATA

 

Companies registered in Qatar are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Qatar National Bank SAQ

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

Fax: (974) 44415020

 

 

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.51.62

UK Pound

1

Rs.81.94

Euro

1

Rs.67.65

 

 

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.