MIRA INFORM REPORT

 

 

Report Date :           

10.01.2012

 

IDENTIFICATION DETAILS

 

Name :

NASCO CENTRE WLL

 

 

Registered Office :

Najma Street, P O Box   14231, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1997

 

 

Com. Reg. No.:

19388, Doha

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Distributors of building materials and sanitary ware products.

 

 

No. of Employees :

25

 

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 – 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                                     : NASCO CENTRE WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 1997

Commercial Registration Number            : 19388, Doha

Chamber Membership Number                : 3983

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 25

Activities                                               : Distributors of building materials and sanitary ware products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Issa Sadaqat, Sales Manager

 

COMPANY NAME

 

NASCO CENTRE WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Najma Street

PO Box             : 14231

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44423060 / 44604608 / 44427865

Facsimile          : (974) 44419342

Email                : nascocentre@yahoo.com / info@groupalrayes.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmed Nasser Al Rayes                                                                    Managing Director

 

·       Hassan Ahmed Nasser Al Rayes                                                        Director

 

·       Naif Ahmed Nasser Al Rayes                                                             Director

 

·       Ghanim Ahmed Nasser Al Rayes                                                       Director

 

·       Fahd Ahmed Nasser Al Rayes                                                           Director

 

·       Nasser Ahmed Nasser Al Rayes                                                        Director

 

·       Hassan Ahmed Rahmanian                                                                General Manager

 

·       Hadi Ahmed Rahmanian                                                                    Finance Manager

 

·       Issa Sadaqat                                                                                    Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1997

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 19388, Doha

 

Chamber Member No. : 3983

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

 

·       Ahmed Nasser Al Rayes

 

·       Hassan Ahmed Nasser Al Rayes

 

·       Naif Ahmed Nasser Al Rayes

 

·       Ghanim Ahmed Nasser Al Rayes

 

·       Fahd Ahmed Nasser Al Rayes

 

·       Nasser Ahmed Nasser Al Rayes

 

 

AFFILIATED COMPANIES

 

·       Al Rayes Laundry & Dry Cleaning

 

·       Arizona Trading Co

 

·       Arizona English Language Center

 

·       Al Rayes Rent A Car

 

·       Al Rayes Plastic

 

·       Gulf Pro Dive

 

·       GTS

 

·       KGL Transportation

 

·       New House Complex

 

·       Lion Rent A Car

 

·       MPH

 

·       NASCO Trading & Contracting WLL

 

·       Oil Consultancy & Innovation

 

·       Al Rayes Laundry Equipment & Accessories

 

·       Professional Cleaning

 

·       UNI Gulf Trading & Contracting

 

·       Ahmed Al Rayes Gas

 

·       Ahmed Al Rayes Trading

 

·       NASCO Center

 

·       NASCO Restaurant

 

·       Sandwich Cellar

 

·       Spider Style

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials and sanitary ware products.

 

Subject deals in the following products:

 

Roof Tiles
Berger Paints
Pipes & Fittings
Electrical Equipment
Light Bulbs
Sinks
Toilets
Plumbing
Brushes
Duct Channel
Faucets
Cutters

Tubes
PPR

HSH
Safety Equipment
Brass Fittings
Extractor Fans
Tiles
Heaters

Dynamo Motors

PVC Electric Pipe

Manhole Covers
Waterproofing
Bending Wire
Wheel Barrows
Water Cabinet
Water Tank

Mirrors
WC Seat Cover
Show Tray
Copper Table
Spray Paint

Import Countries: Europe and GCC countries.

 

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 11,155,000                          QR 11,800,000

 

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

 

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

 

 

BANKERS

 

·       Bank Saderat Iran

Al Maktoum

PO Box: 4182

Dubai

Tel: (971-4) 2221161

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              May 2007

Credit amount                                        150,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Established in 1997, subject is involved in the import and distribution of building materials and sanitary ware products.

 

According to local sources, subject’s financial condition is satisfactory whilst payments are made in a timely manner. The company’s operating history is reportedly clear 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.52.73

UK Pound

1

Rs.81.34

Euro

1

Rs.67.01

 

 

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.