MIRA INFORM REPORT

 

 

Report Date :

07.11.2012

 

IDENTIFICATION DETAILS

 

Name :

CORRO TECH WLL

 

 

Registered Office :

Industrial Area, Street No. 18, Gate No. 70, P O Box 22849, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

27.01.2006

 

 

Com. Reg. No.:

32301, Doha

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Import and distribution of construction and concrete chemicals

 

 

No. of Employees :

120 employees

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Qatar - ECONOMIC OVERVIEW

 

Qatar has prospered in the last several years with continued high real GDP growth in 2011. Qatari authorities throughout the financial crisis sought to protect the local banking sector with direct investments into domestic banks. GDP rebounded in 2010 largely due to the increase in oil prices and 2011's growth was supported by Qatar's investment in expanding its gas sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 70% of government revenues. Oil and gas likely have made Qatar the second highest per-capita income country - behind Liechtenstein - and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, more than 13% of the world total and third largest in the world. Qatar's successful 2022 world cup bid will likely accelerate large-scale infrastructure projects such as Qatar's metro system and the Qatar-Bahrain causeway.

 

 

Source : CIA

 

 

SUMMARY

 

Company Name                                     : CORRO TECH WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 27th January 2006

Commercial Registration Number            : 32301, Doha

Membership Number                              : 11312/1

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 120

Activities                                               : Import and distribution of construction and concrete chemicals.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mesbah Ahmed Tawfik, Finance Manager

 

 

 

 

COMPANY NAME

 

CORRO TECH WLL

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Area, Street No. 18, Gate No. 70

PO Box             : 22849

Town                 : Doha

Country             : Qatar

Telephone         : (974) 44500840 / 44516931

Facsimile          : (974) 44500830

Mobile               : (974) 55290390 / 55551084

Email                : admin@corrotechqatar.com

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                          Nationality                               Position

·       Issam Ahmed Chaltaf                                                Palestinian                                Managing Director

·       Dr Adnan Ahmed Chaltaf                                Palestinian                                Director

·       Abdulrahman Sultan Fakhroo                         Qatari                                       Director

·       Mesbah Ahmed Tawfik                                        -                                          Finance Manager

·       Saif Al Obaidi                                                     -                                          Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th January 2006

 

Legal Form                  : With Limited Liability – WLL

 

Commercial Reg. No.  : 32301, Doha

 

Membership No.          : 11312/1

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

Name of Shareholder (s)

·       Issam Ahmed Chaltaf

·       Dr Adnan Ahmed Chaltaf

·       Abdulrahman Sultan Fakhroo

 

 

AFFILIATED COMPANIES

 

·       International Press Logistics (IPL)

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of construction and concrete chemicals including micro silica, fly ash, and concrete admixtures.

 

In January 2009, subject completed construction on its manufacturing facility which produces concrete   

admixtures.

 

Subject has also launched a transportation division with Cement Bulkers to serve all ready mix companies in the Qatar market

 

Import Countries: India, Spain, France and South Africa

 

International Suppliers:

 

·       Ashtech India Pvt. Ltd            India

·       FerroAtlantica                       Spain

·       Chryso                                 France

·       Ash Resources                     South Africa

 

Operating Trend: Steady

 

Subject has a workforce of approximately 120 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                                QR 71,000,000                          QR 74,400,000

 

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

 

The above figures were provided by Mr Mesbah Ahmed Tawfik, Finance Manager

 

 

BANKERS

 

·       International Bank of Qatar

Al Saad Branch

Doha

Tel: (974) 44478000

 

 

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


 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.60

UK Pound

1

Rs.87.31

Euro

1

Rs.69.86

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.