MIRA INFORM
REPORT
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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
TOTAL PETROCHEMICALS |
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Registered Office : |
Al Fardan Tower, 5th Floor, Al Funduq Street, West Bay, P O Box 5177, Doha |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
08.11.2004 |
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Com. Reg. No.: |
29251, Doha |
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Legal Form : |
Branch of a Foreign Registered Corporation |
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Line of Business : |
Marketing of
QAPCO & QATFIN products that include LDPE, LLPDE as well as polyethylene |
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No. of Employees
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16 |
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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Status : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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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 |
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
Company Name :
TOTAL PETROCHEMICALS
Country of Origin : France
Legal Form : Branch of a Foreign Registered Corporation
Registration Date : 8th November 2004
Commercial Registration Number : 29251, Doha
Chamber Membership Number : 9132/1
Total Workforce : 16
Activities :
Marketing of QAPCO & QATFIN
products that include LDPE, LLPDE as
well as polyethylene
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Arun Dani, Finance & Administration Manager
TOTAL
PETROCHEMICALS FRANCE (QATAR BRANCH OFFICE)
Registered &
Physical Address
Building : Al Fardan Tower, 5th Floor
Street : Al Funduq Street
Area : West Bay
PO Box : 5177
Town : Doha
Country : Qatar
Telephone : (974) 44208360
Facsimile : (974) 44980794
Mobile : (974) 55897386
Email : marcel.rogie@totalpcqatar.com /
arun.dani@totalqatar.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Doha.
Name Position
·
Marcel Rogie General
Manager
·
Allan
Cramer Assistant
General Manager
·
Arun Dani Finance
& Administration Manager
·
Madhu
Soodanan Logistics
Manager
Date of Establishment : 8th
November 2004
Legal Form :
Subject is the Qatar registered
branch of Total Petrochemicals France SA, a Limited Liability Company
incorporated in France.
A Branch of a Foreign
Registered Corporation is not a legal entity in its own right.
Responsibility for payments lays
in the hands of the company where it is originally
registered.
Under these circumstances, we
strongly advise that any international trade credit should
only be written under the name
of the main company where the subject holds its registered office, in this case
France
Commercial Reg. No. : 29251, Doha
Chamber Member No. : 9132/1
Activities: Engaged in the marketing of QAPCO & QATFIN
products that include LDPE, LLPDE as well as
polyethylene.
Import
Countries: France
Export
Countries: South Asia, North
Asia, Europe, South America as well as North & East Africa
Operating Trend: Steady
Subject has a
workforce of 16 employees.
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/11:
Total Marketing
Fees QR
65,853,693
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Arun Dani, Finance & Administration Manager
·
Commercial
Bank of Qatar Ltd (QSC)
West Bay
PO Box: 3232
Doha
Tel: (974) 44831575
Fax: (974) 44831573
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
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UK Pound |
1 |
Rs.87.38 |
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Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.