MIRA INFORM REPORT

 

 

Report Date :

06.10.2012

 

IDENTIFICATION DETAILS

 

Name :

AL MUFTAH CENTER

 

 

 

 

Registered Office :

Al Sadd Street PO Box 875 Doha

 

 

 

 

Country :

Qatar

 

 

 

 

Date of Incorporation :

28.08.1987

 

 

 

 

Com. Reg. No.:

3713/12, Doha

 

 

 

 

Legal Form :

With Limited Liability - WLL

 

 

 

 

Line of Business :

Operation of shopping malls and leasing of shop spaces

 

 

 

 

No. of Employees :

500

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

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                         : AL MUFTAH CENTER

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 28th August 1987

Commercial Registration Number            : 3713/12, Doha

Issued Capital                                        : QR 30,000,000

Paid up Capital                                      : QR 30,000,000

Total Workforce                         : 500

Activities                                               : Operation of shopping malls and leasing of shop spaces

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

AL MUFTAH CENTER

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Sadd Street

 

PO Box             : 875

 

Town                 : Doha

Country : Qatar

 

Telephone         : (974) 44446867

Facsimile          : (974) 44441415 / 44326868

Email                : almuftah@almuftah.com / samer@almuftah.com

 

Premises

 

Subject operates from a suite of offices and a shopping mall covering 2400m2 that are owned and located in the Central Business Area of Doha.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdulrahman Muftah Al Muftah                                                           Managing Director

 

·       Ibrahim Muftah Al Muftah                                                                   Director

 

·       Khalid Muftah Al Muftah                                                                     Director

 

·       Abdullah Muftah Al Muftah                                                                 Director

 

·       Mohamed Muftah Al Muftah                                                                Director

 

·       Samer Basama                                                                                 Showroom Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1987

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 3713/12, Doha

 

Issued Capital              : QR 30,000,000

 

Paid up Capital            : QR 30,000,000

 

Name of Shareholder (s)                               

 

·       Abdulrahman Muftah Al Muftah                                                          

·       Ibrahim Muftah Al Muftah                                                                  

·       Khalid Muftah Al Muftah                                                                    

·       Abdullah Muftah Al Muftah                                                                

·       Mohamed Muftah Al Muftah

 

 

AFFILIATED COMPANIES

 

·       Al Muftah Trading and Contracting

·       Al Muftah Automatic Doors

·       Al Muftah Cable Vision

·       Al Muftah Carpentry

·       Al Muftah Contracting Company

·       Al Muftah Elevators and Escalators

·       Al Muftah Fibreglass Products

·       Al Muftah Interiors

·       Al Muftah Jewellery

·       Al Muftah Marketing

·       Al Muftah Motors and Trading

·       Al Muftah Polymers

·       Al Muftah Projects and Industrial Services

·       Al Muftah Rent a Car

·       Al Muftah School Supplies

·       Al Muftah Technical Services

·       Al Muftah Trading

·       Al Muftah Travel and Tours

·       Al Muftah Wood and Metal

·       Al Muftah Furniture and Decoration

·       Altech

·       Amson Furniture and Decoration

·       Anytime Fitness

·       Design and Concept

·       English Modern School

·       Fun First Nursery

·       Muftah Al Muftah General Trading (Overseas)

·       Sterling Catering Services

OPERATIONS

 

Activities: Engaged as operators of shopping malls and leasing of shop spaces. The shopping mall retails household appliances, kitchenware, tools, audio visual products, luggage, readymade garments, perfumes and

cosmetics.

 

Brand Names: LUMINARC, BECCHETTI INOXBECK, HESAM, CRISTAL D’ARQUES, CRISTAL DE PARIS, YVES DELORME, AUSSINO, ALFEX, CAMEL ACTIVE, GEIGER, HAUREX, ALVIERRO MARTINI, TIMES          COLLECTION, CONTREJOUR, THIERRY MUGLER, TEMPORIS, ZUCCOLO ROCHET, AURORA, QUILL, CHETE, WALDMANN, TED LAPIDUS, JAGUAR, HELVECO, BALMAIN, RECIFE, JUMP, CIAK RONCATO, PIGEON, MADINA MILANO, MAKE UP FOREVER, CABOTINE, RANCE, PARFUMES GRES, S. OLIVER, ELLE D’ELISSA, SHARP, BLACK AND DECKER, YORK, FAGOR, LEXMARK, MAZAYA, BALLARINA, CURVER, PYREX, CAMPINGAZ, EMSA, TIGER, PEDRINI, G JANSEN and ROGER FEDERER.

 

Subject has a workforce of approximately 500 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

 

·       HSBC Bank Middle East

Abdulla Bin Jassim Street

PO Box: 57

Doha

Tel: (974) 44423124

Fax: (974) 44416353

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.62

UK Pound

1

Rs.83.57

Euro

1

Rs.67.17

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.