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Report Date : |
06.10.2012 |
IDENTIFICATION DETAILS
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Name : |
HORIZON PROGRESSIVE CO WLL |
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Registered Office : |
Al Nasser Street Al Sad Area PO Box: 47498 Doha |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
27.06.2007 |
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Com. Reg. No.: |
36201, Doha |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of building and construction materials and timber. |
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No. of Employees : |
120 |
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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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Qatar |
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 : HORIZON PROGRESSIVE CO WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 27th June 2007
Commercial Registration Number : 36201, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 120
Activities : Distributors of building and construction materials and timber.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
HORIZON PROGRESSIVE CO WLL
Street : Al Nasser
Street
Area : Al Sad Area
PO Box : 47498
Town : Doha
Country : Qatar
Telephone : (974) 44581200
Facsimile : (974) 44581500
Email : info@horizonprogressive.com
Please note that subject previous address was, 56 Al Khulaifat Al
Maamoura, Mannai Street, Doha.
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Doha.
Name Nationality Position
· Liaqat Ali Anjum
Abdul Majeed Indian Managing Director
· Piyush Bahotlal
Kodisha Indian Director
· Saad Ahmed
Abdulazzi Al Hassan Al Mohanadi Qatari Director
Date of
Establishment : 27th
June 2007
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 36201, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
· Liaqat Ali Anjum
Abdul Majeed
· Piyush Bahotlal
Kodisha
· Saad Ahmed
Abdulazzi Al Hassan Al Mohanadi
Activities: Engaged in the import and distribution of building and construction
materials and timber. Subject also
operates as general construction contractors.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 120 employees.
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
21,400,000 QR
22,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial Bank of Qatar Ltd (QSC)
Salwa Road
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
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
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Indian Rupees |
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US Dollar |
1 |
Rs.51.62 |
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1 |
Rs.83.57 |
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Euro |
1 |
Rs.67.17 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.