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Report Date : |
09.10.2012 |
IDENTIFICATION DETAILS
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Name : |
BLUE SALON |
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Registered Office : |
Suhaim Bin Hamad Street, C Ring Road Bin Mahmoud South PO Box 6255
Doha |
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Country : |
Qatar |
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Year of Establishment : |
1981 |
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Com. Reg. No.: |
36975, Doha |
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Legal Form : |
General Partnership |
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Line of Business : |
Owners and operators of department stores and a shopping centre |
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No. of Employees : |
150 |
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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
|
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 : BLUE SALON
Country of Origin : Qatar
Legal Form : General Partnership
Start Date : 1981
Registration Date : 24th September 2007
Commercial Registration Number : 36975, Doha
Partners Capital : QR 3,500,000
Total Workforce : 150
Activities : Owners and operators of department stores and a shopping centre
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
BLUE SALON
Street : Suhaim Bin
Hamad Street, C Ring Road
Area : Bin Mahmoud
South
PO Box : 6255
Town : Doha
Country : Qatar
Telephone : (974) 44442424
/ 44441424 / 44323076 / 44447408 / 44466111
Facsimile : (974) 44446456
/ 44466112
Email : info@bluesalon.com
/ bluesaln@qatar.net.qa
Subject operates from a medium sized suite of offices and a shopping
centre that are owned and located in the Central Business Area of Doha.
Branch Office (s)
Location Description
· The Mall Rented
Showroom premises
D Ring Road covering
an area of 2,700
Doha square
metres.
· City Centre Mall Rented
showroom premises
West Bay Area
Doha
· Subject also
operates 2 modern warehouse facilities totalling 5,500 square metres and
including cold storage facilities.
Name Position
· Sheikh Abdul
Rahman Bin Nasser Al Thani Managing
Partner
· Ashraf Abdul
Rahman Abu Issa Partner
· Nabil Abdul Rahman
Abu Issa Partner
· Fawaz Adham N. Al Adrissi Senior
Vice President
· Hatim Hussain Finance
Manager
· Gupal Krishnan Shipping
& Transport Manager
Date of
Establishment : Subject’s
operations date back to 1981, however it was registered on 24th September 2007
Legal Form : General Partnership
Commercial Reg.
No. : 36975, Doha
Partners Capital : QR 3,500,000
· Sheikh Abdul
Rahman Bin Nasser Al Thani
· Ashraf Abdul
Rahman Abu Issa
· Nabil Abdul Rahman
Abu Issa
· Abu Issa Real Estate
Doha
Qatar
· Abu Issa Brothers
Doha
Qatar
Activities: Owners and operators of department stores and
a shopping centre.
Subject also provides wholesale services supplying over 800 retail
outlets throughout Qatar.
Subject has a workforce of approximately 150 employees.
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.
·
Arab Bank Ltd
Souk Wakef Branch
PO Box: 172
Doha
Tel: (974)
44321570 / 44321573
·
Qatar National Bank SAQ
Main Branch
PO Box: 1002
Doha
Tel: (974)
44413511
·
The Commercial Bank of Qatar Ltd (QSC)
Main Branch
PO Box: 3232
Doha
Tel: (974)
44490222
Fax: (974)
44438182
No complaints regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.21 |
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|
1 |
Rs.84.00 |
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Euro |
1 |
Rs.67.75 |
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.