MIRA INFORM REPORT

 

 

Report Date :

23.10.2012

 

IDENTIFICATION DETAILS

 

Name :

RASHID AL MULLA WLL

 

 

Registered Office :

 

Ras Abo Abood Street, Bank Street, PO Box: 20196, Doha

 

 

 

 

Country :

Qatar

 

 

 

 

Financials (as on) :

31.12.2011

 

 

 

 

Date of Incorporation :

1987

 

 

 

 

Com. Reg. No.:

30427

 

 

 

 

Legal Form :

With Limited Liability

 

 

 

 

Line of Business :

Wholesale and retail of sanitary ware products, ceramics, tiles and building materials

 

 

 

 

No. of Employees :

43

 

 

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

(31.03.2011)

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                                     : RASHID AL MULLA WLL

Also Known As                                      : RASHID AL MULLA SANITARY AND BUILDING MATERIAL CO WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 1987

Commercial Registration Number            : 30427, Doha

Issued Capital                                        : QR 1,200,000

Paid up Capital                                      : QR 1,200,000

Total Workforce                                     : 43

Activities                                               : Wholesale and retail of sanitary ware products, ceramics, tiles and building materials

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : K A Nawshat, Financial Controller

 

 

 

COMPANY NAME

 

RASHID AL MULLA WLL

 

 

ALSO KNOWN AS

 

RASHID AL MULLA SANITARY AND BUILDING MATERIAL CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Ras Abo Abood Street, Bank Street

PO Box             : 20196

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44325262 / 44415338 / 44315442 / 44348916 / 44357193

Facsimile          : (974) 44315878 / 44461449 / 44357198 / 44415338

Mobile               : (974) 5561449

Email                : almulla@yahoo.co.uk / enquiry@rashidalmulla.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Doha.

 

Branch Office (s)

 

            Location                                                                                  Description

 

Fagarman Street                                                                        Rented showroom premises

Doha

Tel: (974) 4315878

Fax: (974) 4357198

 

Old Salata Area                                                                         Rented showroom premises

Doha

Tel: (974) 44425680

 

Industrial Area                                                                           Rented showroom premises

Doha

Tel: (974) 44142355

 

 

KEY PRINCIPALS

 

            Name                                                               Nationality                   Position

 

Rashid Al Merza Mahmoud Ahmed Al Mulla                        Qatari                        Managing Director

 

Shamseddine Vadak Kakuni                                              Indian                         Director

 

Abdulrazaq Vadak Kakuni                                                  Indian                         Director

 

Rashad Abdulrazaq Vadak Kakuni                                      Indian                         Director

 

K A Nawshat                                                                    --                               Financial Controller

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1987

 

History : Subject was originally established in 1987 under the name of “Rashid Al Mulla Est”.

  However in 2003, the business re-registered under the current style of “Rashid Al Mulla

  WLL”

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 30427, Doha

 

Issued Capital              : QR 1,200,000

 

Paid up Capital            : QR 1,200,000

 

Name of Shareholder (s)

 

Rashid Al Merza Mahmoud Ahmed Al Mulla

 

Shamseddine Vadak Kakuni

 

Abdulrazaq Vadak Kakuni

 

Rashad Abdulrazaq Vadak Kakuni

 

 

AFFILIATED COMPANIES

 

Rashid Trading Est

PO Box: 503

Doha

Tel: (974) 44869502

OPERATIONS

 

Activities: Engaged in the wholesale and retail of sanitary ware products, ceramics, tiles and building materials.

 

Import Countries: India and the United Arab Emirates

 

International Suppliers:

 

Albross             United Arab Emirates

Hindoware                     India

Sira                              India

 

Brand Names: THERMEX, FLOWFLEX, IPLEX, PEGLER and CONNEX

 

Operating Trend: Steady

 

Subject has a workforce of 43 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 4,550,000                            QR 5,000,000

 

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

 

The above figures were provided by Mr K A Nawshat, Financial Controller

 

 

BANKERS

 

Doha Bank Ltd

PO Box: 3818

Doha

Tel: (974) 44435444

Fax: (974) 44416631 / 44410625

 

Arab Bank Ltd

PO Box: 172

Doha

Tel: (974) 44437979 / 44422814

Fax: (974) 44410774

 

Qatar Islamic Bank

Al Khleej Insurance Building

Grand Hamad Avenue

PO Box: 559

Doha

Tel: (974) 44409409

Fax: (974) 44412700

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 and the above credit figure is within subject’s financial means.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.67

UK Pound

1

Rs.86.04

Euro

1

Rs.70.06

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.