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Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
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Name : |
QATAR PETROCHEMICAL CO LTD (QAPCO) |
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Registered Office : |
Qapco Building C Ring Road PO Box 756 Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
141, Doha |
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Legal Form : |
Qatari Joint Stock Company |
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Line of Business : |
Manufacturers of Ethylene and LDPE. |
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No. of Employees : |
910 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company Name : QATAR PETROCHEMICAL CO LTD (QAPCO)
Country of Origin : Qatar
Legal Form : Qatari Joint Stock Company
Registration Date : 1974
Commercial Registration Number : 141, Doha
Issued Capital : QR 436,000,000
Paid up Capital : QR 436,000,000
Total Workforce : 910
Activities : Manufacturers of Ethylene and LDPE.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
QATAR PETROCHEMICAL CO LTD (QAPCO)
Registered &
Physical Address
Building : Qapco
Building
Street : C Ring Road
PO Box : 756
Town : Doha
Country : Qatar
Telephone : (974) 44242444
/ 44321105 / 44323805
Facsimile : (974) 44324700
/ 44772674
Email : information@qapco.com.qa
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Doha.
Branch Office (s)
Location Description
· Industrial City Owned
production plant
PO Box: 50155
Mesaieed
Tel:
(974) 44777111
Fax:
(974) 44771346 / 44770459
Name Position
· Hamad Rashid Al
Mohannadi Chairman
· Dr Mohamed Yousef
Al Mulla Vice
Chairman
· Rashid Ali Al
Mohannadi Director
· Ahmed Mohamed
Ahmed Darwish Director
· Sultan Khalifa Al
Banali Director
· Mohamed Jasem Al
Baker Director
· Graeme Burnett Director
· Ahmad Al Mawlawi Director
· Brian Canfield Director
· J A
Jayadewa Jayakody Finance
Manager
·
Rashid Abdulla S Al Sulaiti Administration
Manager
· Pfeiffer
Jean Claude Jacques Technical
Manager
· Abdulrahman
Ali Al Abdullah Marketing
Manager
· Mohamed
Jassim Al Naama Public
Relations Manager
·
Saleh Mohamed Al Halaki Production
Manager
·
Marc P Van der Auwera Operations
Manager
· Mohamed Al Mulla Maintenance Manager
· Nabil Rahmattula IT Manager
·
Fahd Zaimal Human
Resources Manager
Date of
Establishment : 1974 (under Emiri
Decree 109) Production began in 1981
History : Subject was
originally incorporated in 194 as a Qatari Joint Stock Company between the
following shareholders :
1. Qatar General Petroleum Corp (QGPC) 84 %
2. Elf Atochem SA 16 %
In September 1990, and as part of the
programme to double production capacity, a new
shareholder was introduced, namely Enichem SpA of Italy, who shared a
20% stake in the company with France’s Elf Atochem SA.
During 2002, Enichem SpA of Italy sold its
stake in the company to France’s Atochem SA.
Legal Form : Qatari Joint Stock
Company
Commercial Reg.
No. : 141, Doha
Issued Capital : QR 436,000,000
Paid up Capital : QR 436,000,000
Name of Shareholder
(s) Percentage
· Industries Qatar 80%
Al Sadd Plaza
West Bay
PO Box: 3212
Doha
Tel: (974)
44491491
Fax: (974)
44831125
· Total
Petrochemicals (Formerly Atochem SA) 20%
4 Cours Michelet,
La Defense 10, Cedex 42
Paris 92091
France
Tel: (33-1)
49008080
Fax: (33-1)
49008386
· Qatar Vinyl
Company (QVC)
· Qatar Plastic
Products Company (QPPC)
· Qatofin
· Ras Laffan Olefins
Company Ltd
Activities: The main products of the company are Ethylene and LDPE. Solid sulphur is
generated as a by-product in the process. The required feedstock, Ethane gas,
is supplied by the state-owned Qatar Petroleum (QP) for the production of
Ethylene, a significant part of which is then used in the production of various
grades of LDPE, marketed under the ‘LOTRENE’ brand name.
Subject’s manufacturing facilities consist of an Ethylene
plant with a designed annual capacity of 525,000 MT, two LDPE plants with a
total annual capacity of 360,000 MT and a Sulphur plant with an annual rated
capacity of 70,000 MT.
Import Countries: United States of America and Europe
Export Countries: QAPCO distributes its products in competitive
markets in 35 different countries, through a network of distributors supplying
over 4000 customers world-wide. Its main markets are South East Asia
Brand Names: LOTRENE
Operating Trend: Steady
Subject has a workforce of approximately 910 employees.
Financial highlights provided by local sources are given below:
Currency: Qatari Riyals (QR 000’s)
Income Statement 31/12/10 31/12/09
Sales 4,569,964
2,955,426
Cost of goods sold (1,372,874)
(876,162)
Gross profit 3,197,090 2,079,264
Other income 88,719
103,467
Selling expenses (141,244)
(96,682)
Administration expenses (209,468)
(227,567)
Gain on foreign exchange 456
6,513
Results from operating activities 2,935,553 1,864,995
Finance charges (76,693)
(9,660)
Finance income 42,502
106,950
Profit before income tax 2,901,362 1,962,285
Income tax (683,539)
(524,391)
Deferred tax (48,703)
(7,455)
Profit for the year 2,169,120 1,430,439
Other comprehensive income:
Net movement in fair value of interest rate swap (15,658) 52,193
Other comprehensive (loss)/ income for the year (15,658) 52,193
Comprehensive income for the year 2,153,462 1,482,632
Balance Sheet
Assets
Non-current assets
Property, plant and equipment 6,000,462 5,238,379
Intangible assets 160,196
162,750
Other non-current assets 2,650
3,240
Total non- current assets 6,163,308 5,404,369
Current assets
Inventories 365,180
278,539
Due from related parties 486,643
351,904
Accounts receivable and prepayments 813,250
479,872
Cash and cash equivalents 1,728,439
2,236,032
Total current assets 3,393,512 3,346,347
Total assets 9,556,820 8,750,716
Equity And Liabilities
Equity
Share capital 436,000 436,000
Legal reserve 160,772
126,583
Cumulative changes in fair values (90,543)
(74,885)
Retained earnings 4,504,372
4,863,826
Total equity 5,010,601 5,351,524
Non-current liabilities
Employees’ end of service benefits 75,305
71,653
Non- current portion of long term loan 2,244,381
1,887,271
Non- current portion of interest rate swap 57,211 40,932
Deferred tax liability 102,547
53,844
Total non- current liabilities 2,479,444 2,053,700
Current liabilities
Due to related parties 515,611
279,340
Current portion of long term loans 356,394
109,687
Accounts payable and accruals 477,899
398,121
Income tax payable 683,539
524,391
Current portion of interest rate swap 33,332
33,953
Total current liabilities 2,066,775 1,345,492
Total liabilities 4,546,219 3,399,192
Total equity and liabilities 9,556,820 8,750,716
Local sources consider subject’s financial condition to be Good.
·
Commercial Bank of Qatar Ltd (QSC)
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
·
HSBC Middle East Bank
PO Box: 57
Doha
Tel: (974) 44382100
Fax: (974) 44416353
Acc No. 001135888063
·
Qatar National Bank
Government House Road
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
·
Banque Paribas
PO Box: 2636
Doha
Tel: (974) 44430346 / 44430344
Fax: (974) 44430121
·
Arab Bank
PO Box: 172
Doha
Tel: (974) 44437979 / 44422814
Fax: (974) 44410774
·
Standard Chartered Bank
Abdullah Bin Jassim Road
PO Box: 29
Doha
Tel: (974) 44414252
Fax: (974) 44413739
No complaints regarding subject’s payments have been reported.
Credit amount 13,000 7,000
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters
of Credit
Paying record Prompt Prompt
Currency US
Dollars Pounds
Sterling
Qatar Petrochemical Co Ltd (QAPCO) was established in 1974 and is
engaged in the production of ethylene, low density Polyethylene (LDPE) and
solid sulphur.
The company is 80% owned by Industries Qatar, which in turn is wholly
owned by the government of Qatar. The company has the full support of its main
shareholder, and as such is deemed reliable for respecting its financial trade
commitments.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
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UK Pound |
1 |
Rs.88.84 |
|
Euro |
1 |
Rs.70.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.