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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
WAAREE QATAR WLL |
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Registered Office : |
Salwa Road, P O
Box 17481, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
04.01.2009 |
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Com. Reg. No.: |
41307, Doha |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Distributors of control systems, regulators, instrumentation, oilfield and pressure testing equipment |
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No. of Employees : |
05 |
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 (31.03.2012) |
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. Throughout the financial crisis Qatari authorities sought to protect the local banking sector with direct investments into domestic banks. GDP had 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. GDP slowed to 6.3% in 2012 as Qatar's gas sector expansion moved toward completion. 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 have made Qatar the world's highest per-capita income country 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, light rail system, and the Qatar-Bahrain causeway. The Hamad International Airport is projected to open by the end of 2013 with an annual passenger capacity of 24 million.
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Source : CIA |
Company Name : WAAREE QATAR WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 4th January 2009
Commercial Registration Number : 41307, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 5
Activities : Distributors of control systems, regulators, instrumentation, oilfield and
pressure testing equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
WAAREE QATAR WLL
Registered &
Physical Address
Location : Salwa Road
PO Box : 17481
Town : Doha
Country : Qatar
Telephone : (974) 44680814 / 55635639 / 55908181
Facsimile : (974) 44684372
Email : monesh.shroff@swme.ae / monesh.shroff@waaree.com.qa / ketan@waaree.com.qa
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Doha.
Name Position
·
Monesh
Shroff Country
Manager
·
Niakhil
Shah Accounts
and Sales Manager
Date of Establishment : 4th
January 2009
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 41307, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Name of Shareholder
(s) Percentage
·
Hassan
Al Baker 51%
·
Waaree
Instruments Ltd 49%
India
·
Shree
Waaree Middle East LLC
Dubai
Tel: (974) 3232023
Activities: Engaged in the import and distribution of control
systems, regulators, instrumentation, oilfield and pressure testing equipment.
Import
Countries: Europe and the
Far East.
Brand Names: AMETEK, AUTROL, BEAMEX, CESARE BONETTI,
DWYER, ELIS PLZEN, INOR, KELLER, KIMO, , MACNAUGHT, MERCOID, NIVELCO and
PROXIMITY
Operating Trend: Steady
Subject has a
workforce of approximately 5 employees.
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Revenue QR 7,650,000 QR 8,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
Paribas
PO Box: 2636
Doha
Tel: (974) 44430346 / 44430344
Fax: (974) 44430121
No complaints
regarding subject’s payments have been reported.
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
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UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.