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Report Date : |
08.08.2013 |
IDENTIFICATION DETAILS
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Name : |
AG MIDDLE EAST LANDSCAPING AND IRRIGATION WORKS |
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Registered Office : |
Rayyan Road, Bin Mahmoud Area,
PO Box: 3964,Doha |
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Country : |
Qatar |
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Date of Incorporation : |
21.03.2005 |
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Com. Reg. No.: |
30115 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Provision of landscaping and irrigation services distribution of agricultural
equipment and fertilizers. |
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No. of Employees : |
800 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name :
AG MIDDLE EAST LANDSCAPING AND IRRIGATION WORKS
Country of Origin :
Qatar
Legal Form :
With Limited Liability - WLL
Registration Date :
21st March 2005
Commercial Registration Number :
30115
Issued Capital :
QR 1,107,000
Paid up Capital :
QR 1,107,000
Total Workforce :
800
Activities :
Provision of landscaping and irrigation services distribution of agricultural
equipment and fertilizers.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Asim Boughnam, Financial Manager
AG MIDDLE EAST LANDSCAPING AND IRRIGATION WORKS
Registered &
Physical Address
Street : Rayyan Road
Area : Bin Mahmoud
Area
PO Box : 3964
Town : Doha
Country : Qatar
Telephone : (974) 44419099
/ 44085333
Facsimile : (974) 44354571
Email : aginto@agme.com.qa
/ agme@mannai.com.qa
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Doha.
Name Nationality Position
Sheikh Mohamed Bin Fahd Bin Mohamed Al Thani Qatari Managing
Director
Sheikh Fahd Mohamed Bin Fahd Bin Mohamed Al Thani Qatari Director
Sheikh Hamd Mohamed Bin Fahd Bin Mohamed Al Thani Qatari Director
Ghassan Riyad Oyjan Lebanese Director
Shuaib Kamal Al Alousi - Operations
Manager
Mohamed Ali Kaddam - Procurement
Manager
Marwan Hamam - Maintenance
Manager
Asim Boughnam - Financial
Manager
Date of Establishment : 21st
March 2005
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 30115
Issued Capital : QR 1,107,000
Paid up Capital : QR 1,107,000
Name of
Shareholder (s)
Sheikh Mohamed Bin Fahd Bin Mohamed Al Thani
Sheikh Fahd Mohamed Bin Fahd Bin Mohamed Al Thani
Sheikh Hamd Mohamed Bin Fahd Bin Mohamed Al Thani
Ghassan Riyad Oyjan
Activities: Engaged in the provision of landscaping and irrigation services and
import and distribution of agricultural
equipment and fertilizers.
Import Countries: United States of America
Agencies Held:
Rain Bird United
States of America
Snapper United
States of America
Subject has a workforce of approximately 800 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.
HSBC Bank Middle East
Abdullah Bin Jassim Street
PO Box: 57
Doha
Tel: (974) 44423124
Fax: (974) 44416353
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.39 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.81.70 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.