MIRA INFORM REPORT

 

 

Report Date :

21.02.2013

 

IDENTIFICATION DETAILS

 

Name :

GHULOOM & JASSIM ABNAH FARAJ MOHAMED

 

 

Registered Office :

Souq Qakef Street Al Souq Al Kadim PO Box 766 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2012

 

 

Year of Incorporation :

1991

 

 

Com. Reg. No.:

5816, Doha

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Wholesale and retail of general foodstuff products.

 

 

No. of Employees :

30

 

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                                     : GHULOOM & JASSIM ABNAH FARAJ MOHAMED

Country of Origin                                    : Qatar

Legal Form                                            : General Partnership

Registration Date                                   : 1991

Commercial Registration Number            : 5816, Doha

Chamber Membership Number                : 1423

Partners Capital                                     : QR 200,000

Total Workforce                                     : 30

Activities                                               : Wholesale and retail of general foodstuff products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

GHULOOM & JASSIM ABNAH FARAJ MOHAMED

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Souq Qakef Street

Area                 : Al Souq Al Kadim

 

PO Box             : 766

 

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44422361 / 44606833 / 44435753 / 44437296

Facsimile          : (974) 44437296 / 44422672

Email                : farajdoha@yahoo.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Hamd Al Kabeer Street                                                                      Rented showroom premises

Souk Al Shuabeya                                                                           

Doha

     Tel: (974) 44414178

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ghuloom Faraj Mohamed                                                                   Managing Partner

 

·       Jassim Faraj Mohamed                                                                      Partner

 

·       Nemat Faraj                                                                                      General Manager

 

·       Mohamed Abdul Rashid                                                                     Sales Manager

 

·       Hisham Zakie                                                                                    Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1991

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 5816, Doha

 

Chamber Member No. : 1423

 

Partners Capital           : QR 200,000

 

Name of Partner (s)

 

·       Ghuloom Faraj Mohamed

 

·       Jassim Faraj Mohamed

 

 

AFFILIATED COMPANIES

 

·       Golden Centre for Sweet

Doha

 

·       Al Mahadia Trading Co

Doha

     Qatar

     Tel: (974) 44422089

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuff products, including rice, sugar and spices.

 

Import Countries: Europe and Asia

 

Brand Names: AL FARAJ and AL ARD AL TAYIBA

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/11:                Year Ending 31/12/12:

 

Total Sales                                QR 13,600,000                          QR 14,100,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44428686

Fax: (974) 44428734

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              March 2008

Credit amount                                        70,000

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Euros

 

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.05

UK Pound

1

Rs.83.45

Euro

1

Rs.72.53

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.