MIRA INFORM REPORT
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Report Date : |
01.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ARABIAN CONSTRUCTION ENGINEERING CO (ACEC) |
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Registered Office : |
Wakara Tower, 5th Floor, Al
Ashmak Business Centre, Al Salfia Street, PO Box: 1277,
Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1971 |
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Com. Reg. No.: |
4428 |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s operations are performed through the following divisions: Distribution Division, Contracting Division,
Manpower Division, EPC Division, Commercial Division, Construction Division |
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No. of Employees : |
750 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 :
ARABIAN CONSTRUCTION ENGINEERING CO (ACEC)
Country of Origin :
Qatar
Legal Form :
With Limited Liability - WLL
Registration Date :
1971
Commercial Registration Number :
4428, Doha
Chamber Membership Number :
13/1
Issued Capital :
QR 50,000,000
Paid up Capital :
QR 50,000,000
Total Workforce :
750
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
C D Mathews, Finance Manager
ARABIAN CONSTRUCTION ENGINEERING CO (ACEC)
Registered &
Physical Address
Building : Wakara Tower, 5th Floor, Al Ashmak Business Centre
Street : Al Salfia Street
PO Box : 1277
Town : Doha
Country : Qatar
Telephone : (974) 44414862
/ 44063777
Facsimile : (974) 44430112
Email : acec1277@qatar.net.qa / acecmain@acecgroup.com
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Doha.
Name Position
Sheikh Hamad Bin Jassim Bin Mohammed Al Thani Managing Director
Sheikh Faisal Bin Jassim Bin Mohammed Al Thani Director
Ghalib Wassi Shoush General
Manager
C
D Mathews Finance
Manager
Essam Al Zaharana Assistant
Finance Manager
Augustine Fernandes Commercial
Manager
Rami Al Mosharafi Business
Development Manager
Pardeep Matreet Project
Manager
Ranjeet Dadou Administration
Manager
Date of Establishment : 1971
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 4428, Doha
Chamber Member No. : 13/1
Issued Capital : QR 50,000,000
Paid up Capital : QR 50,000,000
Name of
Shareholder (s) Percentage
Sheikh Hamad Bin Jassim Bin Mohammed Al Thani 100%
Greenland International Enterprises
PO Box: 4976
Doha
Tel: (974) 44410385
Fax: (974) 44438062
Barzan Medical Supplies
PO Box: 4961
Doha
Tel: (974) 44410270
Fax: (974) 44430094
Gulf Agency Qatar
PO Box: 6534
Doha
Tel: (974) 44315222
Fax: (974) 44433057
Heman Middle East
PO Box: 1277
Doha
Tel: (974) 44417521
Fax: (974) 44430112
Overseas Travel Bureau
PO Box: 22165
Doha
Tel: (974) 44435999
Fax: (974) 44439299
Overseas Cargo
PO Box: 21819
Doha
Tel: (974) 44994755
Fax: (974) 44995756
Qatar Mobile Telephone & Communication Systems
PO Box: 4461
Doha
Tel: (974) 44418999
Fax: (974) 44327674
Qatar Geotechnical and Environmental Co
PO Box: 22054
Doha
Tel: (974) 44501473
Fax: (974) 44501537
Qatar Modern Instrument & Control Co WLL (QM Controls)
PO Box: 6429
Doha
Tel: (974) 44432326 / 44372895
Fax: (974) 44432460
TNT Express Worldwide
PO Box: 3739
Doha
Tel: (974) 44622262
Fax: (974) 44622911
Arabian Electro Mechanical International Constructors
PO Box: 1277
Doha
Tel: (974) 44417521
Fax: (974) 44430112
Arabian Oilfield Well Drilling & Services Est (AODS)
PO Box: 1277
Doha
Tel: (974) 44414862
Fax: (974) 44430112
Activities: Subject’s
operations are performed through the following divisions:
Distribution Division
Engaged in the distribution, wholesale and retail of spare parts for cars,
air conditioning units, electrical goods, construction materials, heavy
machinery, earth moving equipment and oil field supplies.
Contracting Division
Industrial project tendering, including construction of onshore and
offshore drilling rigs, as well as manpower provision and civil engineering
works.
Manpower Division
Under this division subject is engaged in the outsourcing of manpower.
EPC Division
ACEC EPC
DIVISION organize to maintain up-to date on going contracts with various
clients; A constant communication with a client’s / consultants to promote the
company principals and also to gain or establish a good business relation
between the vendors the suppliers. EPC division will be the focal point of all
the principals/customers/consultants for all the local projects being handled
in Qatar.
Commercial Division
ACEC
Commercial Division is mainly deals with the post contract projects represented
by many International Companies in various fields mainly for Power Utilities,
Government and Semi Government Organizations for the supply of various services
specially: repair and refreshment of gas and steam turbine components, air
filter systems, special coating services, supplying transformer and package
substations, pipe and fittings for construction of sewage and treatment plants.
Construction Division
ACEC is an
“A+ Class” Civil contractor classified by Central Tenders Committee, which is
operational for the past 32 years. ACEC has successfully executed a wide range
of prestigious infrastructure and development projects in State of Qatar. From
our list of projects you will note that we have been associated with several
prestigious ones in the State of Qatar The major projects has been implemented
by ACEC are in the fields of Structural and Civil Engineering, Commercial
Buildings, Public Health Engineering Sectors and Water Networks.
Import Countries: United
Kingdom, Germany, Italy, Switzerland and the Netherlands
International Suppliers:
Fiat Allis United
Kingdom
Westinghouse Brake & Signal Co United
Kingdom
Naylor Industries Plc United
Kingdom
Robert Watson & Co United
Kingdom
Fyne United
Kingdom
NEI International Combustion Ltd United
Kingdom
Cementone Beaver Ltd United
Kingdom
Euroquipment United
Kingdom
Sermetal Germany
Siemens Germany
Kraftwerk Union Germany
Aifo Italy
Fiat Italy
Ricchetti Italy
Belleli Italy
Van Roll Switzerland
Mulder The
Netherlands
Operating Trend: Steady
Subject has a workforce of approximately 750 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 Sales QR
118,705,000 QR 126,646,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr C D Mathews, Finance Manager
Standard Chartered Bank
PO Box: 29
Doha
Tel: (974) 44414252
Fax: (974) 44413739
Doha Bank Ltd
PO Box: 3818
Doha
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
Mashreq Bank
PO Box: 173
Doha
Tel: (974) 44413213 / 44414932
No complaints regarding subject’s payments have been reported.
Investigations undertaken in Doha revealed that subject is well
established in the local business community with operations dating back to
1971. The company is run in a professional manner and is owned by Sheikh Hamad
Bin Jassim Bin Mohammed Al Thani, who is a prominent Qatari businessman.
The company deals with a host of well known international suppliers and
enjoys a good reputation for the quality of its products.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.70 |
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|
1 |
Rs.91.14 |
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Euro |
1 |
Rs.77.97 |
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.