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Report Date : |
20.07.2013 |
IDENTIFICATION DETAILS
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Name : |
AGE CORPORATION WLL |
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Registered Office : |
Mushreib Centre Kharba Street PO Box
13681Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.08.2010 |
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Com. Reg. No.: |
28047/2 Doha |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject operates several divisions like Oil Division,
EBM Division, Cosmetics Division, Plant Hiring Division |
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No. of Employees : |
40 |
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 |
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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 : AGE CORPORATION WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 1st August 2010
Commercial Registration Number : 28047/2 Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 40
Activities : Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hama Venod, Finance Manager
AGE CORPORATION WLL
Building : Mushreib Centre
Street : Kharba
Street
PO Box : 13681
Town : Doha
Country : Qatar
Telephone : (974) 44354230
Facsimile : (974) 44354238
Email : age@qatar.net.qa
/ vrdsinicon@gmail.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Doha.
Name Nationality Position
· Ramdaz V Nair Indian Managing
Director
· Sheikh Khalid Bin
Jassim Al Thani Qatari Director
· Hama Venod - Finance
Manager
· Venay Davedaz - Sales
Manager
Date of
Establishment : 1st
August 2010
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 28047/2 Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
· Ramdaz V Nair
· Sheikh Khalid Bin
Jassim Al Thani
· Body Glaze Ltd
Doha
Activities: Subjects operations are performed through the following divisions:
·
Oil Division
Engaged
in the import and distribution of equipment and materials for the gas and oil
sector.
·
EBM Division
Engaged in the
import and distribution of fast moving consumer goods, construction materials
and electrical and plumbing products.
·
Cosmetics Division
Engaged
in the import and distribution of cosmetics.
·
Plant Hiring
Division
Engaged
in the provision of construction equipment for hiring.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 40 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
1,870,000 QR
2,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Hama Venod, Finance Manager
·
HSBC Bank Middle East
Abdulla Bin Jassim Street
PO Box: 57
Doha
Tel: (974) 44423124
Fax: (974) 44416353
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the quality
of its products with nothing detrimental uncovered regarding the manner in
which operations are conducted. As such the company is considered to be a fair
trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.79 |
|
|
1 |
Rs.91.03 |
|
Euro |
1 |
Rs.78.52 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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.