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Report Date : |
27.07.2013 |
IDENTIFICATION DETAILS
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Name : |
PRIME DURABLES COMPANY WLL |
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Registered Office : |
Mercure Grand Hotel, Suite |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.07.1980 |
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Com. Reg. No.: |
12990, |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Distributors of household items, watches and sports items. |
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No. of Employees : |
30 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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 : PRIME DURABLES COMPANY WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 18th July 1980
Commercial Registration Number : 12990, Doha
Chamber Membership Number : 329
Issued Capital : QR 495,500
Paid up Capital : QR 495,500
Total Workforce : 30
Activities : Distributors of household items, watches and sports items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : M Menon, General Manager
PRIME DURABLES COMPANY WLL
Building : Mercure
Grand Hotel, Suite No. 75
Street : Wadi
Musherib Street
PO Box : 16576
Town : Doha
Country : Qatar
Telephone : (974) 44436302
Facsimile : (974) 44417479
Email : pdco@qatar.net.qa
/ prime@primedurables.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Doha.
Name Nationality Position
· Mohamed Ahmed
Abdul Nabi Abbas Emirati Managing
Director
· Ibrahim Ahmed
Abdul Nabi Abbas Emirati Director
· M Menon - General
Manager
Date of
Establishment : 18th
July 1980
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 12990, Doha
Chamber Member No. : 329
Issued Capital : QR 495,500
Paid up Capital : QR 495,500
· Adnan Saad Al
Nuaimi
· Jawahir Adnan Saad
Al Nuaimi
· Hadi Enterprises
LLC
Dubai
· Al Abbas Group
Dubai
Activities: Engaged in the import and distribution of household items, including
glassware, cutlery and ironing boards as well as watches and sports items.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 30 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
9,210,000 QR
10,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr M Menon, General Manager
·
Qatar International Islamic Bank
PO Box: 664
Doha
Tel: (974) 44435535 / 44435548
Fax: (974)
44444101
·
ANZ Grindlays Bank Plc
Rayyan Road
PO Box: 2001
Doha
Tel: (974) 44418222
Fax:
(974) 44428077
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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 |
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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 |
|
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 |
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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.