|
Report Date : |
12.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC) |
|
|
|
|
Registered Office : |
Toyota Tower, 5th Floor, PO Box : 16069 Doha |
|
|
|
|
Country : |
Qatar |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
August, 1989 |
|
|
|
|
Com. Reg. No.: |
12098 |
|
|
|
|
Legal Form : |
With Limited Liability |
|
|
|
|
Line of Business : |
Distributors of oilfield equipment and supplies |
|
|
|
|
No. of Employees : |
300 |
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 : |
Good |
|
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 – 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 |
|
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. 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 :
PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC)
Country of Origin :
Qatar
Legal Form :
With Limited Liability - WLL
Registration Date :
August 1989
Commercial Registration Number :
12098, Doha
Issued Capital :
QR 10,000,000
Paid up Capital :
QR 10,000,000
Total Workforce :
300
Activities :
Distributors of oilfield equipment and supplies
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Nisha Anadthant, Senior Accountant
PETROLEUM TECHNOLOGY COMPANY WLL (PETROTEC)
Registered &
Physical Address
Location : Toyota Tower,
5th Floor
PO Box : 16069
Town : Doha
Country : Qatar
Telephone : (974) 44419603
Facsimile : (974) 44419604
Email : sunil@petrotec.com
/ nisha@petrotec.com
/ petrotec@qatar.net.qa
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Doha.
Name Position
Clifford W Lasrado Managing
Director
Fahad Al Fardan Director
Salah Jaidah Director
Sunil Kumar General
Manager
Ms Nisha Anadthant Senior
Accountant
Venkat Kendala Procurement
Manager
Date of Establishment : August 1989
Legal Form : With Limited
Liability - WLL
Commercial Reg. No. : 12098, Doha
Issued Capital : QR 10,000,000
Paid up Capital : QR 10,000,000
Name of
Shareholder (s)
Clifford W Lasrado
Fahad Al Fardan
Salah Jaidah
Qatar Welding & Fabrication Supplies Co
Doha
Qatar Calibration Company
Doha
Activities: Engaged in the import and distribution of oilfield equipment and
supplies including electro-mechanical equipment, instrumentation and controls,
drilling equipment, process and chemicals as well as safety equipment.
Import Countries: Europe and the United States of America.
International Suppliers:
R Stahl AG Germany
Rotork Plc United
Kingdom
Garlock Sealing Technologies United
States of America
Dresser Inc. United
States of America
Swagelok Company United
States of America
Operating Trend: Steady
Subject has a workforce of approximately 300 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
239,600,000 QR 251,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Ms Nisha Anadthant, Senior Accountant
Banque Paribas
Rayyan Road
PO Box: 2636
Doha
Tel: (974) 44430346 / 44430344
Fax: (974) 44430121
No complaints regarding subject’s payments have been reported.
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.58.92 |
|
|
1 |
Rs.91.80 |
|
Euro |
1 |
Rs.78.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.