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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
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Name : |
QATAR CHEMICAL COMPANY LTD (Q-CHEM) |
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Registered Office : |
Salam Tower, 1st
Floor, West Bay, P O Box 24646, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
06.10.1998 |
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Com. Reg. No.: |
21119, Doha |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Production of petrochemicals |
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No. of Employees : |
500 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 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.
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Source : CIA |
Company Name : QATAR CHEMICAL COMPANY LTD (Q-CHEM)
Country of Origin : Qatar
Legal Form : Limited Liability Company
Registration Date : 6th October 1998
Commercial Registration Number : 21119, Doha
Issued Capital : QR 500,000,000
Paid up Capital : QR 500,000,000
Total Workforce : 500
Activities : Production of petrochemicals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Michael Emerson, Finance Manager
QATAR CHEMICAL
COMPANY LTD (Q-CHEM)
Registered &
Physical Address
Building : Salam Tower, 1st Floor
Area : West Bay
PO Box : 24646
Town : Doha
Country : Qatar
Telephone : (974) 44847111 / 44858296 / 44847131
/ 44767777
Facsimile : (974) 44847171 / 44837379 / 44858262
Email : info@qchem.com.qa
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Doha.
Branch Office (s)
Location Description
·
Mesaieed
Industrial City Owned
petrochemical plant
Qatar
Name Position
·
Don Lycette General
Manager
·
Ahmed I
Al Emadi Assistant
General Manager
·
Michael
Emerson Finance
Manager
·
Steven
Jackson Purchasing
Manager
·
Mohammed
Ali Personnel
Manager
·
Ms
Lemia Zahran Administrative
Officer
Date of Establishment : 6th
October 1998
Legal Form :
Limited Liability Company
Commercial Reg. No. : 21119, Doha
Issued Capital : QR 500,000,000
Paid up Capital : QR 500,000,000
Name of Shareholder
(s) Percentage
·
Qatar
Petroleum Corporation (QP) 51%
Al Sadd Plaza
West Bay
PO Box: 3212 / 47 / 70
Doha
Qatar
Tel: (974) 44491491
Fax: (974) 44831125 / 44402020
·
Chevron
Phillips Chemical Company 49%
Subject is partly owned by Qatar Petroleum Corporation (QP) who has
interests in the following concerns:
Name Country
QP Stake
·
National
Oil (Nodco) Qatar 100.00 %
·
Qatar
Petrochemicals Company Qatar 80.00 %
·
Qatar
Fertiliser Company (Qafco) Qatar 100.00 %
·
Qatar
Liquefied Gas Company Ltd (Qatargas) Qatar 65.00 %
·
Arab
Shipbuilding and Repair Yard Co Bahrain
18.80 %
·
Arab
Maritime Petroleum Transport Co (Amptc) Kuwait 13.60 %
·
Arab
Petroleum Investments Corp (Apicorp) Saudi
Arabia 10.00 %
·
Arab
Petroleum Services Co (APSC) Libya 10.00 %
·
Arab
Petroleum Pipeline Co (Sumed) Egypt 5.00 %
·
Arab Engineered
Systems and Control (AESC) UAE 11.40 %
·
Qatar
Europe LNG Company Ltd - 100.00 %
·
Ras
Laffan LNG Company Ltd Qatar 70.00 %
·
Qatar
Fuel Additives Company (Qafac) Qatar 50.00 %
·
Qatar
Clean Energy Company (Qacenco) Qatar 50.00 %
·
Qatar
Water & Electricity Company (QWEC) Qatar 10.00 %
·
Qatar
Shipping Company (QSC) Qatar 10.00 %
·
Qatar
Plastic Production Company Qatar 26.60 %
Activities: Subject operates an integrated
petrochemical plant producing high density polyethylene (HDPE),
metallocene linear low density polyethylene (LDPE) and hexene-1 (alpha olefin) and other associated by-
products using the most up-to-date technology.
Commercial
operations began in late 2002. On 9 June
2003, Q-Chem celebrated the occasion of its first
shipment of polyethylene by containership. To
date, the company has shipped products to more than 40
countries in film and blow moulding
application
Annual
Production Capacity: Ethylene 500,000
tonnes
High
density polyethylene (HDPE) 453,000
tonnes
1-Hexene 47,000 tonnes
Sulphur 36,000 tonnes
Import
Countries: United States of
America, Europe and the Far East.
Subject has a
workforce of approximately 500 employees.
Companies
registered in Qatar are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
HSBC
Bank Middle East
Abdullah Bin Jassim Street
PO Box: 57
Doha
Tel: (974) 44423124
Fax: (974) 44416353
·
Bank of
America
9 Ruffels Place
Republic Plaza Tower
Singapore
No complaints
regarding subject’s payments have been reported.
Qatar Chemical Company
Ltd (Q-Chem) was registered in 1998 and began commercial operations in late
2002. The company operates an integrated petrochemical plant producing high
density polyethylene (HDPE), metallocene linear low density polyethylene (LDPE)
and hexene-1 (alpha olefin).
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled.
Q-Chem is owned by
the well known and financial strong Qatar Petroleum Corporation (QP) and
Chevron Phillips Chemical Company of the US. As such we are of the opinion that
the subject would not enter into financial transactions it could not see its
way clear to fulfil.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
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UK Pound |
1 |
Rs.81.33 |
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Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.