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Report Date : |
05.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SAADCO TRADING
AND CONTRACTING WLL |
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Registered Office : |
Street No. 12, Gate
No. 88, Industrial Area 5416 |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1981 |
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Com. Reg. No.: |
7967, |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Subject’s
operations are performed through the following divisions: ·
Contracting Division Engaged as general
contractors, specialising in steel erection and scaffolding work. ·
General Trading Division Engaged in the import and distribution of steel and timber. |
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No. of Employees : |
450 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Qatar |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 is driven largely by changes in
oil prices and by investment in the energy 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 50% 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 about 57 years. Qatar's proved reserves of natural gas exceed 25 trillion
cubic meters, about 13% of the world total and third largest in the world.
Qatar's successful 2022 World Cup bid is accelerating large-scale infrastructure
projects such as Qatar's metro system, light rail system, the construction of a
new port, roads, stadiums and related sporting infrastructure. The new Hamad
International Airport is expected to open in mid-2014 with an annual passenger
capacity of 24 million on initial opening and 50 million when complete
|
Source
: CIA |
Company Name : SAADCO TRADING AND CONTRACTING WLL
Country of Origin : Qatar
Legal Form :
With Limited Liability - WLL
Registration Date : 1981
Commercial
Registration Number : 7967,
Doha
Issued Capital : QR
200,000
Paid up Capital : QR
200,000
Total Workforce : 450
Activities :
Subject operates several divisions (see below for details)
Financial Condition : Fair
Payments : Nothing
detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mostafa Darwish, General Manager
SAADCO TRADING AND
CONTRACTING WLL
Street : Street No. 12, Gate No. 88
Area : Industrial Area
PO Box : 5416
Town : Doha
Country : Qatar
Telephone : (974) 44602583
Facsimile : (974) 44606369
Mobile : (974) 55554500 / 55806923
Email : saadco62@yahoo.com
Subject operates from
a large suite of offices and a warehouse that are owned and located in the
Industrial Area of Doha.
Name Nationality Position
·
Majelli
Saad M. S. Majelli Qatari Managing
Director
·
Saad
Majelli Saad M. S. Majelli Qatari Director
·
Mostafa Darwish - General
Manager
·
Samih Ramadan
- Sales
Manager
·
Khalid Rashad
- Accounts
Manager
Date of Establishment : 1981
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 7967, Doha
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
·
Majelli
Saad M. S. Majelli
·
Saad
Majelli Saad M. S. Majelli
·
Smart
Trading Company
Street No 27, Gate No 43, Doha
Industrial Area
PO Box: 190324 & 82452
Doha
Qatar
Tel: (974) 44506113
Fax: (974) 44506112
Activities: Subject’s operations are performed through
the following divisions:
·
Contracting Division
Engaged as general contractors,
specialising in steel erection and scaffolding work.
·
General Trading Division
Engaged in the import and distribution of steel and timber.
Import
Countries: Europe and the
United States of America
International
Suppliers:
·
H P International India
·
Rochel International India
·
FAS International India
·
Marbolo Taiwan
·
Universal Tube Dubai,
United Arab Emirates
·
Technical Industries For Laminated Sheets Abu Dhabi, United Arab Emirates
Operating Trend: Steady
Subject has a workforce
of approximately 450 employees.
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales QR 13,275,000 QR 13,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were provided by Mostafa
Darwish, General Manager.
·
Doha
Bank Ltd
PO Box: 3818
Doha
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
No complaints
regarding subject’s payments have been reported.
Credit amount 150,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
According to local sources subject is making steady
progress in the local business market and nothing detrimental has been reported
regarding 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.61.02 |
|
|
1 |
Rs.102.69 |
|
Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
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.