MIRA
INFORM REPORT
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Report Date : |
11.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AL BALAGH TRADING
& CONTRACTING CO WLL |
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Registered Office : |
Al Balagh
Building, D Ring Road, Al Hilal Area, P O Box 5777, Doha |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1975 |
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Com. Reg. No.: |
15327, |
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Legal Form : |
With Limited Liability |
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Line of Business : |
Subject’s operations are performed through
the following divisions: Construction
Division Engaged as general construction contractors with an A grade classification. The division undertakes to execute medium and large projects on turnkey basis as main contractor in construction of commercial complexes, sports facilities, industrial projects and various purpose built projects having clientele of all the ministries and quasi Govt. organizations in Qatar. Mechanical Gas
& Oil Field Division Providers of construction and maintenance needs of onshore/offshore oil and gas industries. Trading Division Distributors of engineering products, industrial consumables, equipment, electrical, safety & security, building hardware, tools and chemicals. Medical Division Distributors of medical equipment, dental equipment and laboratory products. |
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No of Employees : |
275
(Approximately) |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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. 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.
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Source
: CIA |
SUMMARY
Company Name : AL BALAGH TRADING & CONTRACTING CO WLL
Country of Origin : Qatar
Legal Form : With Limited Liability – WLL
Start Date : 1975
Registration Date : 1st January 1991
Commercial Registration Number : 15327, Doha
Chamber Membership Number : 723/1
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Total Workforce : 275
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Henry D’Souza, Finance Manager
COMPANY NAME
AL BALAGH TRADING & CONTRACTING CO WLL
company ADDRESS
Registered &
Physical Address
Building : Al Balagh Building
Street : D Ring Road
Area : Al Hilal Area
PO Box : 5777
Town : Doha
Country : Qatar
Telephone : (974) 44667714 / 44667715 / 44667716
Facsimile : (974) 44660040
Email : albalagh@albalagh.com / henry@albalagh.com
Premises
Subject operates
from a large suite of offices and a warehouse that are owned and located in the
Suburban Business Area of Doha.
Branch Offices
Subject has branch offices and showrooms located in Doha, Najma and
Mushaireb.
KEY PRINCIPALS
Name Position
·
Sherida
Saeed Jubran Al Kaabi Managing
Director
·
Mrs
Noura Rashid Mohamed Al Kaabi Director
·
Srinivasan Venkitishan General
Manager
·
Henry
D’Souza Finance
Manager
·
Albert Rijo Sales
Manager – Medical Division
·
Suresh Kumar Sales
Manager – Construction Division
·
K Sujair Sales
Manager – Mechanical Division
·
Chacko Baby Construction
Manager
·
Ajo George Administration Executive
LEGAL FORM & OWNERS
Date of Establishment : Subject’s
operations date back to 1975, however it was registered on 1st
January 1991
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 15327, Doha
Chamber Member No. : 723/1
Issued Capital : QR 5,000,000
Paid up Capital : QR 5,000,000
Name of Shareholder
(s) Percentage
·
Sherida
Saeed Jubran Al Kaabi 90%
·
Mrs
Noura Rashid Mohamed Al Kaabi 10%
AFFILIATED COMPANIES
·
Al
Balagh Scoor Co WLL
PO Box: 5777
Doha
Tel: (974) 44320735
Fax: (974) 44440736
·
Al
Balagh Dynaspex Co
Doha
·
Doha
Floors Co
Doha
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
·
Construction
Division
Engaged as general construction
contractors with an A grade classification
The division undertakes to execute medium
and large projects on turnkey basis as main contractor in construction
of commercial complexes, sports facilities, industrial
projects and various purpose built projects having clientele of all the
ministries and quasi Govt. organizations in Qatar.
·
Mechanical
Gas & Oil Field Division
Providers of construction and maintenance
needs of onshore/offshore oil and gas industries.
·
Trading
Division
Distributors
of engineering products, industrial consumables, equipment, electrical, safety
& security, building hardware, tools and chemicals.
·
Medical
Division
Distributors of medical equipment, dental equipment and laboratory
products.
Import
Countries: Italy, Spain,
Denmark and the United Kingdom.
International
Suppliers:
·
Titan United
Kingdom
·
Franklin
Hodge United Kingdom
·
Albert
Seglar
·
Ventomatic Italy
·
Gunnebo Spain
·
Ulma
Forja Spain
·
Logstor
Ror Denmark
·
Dr
Fritz GmbH Germany
Clients:
·
Qatar
Airways
·
Hamad
Medical Corporation
·
Qatar
Petrochemical Corporation
·
Ministry
of Defence
·
Qatar
Gas
Operating Trend: Steady
Subject has a workforce
of approximately 275 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue QR 340,000,000 QR
314,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr. Henry D’Souza, Finance Manager
BANKERS
·
Doha
Bank Ltd
PO Box: 3818
Doha
Tel: (974) 44435444
Fax:
(974) 44416631 / 44410625
·
Qatar
National Bank SAQ
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 4415020
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction January
2012
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
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.61.55 |
|
|
1 |
Rs.103.50 |
|
Euro |
1 |
Rs.82.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.