MIRA INFORM REPORT

 

 

Report Date :

22.08.2014

 

IDENTIFICATION DETAILS

 

Name :

QATAR PETROCHEMICAL MARKETING AND DISTRIBUTION COMPANY  (MUNTAJAT) QJSC

 

 

Registered Office :

Dana Tower, West Bay, 24445, Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

01.12.2012

 

 

Com. Reg. No.:

57121

 

 

Legal Form :

Qatari Joint Stock Company

 

 

Line of Business :

Marketing of petroleum, petrochemical, polymer and fertilizer products.

 

 

No of Employees :

120

 

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 :

Satisfactory

 

 

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 – June 01, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

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

 

SUMMARY

 

Company Name                         : QATAR PETROCHEMICAL MARKETING AND DISTRIBUTION COMPANY

                                                  (MUNTAJAT) QJSC

Country of Origin                        : Qatar

Legal Form                                : Qatari Joint Stock Company

Registration Date                       : 1st December 2012

Commercial Registration Number: 57121

Chamber Membership Number    : 29951

Issued Capital                            : QR 365,000,000

Paid up Capital                          : QR 365,000,000

Total Workforce                         : 120

Activities                                   : Marketing of petroleum, petrochemical, polymer and fertilizer products.

Financial Condition                     : Undetermined

Payments                                 : Nothing detrimental uncovered

 

COMPANY NAME

 

QATAR PETROCHEMICAL MARKETING AND DISTRIBUTION COMPANY (MUNTAJAT) QJSC

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Al Dana Tower

Area                 : West Bay

PO Box             : 24445

Town                 : Doha

Country             : Qatar

Telephone         : (974) 40132574 / 40211000

Facsimile          : (974) 40139140 / 40211601

Email                : info@muntajat.qa

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Doha.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Dr Mohammed Bin Saleh Al Sada                                                           Chairman

 

Abdulrahman Ahmad Al Shaibi                                                                Vice Chairman

 

Abdulrahman Ali Al Abdulla                                                                     Director

 

Saad Abdulla Al Kuwari                                                                          Director

 

Ali Nasser Telfat                                                                                    Director

 

Rafic Naamani                                                                                       Marketing Manager

 

Yousef Jeham Al Kuwari                                                                         Sales Manager

 

Dr Mark Betts                                                                                        Operations Manager

 

Robert W F Chouffot                                                                               Planning Manager

 

Khalid Ali Al Naemi                                                                                Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st December 2012

 

Legal Form                  : Qatari Joint Stock Company

 

Commercial Reg. No.  : 57121

 

Chamber Member No. : 29951

 

Issued Capital              : QR 365,000,000

 

Paid up Capital            : QR 365,000,000

 

Name of Shareholder (s)                                          Percentage

 

Government of Qatar                                                      100%

 

 

OPERATIONS

 

Activities: Engaged in the marketing of petroleum, petrochemical, polymer and fertilizer products.

 

Muntajat is set to become the face of Qatar in the international chemicals and petrochemicals market. The new company will consolidate chemical and petrochemical marketing and distribution efforts into a single entity to provide adroitness in doing business and better serve global demands.

 

Within 3 months of its launch Muntajat has become responsible for exporting 68.8% in volume of Qatar’s chemical and petrochemical products.

 

On 20th July 2014 Muntajat signed a two year contract with Qatar Navigation QSC for the time charter of the LPG/C Almarona to primarily transport ammonia exports from Qatar to Muntajat customers around the world.

 

Subject has a workforce of 120 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

Doha Bank Ltd

PO Box: 3818

Doha

Tel: (974) 44435444

Fax: (974) 44416631 / 44410625

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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.60.77

UK Pound

1

Rs.100.72

Euro

1

Rs.80.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SMN

 

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.