MIRA INFORM REPORT

 

 

Report Date :

23.12.2014

 

IDENTIFICATION DETAILS

 

Name :

Q CHEM II DISTRIBUTION CO LTD

 

 

Registered Office :

West Bay Area 24646 Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

20.10.2005

 

 

Com. Reg. No.:

31547, Doha

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distribution and Transportation of Chemical Products.

 

 

No. of Employee :

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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                                    : Q CHEM II DISTRIBUTION CO LTD

Country of Origin                                   : Qatar

Legal Form                                           : Limited Liability Company

Registration Date                                  : 20th October 2005

Commercial Registration Number           : 31547, Doha

Chamber Membership Number               : 10339/1

Issued Capital                                       : QR 1,000,000

Paid up Capital                                     : QR 1,000,000

Total Workforce                         : 120

Activities                                               : Distribution and transportation of chemical products.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Manglore Abdulrahman, Financial Controller

 

 

 

COMPANY NAME

 

Q CHEM II DISTRIBUTION CO LTD

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : West Bay Area

 

PO Box            : 24646

 

Town                : Doha

Country : Qatar

 

Telephone         : (974) 44847111 / 44847140 / 44847128 / 44847110 / 44847604 / 44847155

Facsimile          : (974) 44835663

Mobile              : (974) 55756773

Email                : mcemerson@qchem.com.qa

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed Al Emadi                                                                              General Manager

 

·       Nabil Al Saad                                                                                   Operations Manager

 

·       Michael Emerson                                                                              Finance Manager

 

·       Manglore Abdulrahman                                                                     Financial Controller

 

·       Paradeep Kumar                                                                               Planning Manager

 

·       Lark Messe                                                                                       Marketing Manager

 

·       Sayed Wafi                                                                                      Public Relations Manager

 

·       Atif El Behiri                                                                                     Assistant Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th October 2005, however operations did not begin until 1st July 2010

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 31547, Doha

 

Chamber Member No.  : 10339/1

 

Issued Capital              : QR 1,000,000

 

Paid up Capital            : QR 1,000,000

 

Name of Shareholder (s)                             Percentage

 

·       Qatar Petroleum                                           51%

Doha

 

·       Chevron Philips Chemical                              49%

United States of America

 

 

AFFILIATED COMPANIES

 

·       Q Chem I Distribution Co Ltd

Doha

CR No. 45536

 

·       Qatar Chemical Co Ltd (I)

Doha

CR No. 21119

 

·       Qatar Chemical Co Ltd (II)

Doha

CR No. 31144

 

·       Ras Laffan Olefins Ltd

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import, distribution and transportation of chemical products.

 

Import Countries: Europe and GCC countries.

 

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

 

·       Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44428686

Fax: (974) 44428734

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the companies correct name is “Q Chem II Distribution Co Ltd” and not “Q Chem IT Distribution Co”.

 

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.63.17

UK Pound

1

Rs.98.85

Euro

1

Rs.77.42

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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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