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Report Date : |
12.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CORRO TECH WLL |
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Registered Office : |
Umm Sayed City |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
27.01.2006 |
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Com. Reg. No.: |
32301, |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject is engaged in the import and distribution of construction and
concrete chemicals including micro silica, fly ash, and concrete admixtures |
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No. of Employees : |
120 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Qatar |
B1 |
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 grew sharply 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. GDP slowed to 6.6% in 2012 as Qatar''s gas sector expansion moved toward completion. 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 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 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, light rail system, and the Qatar-Bahrain causeway. The Hamad International Airport is projected to open by the end of 2013 with an annual passenger capacity of 24 million
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Source
: CIA |
Company Name : CORRO TECH WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 27th January 2006
Commercial Registration Number : 32301, Doha
Membership Number : 11312/1
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 120
Activities : Distributors of construction and concrete chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mesbah Ahmed Tawfik, Finance Manager
CORRO TECH WLL
Location : Umm Sayed
City
PO Box : 22849
Town : Doha
Country : Qatar
Telephone : (974) 44500840
Facsimile : (974) 44500830
Mobile : (974)
55290390 / 55551084
Email : admin@corrotechqatar.com
Please note that the subject moved premises from Industrial Area, Street
No. 18, Gate No. 70 on 1st January 2013.
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Doha.
Name Nationality Position
· Issam Ahmed
Chaltaf Palestinian Managing
Director
· Abdulrahman Sultan
Fakhroo Qatari Director
· Mesbah Ahmed
Tawfik - Finance
Manager
· Saif Al Obaidi - Commercial
Manager
Date of
Establishment : 27th
January 2006
Legal Form : With Limited
Liability – WLL
Commercial Reg.
No. : 32301, Doha
Membership No. : 11312/1
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
· Issam Ahmed
Chaltaf
· Abdulrahman Sultan
Fakhroo
· International
Press Logistics (IPL)
Doha
Activities: Engaged in the import and distribution of construction and concrete
chemicals including micro
silica, fly ash, and concrete
admixtures.
In January 2009, subject completed construction on its manufacturing
facility which produces concrete
admixtures.
Subject has also launched a transportation
division with Cement Bulkers to serve all ready mix companies
in the Qatar market
Import Countries: India, Spain, France and South Africa
International Suppliers:
· Ashtech India Pvt.
Ltd India
· FerroAtlantica Spain
· Chryso France
· Ash Resources South
Africa
Operating Trend: Steady
Subject has a workforce of 120 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
75,280,000 QR
77,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mesbah Ahmed Tawfik, Finance
Manager
·
International Bank of Qatar
Al Saad Branch
Doha
Tel: (974)
44478000
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.44 |
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|
1 |
Rs.102.48 |
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Euro |
1 |
Rs.84.28 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.