MIRA INFORM REPORT

 

 

Report Date :

08.07.2014   

 

IDENTIFICATION DETAILS

 

Name :

QUALITY ENGINEERING & SERVICES WLL

 

 

Registered Office :

Street No. 29, Gate No. 188 Industrial Area PO Box 9130 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.05.2006

 

 

Com. Reg. No.:

50733, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Engaged as engineering contractors and providers of services for steel fabrication

 

 

No. of Employees

190

 

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

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                                     : QUALITY ENGINEERING & SERVICES WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 17th May 2006

Commercial Registration Number            : 50733, Doha

Membership Number                              : 25999/1

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 190

Activities                                               : Engineering contractors and providers of services for steel fabrication

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Sursh Shashidharn, Human Resources Officer

 

 

 

 

COMPANY NAME

 

QUALITY ENGINEERING & SERVICES WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Street No. 29, Gate No. 188

Area                 : Industrial Area

PO Box             : 9130

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44500701 / 44500901 / 44506898 / 44506960

Facsimile          : (974) 44506195

Email                : info@qesqatar.com / qesqatar@gmail.com

 

Please note that subject’s previous address was, Street No. 25, Gate No. 91, Industrial Area, Doha.

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       Al Hilal Street                                                                                   Office premises 

Doha

Tel: (974) 44419190

Fax: (974) 44418190

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                     Position

 

·       Shams Uddine Olagara                                     Indian                         Managing Director

 

·       Ibrahim Abdullah Al Maliki                                 Qatari                        Director

 

·       Sajiv Pushpamangala                                           -                            General Manager

 

·       Sambashivan Murgan                                           -                            Sales Manager

 

·       Thomas George                                                   -                            Operations Manager

 

·       Mins Mathews                                                     -                            Finance Manager

 

·       Sursh Shashidharn                                               -                            Human Resources Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 17th May 2006

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 50733, Doha

 

Membership No.          : 25999/1

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Ibrahim Al Maliki                                                            51%

 

·       Shams Uddine Olagara                                                   49%

 

 

AFFILIATED COMPANIES

 

·       Quality Food & Services WLL

Doha

 

·       Qatar Food & Services WLL

Doha

 

·       Middle East Importer WLL

     Doha

 

·       Creative Advertising WLL

     Doha

 

·       Qatar Modern Transport WLL

Doha

 

·       Quality Management Services WLL

Doha

 

·       Quality Hydraulic Services WLL

Doha

 

·       Quality Central Department Stores WLL

Doha

 

·       Quality Printing Press WLL

Doha

 

·       Quality Hypermarkets WLL

Doha

 

 

OPERATIONS

 

Activities: Engaged as engineering contractors and providers of services for steel fabrication.

 

 Subject is currently engaged in the provision of steel fabrication  for the Doha New International Airport.

Industrial Fabrication & Product Examples:

·         Structural Steel Fabrication and Erection

·         Tanks and Pipings

·         Skids

·         Platforms and ladders

·         Bins

·         Cylinder racks

·         Bridge supports

·         Garbage skips

·         Manifold works

·         Concrete Buckets

·         Towers

·         Shelves and Racks

·         Office and Toilet Containers

·         Fuel and Water Tanks

·         Man baskets

·         Sylos

·         Porto Cabins

Import Countries: India and China

 

International Suppliers:

 

·       Danube Building Material Trading LLC United Arab Emirates

·       Madar Building Material Co                            Qatar

 

Clients:

 

·       Bilfinger Berger

·       Byrne

·       Chec

·       Gac

·       Gulf Drilling International

·       KPS

·       Leighton

·       Lodige Systems

·       Euro Technology

·       Mowasalat

·       Prysmian

·       Punj Lloyd

·       QDVC

·       Six Construct

·       Strabag

·       Terna

·       Thyssen Krupp

·       Weatherford

·       Medmac

·       Akhtar Al Jaber Co

 

Operating Trend: Steady

 

Subject has a workforce of approximately 190 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 Sales                                QR 13,700,000                          QR 14,150,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local 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.59.95

UK Pound

1

Rs.102.78

Euro

1

Rs.81.39

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIS

 

               

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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