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Report Date : |
03.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SALAM STUDIOS AND STORES WLL |
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Registered Office : |
Salam Plaza 63 Maysaloum Street 860 West Bay PO Box 121 Doha |
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Country : |
Qatar |
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Date of Incorporation : |
16.04.1983 |
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Com. Reg. No.: |
37, Doha |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the operation of department stores carrying a wide range of
upmarket merchandise including the
retail of fashion products, ladies and gents clothing, shoes, leather
products and perfumes |
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|
|
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No. of Employees |
300 |
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 |
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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 – 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 |
Company Name : SALAM STUDIOS AND STORES WLL
Also Known As : SALAM PLAZA
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Start Date : 1952
Registration Date : 16th April 1983
Commercial Registration Number : 37, Doha
Chamber Membership Number : 1328/1
Issued Capital : QR 20,000,000
Paid up Capital : QR 20,000,000
Total Workforce : 300
Activities : Operators of department stores
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Fouad Abdo Hilal, Finance Manager
SALAM STUDIOS AND STORES WLL
SALAM
PLAZA
Building : Salam Plaza
Street : 63 Maysaloum
Street 860
Area : West Bay
PO Box : 121
Town : Doha
Country : Qatar
Telephone : (974) 44485555
/ 44832050
Facsimile : (974) 44832103
Email : info@salams.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Doha.
Name Position
· Issa Abdul Salam
Abu Issa Chairman
· Ibrahim Mohamed Al
Bittar Managing
Director
· Pierre Khoury Chief
Executive Officer
· Fouad Abdo Hilal Finance
Manager
· Abbas Salman Financial
Controller
· Allam Al Asmar Marketing
Manager
· Mathew Danesh Accounts
Manager
Date of
Establishment : 1952, however
subject was registered on 16th April 1983
Legal Form : With Limited
Liability - WLL
Commercial Reg.
No. : 37, Doha
Chamber Member No. : 1328/1
Issued Capital : QR 20,000,000
Paid up Capital : QR 20,000,000
· Salam
International Investment Co Ltd QSC 100%
Doha
Subject is a member of the Al Salam Group, that was
established in Qatar, but which now has diversified operations not only in
Qatar but also throughout the Arabian Gulf Region. It employs approximately
1,500 people and has a turnover in excess of US$ 240 million.
The Al Salam Group of Companies includes the
following concerns:
· Salam Technical
Services WLL
Town
Centre Shopping Complex, Ground Floor
Salwa
Road
PO Box:
22119
Doha
Tel:
(974) 4684288 / 4836915 / 4860230
Fax:
(974) 4684199 / 4837178
Email: info@salam-tech.com
· Omnix Qatar Co WLL
Salam
Tower, 3rd Floor
Corniche
Street
West Bay
PO Box:
22119
Doha
Tel:
(974) 4838733 / 4684288
Fax:
(974) 4684177
Email: info@omnix.com
· Salam Industries
WLL
· Gulf Industries
Industrial Area
Doha
Qatar
Tel: (974) 4600955
· Salam Petroleum
Salam Tower
Salwa Road
Doha
Qatar
Tel: (974) 4836911
· Atelier 21
Khalifa
Juma Al Naboodah Building
Al
Garhoud Road
Al
Garhoud Area
PO Box:
50797
Dubai
United
Arab Emirates
Tel:
(971-4) 2826160
Fax:
(971-4) 2825539
Email: atelier@emirates.net.ae
· Salam Interconsult
Salam Tower
Salwa Road
Doha
Qatar
Tel:
(974) 4684044
· International
Trading & Contracting WLL
Qatar Insurance
Building, 8th Floor
West Bay
PO Box: 15224
Doha
Qatar
Tel: (974) 4884482
/ 4831415
Fax: (974) 4831422
· Issa Abu Issa
International (I.A.I)
PO Box: 15224
Doha
Qatar
Tel:
(974) 4884482
· Salam Studios
& Stores
Beniyas Street
PO Box: 4199
Dubai
United Arab
Emirates
Tel: (971-4)
2224266
· Salam Enterprises
Sheikh Hamdan
Street
PO Box: 418
Abu Dhabi
United Arab
Emirates
Tel: (971-2)
211300
Fax: (971-2)
333098
· Salam Studios
& Stores
Jeddah
Saudi
Arabia
· Salam Gulf
Distribution
Jebel Ali
PO Box: 6752
Dubai
United Arab
Emirates
Tel:
(971-4) 835180 / 835094
· Salam Studio &
Stores LLC
Qurum Area
PO Box: 889
Muscat
Oman
Tel: (968)
24564071 / 24564072 / 24564073 / 24564074
Fax: (968)
24564075
· Salam Foods Co WLL
Saad Street
PO Box: 121
Doha
Qatar
Tel: (974) 4425148
Fax: (974) 4832103
· Stream Industrial
& Engineering WLL
Salwa Road
PO Box: 22119
Doha
Qatar
Tel: (974) 4684288
Fax: (974) 4684199
· Stream
Electro-Mechanical WLL
Saloua Road
PO Box: 15224
Doha
Qatar
Tel: (974) 4831415
Fax: (974) 4831422
· Stream Trading
& Marketing Co
Amman
Jordan
Activities: Engaged in the operation of department stores carrying a wide range of
upmarket merchandise including the
retail of fashion products, ladies and gents clothing, shoes, leather products
and perfumes.
Import Countries: France and Italy
Subject has a workforce of approximately 300 employees.
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.
·
Commercial Bank of Qatar Ltd (QSC)
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
·
Qatar National Bank
Government House Road
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 4415020
No complaints regarding subject’s payments have been reported.
Salam Studios and Stores has operations dating back to 1952 and
specialises in the retail of fashion products and accessories.
Subject is run in a professional manner and is a member of the Al Salam
Group which has diversified operations throughout the Arabian Gulf Region.
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 sound trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.80.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
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 |
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.