MIRA INFORM REPORT

Report Date :

05.05.2014

IDENTIFICATION DETAILS

Name :	NATIONAL ENGINEERING AND CONSTRUCTION CO WLL

Registered Office :	Al Fardan Centre, 2^nd Floor, Office No. 87, PO Box : 17211, Doha

Country :	Qatar

Financials (as on) :	31.12.2013

Date of Incorporation :	29.04.1999

Com. Reg. No.:	21456, Doha

Legal Form :	With Limited Liability

Line of Business :	Subject is engaged in the manufacture of security fencing products and steel fabricated items. Subject’s products include fencing, barriers, gabions, steel doors, hand rails, staircases, mesh flooring, gratings, manhole covers and storage racks.

No. of Employees :	65

RATING & COMMENTS

MIRA’s Rating :

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

Risk Category	ECGC Classification
Insignificant	A1
Low Risk	A2
Moderately Low Risk	B1
Moderate Risk	B2
Moderately 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 : NATIONAL ENGINEERING AND CONSTRUCTION CO WLL

Country of Origin : Qatar

Legal Form : With Limited Liability - WLL

Registration Date : 29^th April 1999

Commercial Registration Number : 21456, Doha

Chamber Membership Number : 4701

Issued Capital : QR 200,000

Paid up Capital : QR 200,000

Total Workforce : 65

Activities : Manufacturers of security fencing products and steel fabricated items

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

NATIONAL ENGINEERING AND CONSTRUCTION CO WLL

ADDRESS

Registered & Physical Address

Location : Al Fardan Centre, 2^nd Floor, Office No. 87

PO Box : 17211

Town : Doha

Country : Qatar

Telephone : (974) 44434852

Facsimile : (974) 44361475

Email : admin@necodoha.com / engineering@necodoha.com / gm@necodoha.com

Premises

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

KEY PRINCIPALS

Name Nationality Position

Raghavan Kumar Indian Managing Director

Jaber Saif Mussallam Qatari Director

Mohamed Kaiser Raja - Administration Manager

Mohamed Ajaj - Accounts Manager

LEGAL FORM & OWNERS

Date of Establishment : 29^th April 1999

Legal Form : With Limited Liability - WLL

Commercial Reg. No. : 21456, Doha

Chamber Member No. : 4701

Issued Capital : QR 200,000

Paid up Capital : QR 200,000

Name of Shareholder (s)

Raghavan Kumar

Jaber Saif Mussallam

OPERATIONS

Activities: Engaged in the manufacture of security fencing products and steel fabricated items. Subject’s products include fencing, barriers, gabions, steel doors, hand rails, staircases, mesh flooring, gratings, manhole covers and storage racks.

Subject is ISO 9001:2008 accredited.

Operating Trend: Steady

Subject has a workforce of 65 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 32,000,000 QR 35,000,000

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

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

BANKERS

Qatar National Bank SAQ

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

Fax: (974) 44415020

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.60.23
UK Pound	1	Rs.101.68
Euro	1	Rs.83.46

INFORMATION DETAILS

Analysis Done by :	RAS

Report Prepared by :	NNA

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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