MIRA INFORM REPORT

 

 

Report Date :

27.05.2014

 

IDENTIFICATION DETAILS

 

Name :

CASTLE FOR BUILDING MATERIALS CO WLL

 

 

Registered Office :

Street No. 30, Gate No. 72, Industrial Area, PO Box : 15756, Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

19.08.2004

 

 

Com. Reg. No.:

287765

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Distributors of Building Materials

 

 

No of Employees :

13

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

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

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                                     : CASTLE FOR BUILDING MATERIALS CO WLL

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 19th August 2004

Commercial Registration Number            : 287765

Chamber Membership Number                : 8838

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 13

Activities                                               : Distributors of building materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Akram Al Attar, Accountant

 

 

 

COMPANY NAME

 

CASTLE FOR BUILDING MATERIALS CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Street No. 30, Gate No. 72

Area                 : Industrial Area

 

PO Box             : 15756

 

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44504959 / 44114597 / 55859348 / 55846998

Facsimile          : (974) 44504957 / 44114598

Email                : info@castlemba.com / castle.mba@gmail.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

            Name                                        Nationality                                 Position

 

Samir Ahmed Hassan                            Egyptian                                   Managing Director

 

Sadiq Faraj Abdullah                              Qatari                                       Director

 

Naseem Al Asmar                                       -                                          Sales Manager

 

Akram Al Attar                                       -                                               Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th August 2004

 

Legal Form      : With Limited Liability - WLL

 

Commercial Reg. No.  : 287765

 

Chamber Member No. : 8838

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

Name of Shareholder (s)

 

Samir Ahmed Hassan               

 

Sadiq Faraj Abdullah

 

 

AFFILIATED COMPANIES

 

Modern Accessories Factory

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials.

 

Import Countries: India, China, Japan and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of 13 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 1,850,000                            QR 2,100,000

 

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

 

The above financial figures were provided by Akram Al Attar, Accountant.

 

BANKERS

 

Commercial Bank of Qatar Ltd (QSC)

Salwa Road

PO Box: 3232

Doha

Tel: (974) 44490222

Fax: (974) 44438182

 

 

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.59.05

UK Pound

1

Rs.99.61

Euro

1

Rs.80.60

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

SHG

 

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.