MIRA INFORM REPORT

 

 

Report Date :

13.10.2014

 

IDENTIFICATION DETAILS

 

Name :

MORNING STAR REAL ESTATE & SERVICES CO WLL

 

 

Registered Office :

Al Wadi Awania Street, Hilal Area, P O Box: 19475, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

25.03.2007

 

 

Com. Reg. No.:

35214, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Import and Distribution of solar systems, lighting and swimming pool equipment. Subject also provides maintenance and real estate services.

 

 

No. of Employees :

10

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 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                                    : MORNING STAR REAL ESTATE & SERVICES CO WLL

Country of Origin                                   : Qatar

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 25th March 2007

Commercial Registration Number           : 35214, Doha

Chamber Membership Number               : 12231

Issued Capital                                       : QR 200,000

Paid up Capital                                     : QR 200,000

Total Workforce                                    : 10

Activities                                               : Distributors of solar systems, lighting and swimming pool equipment.

                                                  Subject also provides maintenance and real estate services

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Jesudasan Parakash, Managing Director

COMPANY NAME

 

MORNING STAR REAL ESTATE & SERVICES CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Wadi Awania Street

Area                 : Hilal Area

 

PO Box            : 19475

 

Town                : Doha

Country : Qatar

 

Telephone         : (974) 44659360

Facsimile          : (974) 44659360

Mobile              : (974) 55803077 / 55864785

Email                : morningstar.services@yahoo.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                Position

 

·       Jesudasan Parakash                         Indian                                       Managing Director

 

·       Khalid Mubarak Saeed                      Qatari                                       Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th March 2007

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 35214, Doha

 

Chamber Member No.  : 12231

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

 

·       Jesudasan Parakash

·       Khalid Mubarak Saeed

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of solar systems, lighting and swimming pool equipment. Subject also provides maintenance and real estate services.

 

Import Countries: Europe and India.

 

International Suppliers:

 

·       EMVVE Solar           India

·       Adahi                       India

 

Subject has a workforce of 10 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 10,000,000                          QR 9,000,000

 

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

 

The above figures were provided by Mr Jesudasan Parakash, Managing Director

 

 

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.61.16

UK Pound

1

Rs.98.62

Euro

1

Rs.77.67

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIT

 

               

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