MIRA INFORM REPORT

Report Date :

10.09.2014

IDENTIFICATION DETAILS

Name :	NAKILAT DAMEN SHIPYARDS QATAR LTD (NDSQ)
Registered Office :	Erhama Bin Jaber Al Jalahma Shipyard, Southern Breakwater, Ras Laffan Industrial City, 1968 & 25551 Doha
Country :	Qatar
Date of Incorporation :	2010
Com. Reg. No.:	46692
Legal Form :	Limited Liability Company
Line of Business :	Engaged in the production of steel, aluminium or glass reinforced plastic ships up to 170 metres in length.
No. of Employees :	500

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

Maximum Credit Limit :	US$ 600,000
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 – June 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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 : NAKILAT DAMEN SHIPYARDS QATAR LTD (NDSQ)

Country of Origin : Qatar

Legal Form : Limited Liability Company

Registration Date : 2010

Commercial Registration Number : 46692

Membership Number : 21876

Issued Capital : QR 3,500,000

Paid up Capital : QR 3,500,000

Total Workforce : 500

Activities : Construction of ships

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 600,000

COMPANY NAME

NAKILAT DAMEN SHIPYARDS QATAR LTD (NDSQ)

ADDRESS

Registered & Physical Address

Location : Erhama Bin Jaber Al Jalahma Shipyard, Southern Breakwater

Area : Ras Laffan Industrial City

PO Box : 1968 & 25551

Town : Doha

Country : Qatar

Telephone : (974) 44194777

Facsimile : (974) 44483170

Email : info@ndsq.com.qa

Premises

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

KEY PRINCIPALS

Name Position

· Jan Wim Dekker Managing Director

· Rino Brugge Project Manager

· Huib Slings Production Manager

· Pravin Jape Finance Manager

LEGAL FORM & OWNERS

Date of Establishment : 2010

Legal Form : Limited Liability Company

Commercial Reg. No. : 46692

Membership No. : 21876

Issued Capital : QR 3,500,000

Paid up Capital : QR 3,500,000

Name of Shareholder (s)

· Qatar Gas Transport Company Ltd (Nakilat)

Doha

· Damen Shipyards Qatar Holding BV

Doha

OPERATIONS

Activities: Engaged in the production of steel, aluminium or glass reinforced plastic ships up to 170 metres in length.

Subject is ISO 9001:2008, ISO 14001:2004 and OHSAS 18001:2007 accredited.

Contracts:

In October 2013 the subject signed a contract to build and operate seven new vessels at the port of Ras Laffan.

In March 2014 the subject signed two Memoranda of Understanding (MoU) worth QAR 3.1 billion to build seven vessels for Qatar Armed Forces.

Subject has a workforce of 500 employees.

FINANCIAL DATA

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.

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.60.42
UK Pound	1	Rs.97.24
Euro	1	Rs.77.92

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	PDT

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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