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Report No. : |
351430 |
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Report Date : |
01.12.2015 |
IDENTIFICATION DETAILS
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Name : |
CORRO TECH WLL |
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Registered Office : |
Light Industrial Area, Mesaieed City, 22849, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
27.01.2006 |
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Legal Form : |
With Limited Liability – WLL |
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Line of Business : |
Subject is engaged in the import and distribution of
construction and concrete chemicals including micro silica, fly ash, and concrete admixtures. |
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No. of Employee : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
QATAR - ECONOMIC
OVERVIEW
Qatar has prospered in the last several years with continued high real GDP growth. GDP was driven largely by the oil and gas sector however growth in the manufacturing, construction, and financial services sectors have pushed the non-oil component to just over half of Qatar’s nominal GDP for the first time since 2000. Economic policy is focused on sustaining Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for roughly 92% of export earnings, and 62% 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 56 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 opened in mid-2014 with an initial annual passenger capacity of 24 million and with a projected 50 million when complete.
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Source
: CIA |
Company Name : CORRO TECH WLL
Country of Origin : Qatar
Legal Form : With Limited Liability - WLL
Registration Date : 27th January 2006
Commercial Registration Number : 32301, Doha
Membership Number : 11312/1
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Total Workforce : 120
Activities : Distributors of construction and concrete chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Issam Ahmed Chaltaf, Managing Director
CORRO TECH WLL
Location : Light
Industrial Area, Mesaieed City
PO Box :
22849
Town :
Doha
Country :
Qatar
Telephone : (974)
44500840 / 44516931 / 44451693
Facsimile :
(974) 44500830
Mobile :
(974) 55290390 / 55551084 / 55978843
Email : admin@corrotechqatar.com
Please note that the subject moved premises from Industrial
Area, Street No. 18, Gate No. 70 on 1st January 2013.
Subject operates from a medium sized suite of offices that
are rented and located in the Central Business Area of Doha.
Name Nationality Position
· Issam
Ahmed Chaltaf Palestinian Managing Director
· Abdulrahman
Sultan Fakhroo Qatari Director
· Mesbah
Ahmed Tawfik - Finance
Manager
· Saif Al Obaidi - Commercial Manager
Date
of Establishment : 27th
January 2006
Legal
Form : With
Limited Liability – WLL
Commercial
Reg. No. : 32301,
Doha
Membership
No. : 11312/1
Issued Capital : QR
200,000
Paid up Capital :
QR 200,000
· Issam
Ahmed Chaltaf
· Abdulrahman
Sultan Fakhroo
· International
Press Logistics (IPL)
Doha
Activities: Engaged in the import and distribution
of construction and concrete chemicals including micro silica, fly
ash, and concrete
admixtures.
In January 2009, subject
completed construction on its manufacturing facility which produces concrete
admixtures.
Subject has also launched a transportation
division with Cement Bulkers to serve all ready mix companies
in the Qatar market
Import Countries: India, Spain, France and South
Africa
International Suppliers:
· Hitech
India Ltd India
· Methanol
Chemical Co Saudi Arabia
· Chryso France
Operating Trend: Steady
Subject has a workforce of 120 employees.
Financial highlights provided by local sources are given
below:
Currency: Qatari Riyals (QR)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales QR
77,000,000 QR
78,345,000
Local sources consider subject’s financial condition to be
Fair.
The above figures were provided by Mr Issam Ahmed Chaltaf,
Managing Director
·
International Bank of Qatar
Al
Saad Branch
Doha
Tel:
(974) 44478000
No complaints regarding subject’s payments have been
reported.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.66.81 |
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|
1 |
Rs.100.37 |
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Euro |
1 |
Rs.70.68 |
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QAR |
1 |
Rs.18.24 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.