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Report No. : |
302757 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
QATAR PETROCHEMICAL CO QSC (QAPCO) |
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Registered Office : |
Qapco Building, C Ring Road, PO Box 756, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
141 |
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Legal Form : |
Qatari Joint Stock Company |
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Line of Business : |
The main products of the company are Ethylene and LDPE. Solid sulphur
is generated as a by-product in the process. The required feedstock, Ethane
gas, is supplied by the state-owned Qatar Petroleum (QP) for the production
of Ethylene, a significant part of which is then used in the production of
various grades of LDPE |
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No. of Employee : |
910 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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. 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 |
Company Name :
QATAR PETROCHEMICAL CO QSC (QAPCO)
Country of Origin :
Qatar
Legal Form :
Qatari Joint Stock Company
Registration Date :
1974
Commercial Registration Number :
141, Doha
Issued Capital :
QR 436,000,000
Paid up Capital :
QR 436,000,000
Total Workforce :
910
Activities :
Manufacturers of Ethylene and LDPE.
Financial Condition :
Good
Payments : Nothing
detrimental uncovered
Operating Trend :
Steady
QATAR PETROCHEMICAL CO QSC (QAPCO)
Registered &
Physical Address
Building : Qapco
Building
Street : C Ring Road
PO Box : 756
Town : Doha
Country : Qatar
Telephone : (974) 44242444
/ 44321105 / 44323805 / 44010160 / 44010000
Facsimile : (974) 44324700
/ 44772674 / 44353961
Email : information@qapco.com.qa
Premises
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Doha.
Branch Office (s)
Location Description
Industrial City Owned
production plant
PO Box: 50155
Mesaieed
Tel: (974) 44777111
Fax: (974) 44771346 / 44770459
Name Position
Hamad Rashid Al Mohannadi Chairman
Dr Mohamed Yousef Al Mulla Vice
Chairman
Ahmed Mohamed Ahmed Darwish Director
Sultan Khalifa Al Banali Director
Ahmad Abdullah Al Mawlawi Director
Mohammed Khalid Al Ghanem Director
Mubarak Awaida M Al Hajri Director
Phillipe Vindeveghel Director
Jean Jacques Mosconi Director
Jean Viallefont Director
Yousuf Abdulla Rabeeh Operations
Manager
Hassen Saqr Mohamed Al Muftah Finance
Manager
Rashid Abdulla S Al Sulaiti Administration
Manager
Pfeiffer Jean Claude Jacques Technical
Manager
Abdulrahman Ali Al Abdullah Marketing
Manager
Saleh Mohamed Al Halki Projects
Manager
Mohamed Jassim Al Naama Public
Relations Manager
Mohamed Al Mulla Maintenance Manager
Nabil Rahmattula IT Manager
Fahd Zaimal Human
Resources Manager
Date of Establishment : 1974 (under Emiri
Decree 109) Production began in 1981
History : Subject was
originally incorporated in 194 as a Qatari Joint Stock Company between the
following shareholders:
1. Qatar General Petroleum Corp (QGPC) 84 %
2. Elf Atochem SA 16 %
In September 1990, and as part of the programme to double production capacity,
a new shareholder was introduced, namely Enichem SpA of Italy, who shared a 20%
stake in the company with France’s Elf Atochem SA.
During 2002, Enichem SpA of Italy sold its stake in the company to
France’s Atochem SA.
Legal Form : Qatari Joint Stock
Company
Commercial Reg. No. : 141, Doha
Issued Capital : QR 436,000,000
Paid up Capital : QR 436,000,000
Name of
Shareholder (s) Percentage
Industries Qatar 80%
Al Sadd Plaza
West Bay
PO Box: 3212
Doha
Tel: (974) 44491491
Fax: (974) 44831125
Total Petrochemicals (Formerly Atochem SA) 20%
4 Cours Michelet, La Defense 10, Cedex 42
Paris 92091
France
Tel: (33-1) 49008080
Fax: (33-1) 49008386
Name Percentage Held
Qatofin 63.0%
Qatar Vinyl Company (QVC) 31.9%
Qatar Plastic Products Company (QPPC) 33.3%
Activities: The main products of the company are Ethylene and LDPE. Solid sulphur
is generated as a by-product in the process. The required feedstock, Ethane gas,
is supplied by the state-owned Qatar Petroleum (QP) for the production of
Ethylene, a significant part of which is then used in the production of various
grades of LDPE, marketed under the ‘LOTRENE’ brand name.
Subject’s manufacturing facilities consist of an Ethylene plant with a
designed annual capacity of 525,000 MT, two LDPE plants with a total annual
capacity of 360,000 MT and a Sulphur plant with an annual rated capacity of
70,000 MT.
Import Countries: United States of America and Europe
Export Countries: QAPCO distributes its products in competitive
markets in 35 different countries, through a network
of distributors supplying
over 4000 customers world-wide. Its main markets are South East Asia
Brand Names: LOTRENE
Operating Trend: Steady
Subject has a workforce of approximately 910 employees.
Financial highlights provided by local sources are given below:
Currency: Qatari Riyals (QR 000’s)
Balance Sheet 31/12/2013 31/12/2012
Assets
Non-current assets
Property, plant and equipment 4,172,015 3,799,626
Investment in joint ventures 2,884,175 2,515,051
Investment in an associate 27,679 25,022
Subordinated loan to a joint venture - 153,385
Other non-current assets 34,328 13,921
Total non- current assets 7,118,197 6,507,005
Current assets
Inventories 224,311 198,571
Due from related parties 616,787 424,748
Accounts receivable and prepayments 1,294,587 1,202,290
Bank balances and cash 1,212,279 1,051,547
Total current assets 3,347,964 2,877,156
Total assets 10,466,161 9,384,161
Equity And Liabilities
Equity
Share capital 436,000 436,000
Legal reserve 87,200 87,200
Cumulative changes in fair values (54,855) 83,374
Retained earnings 8,042,489 6,581,890
Total equity 8,510,834 7,020,716
Non-current liabilities
Employees’ end of service benefits 93,296 80,584
Non-current portion of long term loan - -
Other non-current liabilities 48,811 -
Total non- current liabilities 142,107 80,584
Current liabilities
Due to related parties 1,172,673 874,842
Current portion of long term loans - 728,000
Accounts payable and accruals 457,412 532,036
Income tax payable 183,135 147,983
Total current liabilities 1,813,220 2,282,861
Total liabilities 1,955,327 2,363,445
Total equity and liabilities 10,466,161 9,384,161
Income Statement 31/12/2013 31/12/2012
Revenue 4,452,512 3,851,029
Cost of goods sold (1,469,570) (1,106,269)
Gross profit 2,982,942 2,744,760
Administration expenses (306,746) (258,332)
Selling expenses (176,747) (112,787)
Finance charges (18,880) (40,707)
Gain on foreign exchange 6,511 2,318
Finance income 9,264 20,783
Share of profit of
joint ventures 1,206,231 1,032,081
Share of profit of
an associate 3,657 3,401
Other income 71,440 151,743
Profit before income tax 3,777,672 3,543,260
Income tax (915,673) (739,914)
Profit for the year 2,861,999 2,803,346
Local sources consider subject’s financial condition to be Good.
Commercial Bank of Qatar Ltd (QSC)
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
HSBC Middle East Bank
PO Box: 57
Doha
Tel: (974) 44382100
Fax: (974) 44416353
Acc No. 001135888063
Qatar National Bank
Government House Road
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
Banque Paribas
PO Box: 2636
Doha
Tel: (974) 44430346 / 44430344
Fax: (974) 44430121
Arab Bank
PO Box: 172
Doha
Tel: (974) 44437979 / 44422814
Fax: (974) 44410774
Standard Chartered Bank
Abdullah Bin Jassim Road
PO Box: 29
Doha
Tel: (974) 44414252
Fax: (974) 44413739
No complaints regarding subject’s payments have been reported.
Date of transaction August
2001 August
2006
Credit amount 13,000 7,000
Amount overdue 0 0
Payment terms 30
days 30
days
Payment Method Letters
of Credit Letters of Credit
Paying record Prompt Prompt
Currency US
Dollars Pounds
Sterling
Qatar Petrochemical Co QSC (QAPCO) was established in 1974 and is
engaged in the production of ethylene, low density Polyethylene (LDPE) and
solid sulphur.
The company is 80% owned by Industries Qatar, which in turn is wholly
owned by the government of Qatar. The company has the full support of its main
shareholder, and as such is deemed reliable for respecting its financial trade
commitments.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.40 |
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|
1 |
Rs.94.17 |
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Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
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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.