MIRA INFORM REPORT

 

 

Report No. :

302296

Report Date :

12.01.2015

 

IDENTIFICATION DETAILS

 

Name :

QATAR POLYMER INDUSTRIAL COMPANY WLL

 

 

Registered Office :

Emirates Airlines Building, B Ring Road, Montazah, PO Box 33195, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

15.07.1997

 

 

Com. Reg. No.:

19314

 

 

Legal Form :

With Limited Liability

 

 

Line of Business :

Engaged in the manufacture and printing of polymer bags.

 

 

No. of Employee :

300

 

 

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

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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                                    : QATAR POLYMER INDUSTRIAL COMPANY WLL

Country of Origin                                   : Qatar

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 15th July 1997

Commercial Registration Number           : 19314, Doha

Chamber Membership Number               : 3937

Issued Capital                                       : QR 32,081,161

Paid up Capital                                     : QR 32,081,161

Total Workforce                                     : 300

Activities                                               : Manufacturers and printers of polymer bags.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Yousef Mohamed  Abdullah, Sales Manager

 

COMPANY NAME

 

QATAR POLYMER INDUSTRIAL COMPANY WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Emirates Airlines Building

Street               : B Ring Road

Area                 : Montazah

PO Box            : 33195

Town                : Doha

Country             : Qatar

Telephone         : (974) 44421250 / 44421256 / 44913916 / 40371007

Facsimile          : (974) 44438963

Mobile              : (974) 55860449 / 55899874

Email                : info@qatarpac.net / anand@qatarpac.net

 

Premises

 

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

 

Branch Offices

 

Location                                                                                               Description

 

Street No. 38, Gate No. 99                                                                     Factory premises covering 17,000

Salwa Industrial Area                                                                             square metres

Doha

Tel: (974) 44913913

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Abdulaziz Mubarak Al Dolaimi                                                    Managing Director

 

Majid Al Dolaimi                                                                        Director

 

Anand Salian Amart                                                                   General Manager

 

Yousef Mohamed  Abdullah                                                       Sales Manager

 

Majid Siddiqui                                                                           Marketing Manager

 

Robin Joseph                                                                           Factory Manager

 

Elliot Sreevalsan                                                                       Human Resources Manager

 

Ghazi Al Hamd                                                                          Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 15th July 1997

 

Legal Form      : With Limited Liability - WLL

 

Commercial Reg. No.   : 19314, Doha

 

Chamber Member No.  : 3937

 

Issued Capital              : QR 32,081,161

 

Paid up Capital            : QR 32,081,161

 

Name of Shareholder (s)                                                      Percentage

 

Abdulaziz Mubarak Al Dolaimi                                                    50%

 

Al Dolaimi Group                                                                       50%

Doha

Tel: (974) 44913913

Fax: (974) 44913914

 

 

AFFILIATED COMPANIES

 

Al Dolaimi Group Qatar

Doha

Tel: (974) 44697199

 

Al Dolaimi Trading & Contracting

Doha

Tel: (974) 44677314

 

Al Dolaimi Oil Equipment

Doha

Tel: (974) 44691227

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and printing of polymer bags.

 

The Company operates from two manufacturing facilities situated in the Doha Industrial Area. The annual output capacity is in excess of 20,000 tons per annum.

The main manufacturing facility carries out:

Extrusion, Tape & winding, Weaving, Lamination, Blown film production

The Company operates 4 extrusion lines and 150 weaving looms of varying sizes.

The finishing plant operates:

 

Automatic cutting and sewing machines, manual cutting and finishing, printing machines, packaging and baling equipment.

Product Range

PP Woven Sacks

PP Woven Jumbo Bags (FIBCs)

PP Woven Fabric Rolls, Coated / Uncoated

PP Box Straps

PE Liner Film Rolls / Bags On Roll

PP Fibrillated Yarn (PP Sewing Thread)

PP Bulk Container Liners

Import Countries: Saudi Arabia, United Arab Emirates, Europe and the Far East

 

International Suppliers:

 

Tasnee              Saudi Arabia

Petro Rabigh     Saudi Arabia

Sabic                Saudi Arabia

Borouge Ltd                  Abu Dhabi, UAE

 

Export Countries: United Kingdom, Germany, Belgium, Spain, Italy, Portugal, Ireland, Netherlands, Libya, Yemen, Greece, Poland, Tanzania, Togo, Djibouti, Sudan, Lebanon, Canada and the United States of  America.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 employees.

 

 

FINANCIAL DATA

 

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 28,700,000                          QR 32,000,000

 

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

 

The above financial figures were provided by Mr Yousef Mohamed  Abdullah, Sales Manager.

 

 

BANKERS

 

Qatar National Bank SAQ

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

Fax: (974) 44415020

 

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.62.40

UK Pound

1

Rs.94.17

Euro

1

Rs.73.61

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.