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Report No. : |
320641 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Petrofac Building, C- Ring Road, Al Sadd Area 4404 Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
25.05.2006 |
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Com. Reg. No.: |
33017 |
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Legal Form : |
With Limited Liability - WLL |
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Line of Business : |
Engaged in the import and distribution of engineering products used in the gas and oilfield, petrochemical, fertilizer, water and waste water management industries. |
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No of Employees : |
90 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Qatar |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : PETROFAC QATAR WLL
Country of Origin : Qatar
Legal Form : With Limited Liability – WLL
Start Date : 1997
Registration Date : 25th May 2006
Commercial Registration Number : 33017
Chamber Membership Number : 11860/1
Issued Capital : QR 2,000,000
Paid up Capital : QR 2,000,000
Total Workforce : 90
Activities : Distributors of engineering products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Murugesh Pillai, Financial Controller
PETROFAC QATAR WLL
Building : Petrofac Building
Street : C- Ring Road
Area : Al Sadd Area
PO Box : 4404
Town : Doha
Country : Qatar
Telephone : (974) 44478800 / 44353336
Facsimile : (974) 44478811
Email : pfacq@qatar.net.qa / sales@petrofac-qatar.com
/ murugesh@petrofac-qatar.com
/
Subject operates
from a suite of offices covering 900 sq metres that are owned and located in the
Central Business Area of Doha.
Branch Offices
Location Description
·
Saliya Warehouse
covering 20,000
Doha square
metres
Tel: (974) 44905330 / 44901844
Fax: (974) 44905331
·
Street
No. 25, Gate 100 Workshop
covering 1,400
Salwa Industrial Area square
metres
Doha
Tel: (974) 44478800
Fax: (974) 44478811
Name Nationality Position
·
Ibrahim
Abdullah Al Emadi Qatari Managing Director
·
Xavi D
Dhakkath Indian Director
·
Rony
Paul Thekkanath Indian Director
·
Kartik
Ramaya - General
Manager
·
C K
Jain - Group
Finance Manager
·
Murugesh
Pillai - Financial
Controller
·
Sree
Kumar - Warehouse
Manager
Date of Establishment : 1997, however
subject was registered on 25th May 2006.
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 33017, Doha
Chamber Member No. : 11860/1
Issued Capital : QR 2,000,000
Paid up Capital : QR 2,000,000
·
Ibrahim
Abdullah Al Emadi 51.0%
·
Xavi D
Dhakkath 36.5%
·
Rony
Paul Thekkanath 12.5%
·
Omega Engineering Co WLL
Doha
·
Petro Tube International WLL (PTI)
Doha
·
Technical Supply Services (TSS)
Doha
Activities: Engaged in the import and distribution of
engineering products used in the gas and oilfield, petrochemical, fertilizer,
water and waste water management industries.
Subject is ISO 9001 accredited.
Import
Countries: Europe and GCC
countries.
International
Customers:
·
Qatar
Petroleum
·
Ras Gas
·
Oxy
·
Oryx
·
Maersk
·
Dolphin
Energy
·
Total
·
Ramboll
·
Chiyoda
·
Technip
·
Worley
Parsons
Operating Trend:
Steady
Subject has a
workforce of 90 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 141,636,837 QR
144,072,253
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Murugesh Pillai, Financial Controller
·
Doha
Bank Ltd
PO Box: 3818
Doha
Tel: (974) 44435444
Fax: (974) 44416631 / 44410625
No complaints
regarding subject’s payments have been reported.
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. 63.57 |
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|
1 |
Rs. 97.98 |
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Euro |
1 |
Rs. 70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.