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Report No. : |
320559 |
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Report Date : |
07.05.2015 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST
MERCHANTS |
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Registered Office : |
Al Saad Street, P O Box: 14966 & 23395, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
06.05.2007 |
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Com. Reg. No.: |
35637, Doha |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of Building
Materials and Electro Mechanical Equipment. |
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No. of Employees : |
30 |
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 |
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 : MIDDLE
EAST MERCHANTS
Country of Origin : Qatar
Legal Form :
Sole Proprietorship
Registration Date : 6th
May 2007
Commercial
Registration Number : 35637, Doha
Chamber Membership
Number : 12628/3
Invested Capital :
QR 500,000
Total Workforce :
30
Activities :
Distributors of building materials and electro mechanical equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed
Hussain, Sales Manager
MIDDLE EAST
MERCHANTS
Location : Al Saad Street
PO Box : 14966 & 23395
Town : Doha
Country : Qatar
Telephone : (974) 44310540 / 44310545
Facsimile : (974) 44310545
Mobile : (974) 55510540
Email : admin@memqatar.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Doha.
Name Position
·
Ashraf
Abdulrahim Abu Issa Proprietor
& General Manager
·
Mohamed
Hussain Sales
Manager
Date of Establishment : 6th
May 2007
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 35637, Doha
Chamber Member No. : 12628/3
Invested Capital
: QR 500,000
Mr Ashraf
Abdulrahim Abu Issa is the sole proprietor of the business.
·
Abu
Issa Holding
Doha
Activities: Engaged in the import and distribution of
building materials and electro mechanical equipment.
Import
Countries: United States of
America and India
International
Suppliers:
·
Syscraft India
·
Zurn United States of
America
Operating Trend: Steady
Subject has a
workforce of 30 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 21,000,000 QR 22,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
Bank of Qatar Ltd (QSC)
Salwa Road
PO Box: 3232
Doha
Tel: (974) 44490222
Fax: (974) 44438182
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.64 |
|
|
1 |
Rs.96.81 |
|
Euro |
1 |
Rs.71.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.