MIRA INFORM REPORT

 

 

Report No. :

349284

Report Date :

16.11.2015

 

IDENTIFICATION DETAILS

 

Name :

CASTLE FOR BUILDING MATERIALS CO WLL

 

 

Registered Office :

Sayer Building No. B15 Barwa Commercial Avenue15756 Doha

 

 

Country :

Qatar

 

 

Date of Incorporation :

19.08.2004

 

 

Com. Reg. No.:

287765

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of building materials.

 

 

No. of Employee :

13

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

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. 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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : CASTLE FOR BUILDING MATERIALS CO WLL

Country of Origin                                   : Qatar

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 19th August 2004

Commercial Registration Number           : 287765

Chamber Membership Number               : 8838

Issued Capital                                       : QR 200,000

Paid up Capital                                     : QR 200,000

Total Workforce                         : 13

Activities                                               : Distributors of building materials.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Akram Al Attar, Accountant

 

COMPANY NAME

 

CASTLE FOR BUILDING MATERIALS CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Sayer Building No. B15

Street               : Barwa Commercial Avenue

 

PO Box            : 15756

 

Town                : Doha

Country : Qatar

 

Telephone         : (974) 40053333

Facsimile          : (974) 40059902

Mobile              : (974) 55859348 / 55846998 / 55569009

Email                : info@castlemba.com / castle.mba@gmail.com

 

Please note that subject’s previous address was, Street No. 30, Gate No. 72, Industrial Area, Doha.

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       Industrial Area, Gate No 42                                                                Warehouse premises

Street No. 22

Doha

Tel: (974) 44504959 / 44114597

Fax: (974) 44504957 / 44114598

 

 

KEY PRINCIPALS

 

     Name                                               Nationality                                 Position

 

·       Samir Ahmed Hassan                       Egyptian                                   Managing Director

 

·       Sadiq Faraj Abdullah                                    Qatari                                       Director

 

·       Naseem Al Asmar                                  -                                          Sales Manager

 

·       Akram Al Attar                                       -                                          Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 19th August 2004

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 287765

 

Chamber Member No.  : 8838

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

Name of Shareholder (s)

 

·       Samir Ahmed Hassan                      

 

·       Sadiq Faraj Abdullah

 

 

AFFILIATED COMPANIES

 

·       Modern Accessories Factory

Doha

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of building materials.

 

                 Subject's clients include some of largest construction contractors in Qatar like Bouygues Batiment                       International, CCIC, Sky Oryx, SEG, CDC Takenaka, Leighton Contracting Qatar, Midmac Contracting,           Ramco Qatar, Al Jaber and Partners, CAT International, Redco Group and Redco International.

 

Import Countries: India, China, Japan, the United States of America, Australia, Netherlands, Germany and Saudi

                             Arabia

 

Suppliers:

 

MAGO                          Australia

Powers Fasteners          Netherlands

Max Frank                     Germany

RSM GmbH                  Germany

Amico                           United States of America

Arnon                           Saudi Arabia

 

Operating Trend: Steady

 

Subject has a workforce of 13 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 2,100,000                            QR 2,380,000

 

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

 

The above financial figures were provided by Akram Al Attar, Accountant.

 

 

BANKERS

 

·       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.66.14

UK Pound

1

Rs.100.25

Euro

1

Rs.71.26

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

Report Prepared by :

ANK

 

 

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.