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MIRA INFORM REPORT
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Report No. : |
502206 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
DOHA FACTORY FOR
PAINTS AND CHEMICALS |
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Registered Office : |
Building No. 40, Street
No. 19, Zone No. 18, New Industrial Area, P O Box: 35409, Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
26.04.2011 |
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Com. Reg. No.: |
50344 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacture of
Paint and Coatings. |
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No. of Employees : |
30 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
QATAR - ECONOMIC OVERVIEW
Qatar’s oil and natural gas resources are the country’s main economic engine and government revenue source, driving Qatar’s high economic growth and per capita income levels, robust state spending on public entitlements, and booming construction spending, particularly as Qatar prepares to host the World Cup in 2022. Although the government has maintained high capital spending levels for ongoing infrastructure projects, low oil and natural gas prices in recent years have led the Qatari Government to tighten some spending to help stem its budget deficit.
Qatar’s reliance on oil and natural gas is likely to persist for the foreseeable future. Proved natural gas reserves exceed 25 trillion cubic meters - 13% of the world total and, among countries, third largest in the world. Proved oil reserves exceed 25 billion barrels, allowing production to continue at current levels for about 56 years. Despite the dominance of oil and natural gas, Qatar has made significant gains in strengthening non-oil sectors, such as manufacturing, construction, and financial services, leading non-oil GDP to steadily rise in recent years to just over half the total.
Following trade restriction imposed by Saudi Arabia, the UAE, Bahrain, and Egypt in 2017, Qatar established new trade routes with other countries to maintain access to imports.
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Source
: CIA |
SUMMARY
Company Name : DOHA
FACTORY FOR PAINTS AND CHEMICALS
Country of Origin : Qatar
Legal Form :
Sole Proprietorship
Registration Date : 26th
April 2011
Commercial
Registration Number : 50344
Invested Capital : QR 200,000
Total Workforce :
30
Activities :
Manufacturers of paint and coatings
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
DOHA FACTORY FOR
PAINTS AND CHEMICALS
ADDRESS
Registered & Physical
Address
Building : Building No. 40
Street : Street No. 19
Area : Zone No. 18, New Industrial
Area
PO Box : 35409
Town : Doha
Country : Qatar
Telephone : (974) 44504119 / 44602832
Facsimile : (974) 44510566
Mobile : (974) 55503345
Email : info@dohapaints.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Doha.
KEY
PRINCIPALS
Name Nationality Position
· Sandah Nasser S
A Al Naimi Qatari Proprietor
LEGAL
FORM & OWNERS
Date of Establishment : 26th
April 2011
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 50344
Invested Capital
: QR 200,000
Mr Sandah Nasser S
A Al Naimi is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the manufacture of paint and
coatings.
Import
Countries: Italy
International Suppliers:
·
Milesi
SpA Italy
Operating Trend: Steady
Subject has a
workforce of 30 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Qatari
Riyals (QR)
Year Ending 31/12/16: Year Ending 31/12/17:
Total Sales QR 12,440,000 QR 12,815,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
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
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions,
Australian Sanctions List, US Consolidated Sanctions List, EU Financial
Sanctions List and UK Financial Sanctions List and nothing adverse could be
found on the exact names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.94 |
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1 |
INR 91.75 |
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Euro |
1 |
INR 79.90 |
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QAR |
1 |
INR 17.89 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.