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MIRA INFORM REPORT
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Report No. : |
503442 |
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Report Date : |
14.04.2018 |
IDENTIFICATION DETAILS
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Name : |
POWER 2 GROUP |
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Registered Office : |
Nasser Bin Jaber Building, Apartment No. 35, Taghab Al Akrash Street, P O Box: 23438,
Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.06.2004 |
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Com. Reg. No.: |
28132 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and
distribution of chemical materials and equipment. |
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No. of Employees : |
8 |
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 : POWER 2
GROUP
Country of Origin : Qatar
Legal Form :
Sole Proprietorship
Registration Date : 7th
June 2004
Commercial
Registration Number : 28132
Invested Capital : QR 25,000
Total Workforce :
8
Activities :
Distributors of chemical materials and equipment
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
COMPANY
NAME
POWER 2 GROUP
ADDRESS
Registered & Physical
Address
Building : Nasser Bin Jaber Building, Apartment No. 35
Street : Taghab Al Akrash Street
PO Box : 23438
Town : Doha
Country : Qatar
Telephone : (974) 44581687
Facsimile : (974) 44691487
Mobile : (974) 55861080
Email : sales@power2group.com /
power2group@qatarnet.qa
Please note that
subject’s previous address was, Al Sulaiman Building, Apartment No. 11, Salwa
Road, Ain Khaled Roundabout, Doha.
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Doha.
KEY
PRINCIPALS
Name Position
· Abdul Hamid Sultan Al Jaber Proprietor
· Dr Mohamad Rabbani General
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 7th
June 2004
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 28132
Invested Capital
: QR 25,000
Mr Abdul Hamid
Sultan Al Jaber is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of chemical
materials and equipment.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 8 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 14,350,000 QR 15,125,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Qatar
National Bank SAQ
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
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 65.22 |
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1 |
INR 92.77 |
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Euro |
1 |
INR 80.34 |
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QAR |
1 |
INR 17.91 |
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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NIS |
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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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.