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MIRA INFORM REPORT
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Report No. : |
491538 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
QATAR PETROLEUM FOR
THE SALE OF PETROLEUM PRODUCTS CO LTD QJSC |
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Formerly Known As : |
QATAR
INTERNATIONAL PETROLEUM MARKETING CO LTD QJSC (TASWEEQ) |
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Registered Office : |
Renaissance
Office Tower, 8th & 12th Floors, West Bay, P O Box:
24183, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
30.07.2007 |
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Com. Reg. No.: |
36570, Doha |
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Legal Form : |
Qatar Joint Stock
Company - QJSC |
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Line of Business : |
Subject is
engaged in the export of liquefied petroleum gas (LPG), refined products,
condensates and sulphur. Subject also deals in crude oil and GTL entitlements
on behalf of Qatar Petroleum under an agency agreement. |
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No. of Employees : |
140 |
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+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.06.2017) |
Current Rating (30.09.2017) |
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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 Abudget deficit in 2017 of 8.1% of GDP.
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.
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Source
: CIA |
SUMMARY
Company Name : QATAR
PETROLEUM FOR THE SALE OF PETROLEUM PRODUCTS
CO LTD QJSC
Country of Origin : Qatar
Legal Form :
Qatar Joint Stock Company - QJSC
Registration Date : 30th
July 2007
Commercial
Registration Number : 36570,
Doha
Chamber Membership
Number : 14306
Issued Capital : QR
150,000,000
Paid up Capital : QR
150,000,000
Total Workforce :
140
Activities :
Exporters of liquefied petroleum gas (LPG), refined products,
condensates and sulphur.
Financial Condition : Undetermined
Payments :
Regular
COMPANY
NAME
QATAR PETROLEUM FOR
THE SALE OF PETROLEUM PRODUCTS CO LTD QJSC
ADDRESS
Registered & Physical
Address
Building : Renaissance Office Tower, 8th
& 12th Floors
Area : West Bay
PO Box : 24183
Town : Doha
Country : Qatar
Telephone : (974) 44976111 / 44976248 / 40132939
Facsimile : (974) 44976270 / 44976280 / 44976276
Email : jdhariaraja@tasweeq.co.qa
/ info@tasweeq.com.qa
Please note that
subject’s previous address was, Al Maha Building, Mohammed Bin Thani Street,
Doha.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Doha.
Branch Office
(s)
Location Description
·
One
Raffles Place Office
premises
Office No. 41-01, OIB Centre
Singapore 048616
Tel: (65) 65728600
Fax: (65) 65728601
KEY
PRINCIPALS
Name Position
·
Dr Mohamed Bin Saleh Al Sada Chairman
· Nasser Al Jaidah Vice
Chairman
· Khalid Mohamed Al Hitmi Director
· Mohamed Al Thani Director
· Abdul Rahman Ahmed Al Shaibi Director
· Taieb Belmahdi Director
·
Saad Abdullah Al Khuwari Chief
Executive Officer
·
Anton Bray Director
·
Roger Hekman Director
·
Oliver Nordel Director
·
Basheer Al Kholaifi Procurement
Manager
·
Joseph Dhariarja Finance
Manager
·
Abdulla
Al Marri Public
Relations Manager
LEGAL
FORM & OWNERS
Date of Establishment : 30th
July 2007
History : Subject began in 2007 under the name “Qatar
International Petroleum Marketing Co Ltd
QJSC (TASWEEQ)”. However on 27th October 2016 it changed its
name to “Qatar
Petroleum for the Sale of
Petroleum Products Co Ltd QJSC”.
Legal Form :
Qatar Joint Stock Company -
QJSC
Commercial Reg. No. : 36570, Doha
Chamber Member No. : 14306
Issued Capital : QR 150,000,000
Paid up Capital : QR 150,000,000
Name of Shareholder
(s) Percentage
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Government
of Qatar 100%
OPERATIONS
Activities: Engaged in the export of liquefied petroleum gas (LPG), refined
products, condensates and sulphur.
Subject also deals
in crude oil and GTL entitlements on behalf of Qatar Petroleum under an agency
agreement.
Subject signed a Joint Venture Agreement with Siam Cement Group (or SCG) and its Vietnamese partners in Bangkok in February 2012 to invest in the petrochemicals complex in Long Son Island in southern Vietnam, valued at approximately US$ 4.5 billion. Tasweeq and PV GAS (a subsidiary of Petro Vietnam) signed a long- term feedstock agreement to supply propane and naphtha to the petrochemical complex.
Qatar Petroleum assumed the role of QPSPP's marketing agent with effect from 19th of December 2016.
Import
Countries: Europe and the
Far East
Agencies Held:
·
Qatar
Petroleum
Subject has a
workforce of 140 employees.
FINANCIAL
DATA
Companies registered
in Qatar are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
BANKERS
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Qatar
National Bank SAQ
PO Box: 1002
Doha
Tel: (974) 44413511 / 44407407
Fax: (974) 44415020
PAYMENT
HISTORY
Subject’s payments
have been reported as regular.
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
company 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 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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QAR |
1 |
INR 17.57 |
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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PRA |
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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
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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.