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3decades

 

MIRA INFORM REPORT

 

 

Report No. :

487161

Report Date :

25.01.2018

 

IDENTIFICATION DETAILS

 

Name :

LAFFAN TRADING AND CONTRACTING CO WLL

 

 

Registered Office :

Abdul Hadi Suliman Haider Lari Building Salwa Road PO Box 6363 Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2016

 

 

Date of Incorporation :

12.01.1984

 

 

Com. Reg. No.:

8943

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of electrical switches, cables and transformers.

 

 

No. of Employees :

20

 

 

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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

 

Country Name

Previous Rating

(30.06.2017)

Current Rating

(30.09.2017)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : LAFFAN TRADING AND CONTRACTING CO WLL

Country of Origin                                   : Qatar

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 12th January 1984

Commercial Registration Number           : 8943, Doha

Issued Capital                                       : QR 1,500,000

Paid up Capital                                     : QR 1,500,000

Total Workforce                                                : 20

Activities                                               : Distributors of electrical switches, cables and transformers

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Joseph Samuel, General Manager

 

 

 

COMPANY NAME

 

LAFFAN TRADING AND CONTRACTING CO WLL

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Abdul Hadi Suliman Haider Lari Building

Street               : Salwa Road

 

PO Box                        : 6363

 

Town                : Doha

Country : Qatar

 

Telephone         : (974) 44438330 / 44329738 / 44426102

Facsimile          : (974) 44320898 / 44420898 / 44321898

Email                : laffanco@qatar.net.qa

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Yousef Al Ali                                                                    Managing Director

 

·       Khalid Mohamed Yousef Al Ali                                                          Director

 

·       Yousef Mohamed Yousef Al Ali                                                        Director

 

·       Joseph Samuel                                                                                General Manager

 

·       Nizar Ahmed                                                                         Accountant

 

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th January 1984

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 8943, Doha

 

Issued Capital              : QR 1,500,000

 

Paid up Capital            : QR 1,500,000

 

Name of Shareholder (s)                                     Percentage

 

·       Mohamed Yousef Al Ali                                                 80%

 

·       Khalid Mohamed Yousef Al Ali                                       10%

 

·       Yousef Mohamed Yousef Al Ali                                     10%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electrical switches, cables and transformers.

 

Import Countries: Kuwait, United Arab Emirates, United Kingdom, Oman and the Czech Republic

 

International Suppliers:

 

·       Gulf Cables                                      Kuwait

·       Interplast                                          United Arab Emirates

·       MEI MICC Cable                               United Kingdom

·       International Plastic Industries           Oman

·       Telefonica Cable                               Czech Republic

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/16:

 

Total Sales                                QR 40,000,000

 

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

 

The above figures were provided by Joseph Samuel, General Manager

 

 

BANKERS

 

·       Doha Bank Ltd

Al Jasrah Street

PO Box: 3818

Doha

Tel: (974) 4435444

Fax: (974) 4416631 / 4410625

 

 

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 company is considered to be a fair trade risk.

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 63.64

UK Pound

1

INR 89.32

Euro

1

INR 78.45

QAR

1

INR 17.47

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TRU

 

 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

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.