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MIRA INFORM REPORT
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Report No. : |
488455 |
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Report Date : |
31.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SEASHORE STEEL
WLL |
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Registered Office : |
Gate No. 148, Road No. 11, New Industrial Area, P O Box: 41100 & 60100, Doha |
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Country : |
Qatar |
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Date of Incorporation : |
26.05.2008 |
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Com. Reg. No.: |
28774/16 |
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Legal Form : |
With Limited
Liability – WLL |
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Line of Business : |
Manufacture of
Steel Angles and Billets. |
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No. of Employees : |
200 |
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 (30.06.2017) |
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 : SEASHORE
STEEL WLL
Country of Origin : Qatar
Legal Form :
With Limited Liability – WLL
Registration Date : 26th
May 2008
Commercial
Registration Number : 28774/16
Issued Capital : QR
200,000
Paid up Capital : QR
200,000
Total Workforce :
200
Activities :
Manufacturers of steel angles and billets
Financial Condition : Undetermined
Payments :
No Complaints
COMPANY
NAME
SEASHORE STEEL WLL
ADDRESS
Registered & Physical
Address
Location : Gate No. 148, Road No. 11
Area : New Industrial Area
PO Box : 41100 & 60100
Town : Doha
Country : Qatar
Telephone : (974) 44361241 / 44722843 / 44722844
/ 44722218
Facsimile : (974) 44720564
Email : seashore@qatar.net.qa
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Doha.
KEY
PRINCIPALS
Name Nationality Position
·
Mohamed Ali Indian Managing
Director
·
Asaad A P Indian Director
· Saeed Salim Al Muhandi Qatari Director
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Venoy S Ravi - Finance
Manager
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Jaafar Sadiq - Administration
Executive
LEGAL
FORM & OWNERS
Date of Establishment : 26th
May 2008
Legal Form :
With Limited Liability -
WLL
Commercial Reg. No. : 28774/16
Issued Capital : QR 200,000
Paid up Capital : QR 200,000
Name of Shareholder
(s)
·
Mohamed Ali
·
Asaad A P
·
Saeed Salim Al Muhandi
AFFILIATED
COMPANIES
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Seashore Engineering & Contracting Co WLL
Doha
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Seashore
Galvanizing Factory
Doha
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Seashore
Waste Management
Doha
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Seashore
Heavy Equipment & Logistics
Doha
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Seashore
Hydraulics and Fuel Injection Systems
Doha
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Seashore
Trading Company
Doha
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Seashore
Stevedoring Company
Doha
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Seashore
Food Center
Doha
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Seashore
Tiles & Pavers
Doha
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Seashore
Tyre Recycling Factory
Doha
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Seashore
Instrumentation & Automation Solutions
Doha
OPERATIONS
Activities: Engaged in the manufacture of steel angles
and billets.
Subject has a
workforce of approximately 200 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
·
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
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 63.75 |
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1 |
INR 89.39 |
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Euro |
1 |
INR 78.75 |
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QAR |
1 |
INR 17.48 |
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
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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.