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MIRA INFORM REPORT
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Report No. : |
509056 |
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Report Date : |
16.05.2018 |
IDENTIFICATION DETAILS
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Name : |
AERODYNE COOLING SYSTEMS WLL |
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Registered Office : |
Al Asiri Area, New Khalifa Street, Al Ma’a, 22349 Doha |
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Country : |
Qatar |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
07.05.2000 |
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Com. Reg. No.: |
22593
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Legal Form : |
WLL - With Limited Liability |
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Line of Business : |
Trading
as importers and suppliers of HVAC systems, air filters, air outlets, duct
flanging systems and aluminium tapes. HVAC
contractors. Agents for: Armacell, AFICO, Duro Dyne, Henco, Mupro, Duraflex,
Luxo Medical Lighting, Foster, TCTI, Thermaflex USA flexible ducts, Venture
Tape USA tapes and Mason. Subject’s
completed projects includes: -
New Doha International Airport; -
Barwa Financial District; -
Sidra Medical Complex; -
Business Park; -
Barwa commercial Avenue; -
World Trade Center; -
Qatar Foundation –Male & Female Study Centre; -
Qatar Foundation – Convention Center; -
Ras Laffan Port Expansion; -
Pearl Shell GTL; -
La Cigale Hotel; - Porto Arabia; - Lusail City; - Barwa City District Cooling Pant; - Khalifa Stadium; - Tornado Tower; - Doha Marriott Hotel; - Regent Hotel; - Texas Engineering College – Qatar
Foundation; - Science & Technology – Qatar
Foundation; - Integrated District Cooling Plant – Pearl
Qatar. |
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No. of Employees : |
45 |
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 |
BRIEF
SUMMARY
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COMPANY NAME |
AERODYNE COOLING SYSTEMS WLL |
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ADDRESS |
Building |
Street |
Area |
PO Box |
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Sayer Building, 1st Floor,
Office No.104 |
Barwa Commercial Avenue, Block 7 |
Industrial Area |
22349 Doha |
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TEL/FAX |
Verified Phones: (+974) 4005 2955 /
Fax: (+974) 4005 9960 |
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EMAIL/WEBSITE |
Email: info@aerodyneqatar.com / Website: www.aerodyneqatar.com |
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ACTIVITY |
NACE 4674 - Wholesale of hardware, plumbing and heating equipment and
supplies; |
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PRINCIPAL |
Philip
George |
Workforce |
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Managing Director |
45 |
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LEGAL INFO |
Date Of Est. |
Reg. No. |
Legal Form |
Status |
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07/05/2000 |
22593
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WLL |
Active |
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CAPITAL |
CURRENCY |
AMOUNT |
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QAR (Qatari Riyal) |
200,000 |
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OPINION ON MAX CREDIT |
CURRENCY |
AMOUNT |
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QAR (Qatari Riyal) |
780,000 |
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IDENTIFICATION
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CO. NAME |
Aerodyne Cooling
Systems WLL |
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ALSO KNOWN NAME
(S) |
Aerodyne Cooling Systems
Co. / Aerodyne Cooling Systems / ACS |
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BUILDING |
Sayer Building,
1st Floor, Office No.104 |
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STREET |
Barwa Commercial
Avenue, Block 7 |
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AREA |
Industrial Area |
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POSTAL ADDRESS |
22349 Doha |
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CITY |
Doha |
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COUNTRY |
Qatar |
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TELEPHONE |
(+974) 4005 2955 / (+971 4) 347 4858 (Dubai
Corporate Office) / Mobile (+974) 5557 0176 |
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FAX |
(+974) 4005 9960 / (+974) 4460 6997 |
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VERIFIED EMAIL |
info@aerodyneqatar.com
/ aerodync@qatar.net.qa |
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WEBSITE |
www.aerodyneqatar.com
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BUSINESS HOURS |
DAYS |
OFFICE HOURS |
BREAK TIME |
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Sun-Thu |
08:00-18:00 |
13:00-14:30 |
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REGISTERED
ADDRESS |
Al Asiri Area, New Khalifa Street, Al Ma’a, 22349 Doha,
Qatar |
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SENIOR
PERSONNEL
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MANAGEMENT |
NAME |
POSITION |
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Philip George |
Managing
Director |
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Abdul Rasheed Suryakumar
James |
Finance Manager Marketing
Manager |
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WORKFORCE |
NO. OF EMPLOYEES
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PERIOD |
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45 |
05.2018 |
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650 plus (CMS Group) |
05.2018 |
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FINANCIAL
SUMMARY
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REVENUE |
31/12/2017 |
31/12/2018
(Projected) |
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QAR 38,000,000 |
QAR 40,000,000 |
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NET PROFIT /
(LOSS) |
Not given but stated to be profitable |
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NOTES |
The following financial
information applies to subject’s affiliate, Century Mechanical Systems Trading Est.
(Saudi Arabia): Sales Turnover:
SR 17,000,000 - 2015 : SR 19,200,000 – 2016 Net Profit : not given but stated to be 6- 7% of the sales Financial year
ends 31 December. |
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FISCAL YEAR-END |
31 December |
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LEGAL
STATUS
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INCORPORATION |
07/05/2000 |
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REGISTRATION
NO. |
C.R. NUMBER |
ISSUED BY |
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22593 (expiry date: 06/05/2018, under the process of renewal) |
Qatar Chamber of
Commerce & Industry |
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AUTHORISED
CAPITAL |
AMOUNT |
CURRENCY |
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200,000 |
QAR |
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PAID-UP
CAPITAL |
AMOUNT |
CURRENCY |
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200,000 |
QAR |
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LEGAL FORM |
WLL - With Limited Liability |
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BUSINESS
HISTORY |
The Company was incorporated in Doha on 7 May 2000. |
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STATUS |
Active |
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SHAREHOLDERS |
NAME |
PERCENTAGE |
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1. Philip George Nationality: Indian 2. Abdul Mohsin Salem Al Abdulla * Nationality: Qatari * The local sponsor,
according to Qatari laws must hold a minimum of 51% of the capital, however,
in practice and unofficially the sponsor gets a fixed annual percentage of
the profit and a sponsorship fee without any investment in the company. |
49.00% 51.00% |
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OPERATION
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BANKERS |
1. Commercial
Bank of Qatar (CBQ) Grand Hamad Street PO Box 3232 Doha
Telephone: (+974) 4449 7445 Fax
: (+974) 4458 0070 SWIFT
: CBQAQAQA 2. Doha Bank
Q.S.C. Grand Hamad Street DB Main Branch- Mezzanine Floor PO Box 3818 Telephone: (+974) 4015 5755 Fax
: (+974) 4015 5750 |
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ACTIVITY CODE
(NACE) |
4674 - Wholesale
of hardware, plumbing and heating equipment and supplies; |
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LINE OF
BUSINESS |
Trading as importers and
suppliers of HVAC systems, air filters, air outlets, duct flanging systems
and aluminium tapes. HVAC contractors. Agents
for: Armacell, AFICO, Duro Dyne, Henco, Mupro, Duraflex, Luxo Medical
Lighting, Foster, TCTI, Thermaflex USA flexible ducts, Venture Tape USA tapes
and Mason. Subject’s completed
projects includes: - New Doha International
Airport; - Barwa Financial
District; - Sidra Medical Complex; - Business Park; - Barwa commercial Avenue; - World Trade Center; - Qatar Foundation –Male
& Female Study Centre; - Qatar Foundation –
Convention Center; - Ras Laffan Port
Expansion; - Pearl Shell GTL; - La Cigale Hotel; - Porto Arabia; - Lusail City; - Barwa City District Cooling Pant; - Khalifa Stadium; - Tornado Tower; - Doha Marriott Hotel; - Regent Hotel; - Texas Engineering College – Qatar Foundation; - Science & Technology – Qatar Foundation; - Integrated District Cooling Plant – Pearl Qatar. |
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IMPORT FROM |
USA, India, China and
occasionally from Turkey. |
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EXPORT TO |
Subject does not engage in exporting activities. |
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TRADE
REFERENCES |
3 M Midwest Distribution Center 3050 CORPORATE DRIVE, DEKALB,IL 601159229 USA |
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FACILITIES |
Leased premises comprising administrative offices and storage
facilities located at the heading address.
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RELATED
COMPANIES |
Subject is a member of CMS Group of Companies, which also includes the
following companies: Associates 1. Century
Mechanical Systems Factory LLC 26th Street Dubai United Arab Emirates Telephone: (+971 4) 347 4858 Est.: 09/04/1997 Trade License No.: 301333 2. Century
Mechanical Systems LLC Abu Dhabi United Arab Emirates Est.: 10/12/1997 C.R. No.: CN-1032973 3. CMS
Manufacturing Co. LLC Dubai United Arab Emirates 4. Technoflow
Trading LLC Ras Al Khaimah United Arab Emirates 5. CMS Logistics Jebel Ali Free Zone Dubai, UAE
6. Bac-Meecc
Middle East LLC Dubai United Arab Emirates 7. Reeftech
Services LLC Dubai United Arab Emirates 8. CMS Printing
Press LLC Dubai United Arab Emirates Est.: 07/03/2005 Trade License No.: 566047 9. Digital World
Computer Design L.L.C Dubai United Arab Emirates 10.Jaleeb Al-Shuyoukh Sri Lanka 11.Century
Mechanical Systems Trading Est. Sitteen Street (60th Street) Near National Hospital, Malaz District P.O. Box : 28430 Riyadh 11437 Est.: 23 April 2010 (10/05/1431 H) C.R. No.: 1010286837 RCCI Membership No. : 240740 12.Middle East
Engineers & Corrosion Control WLL Doha Qatar 13.Star Printing
Press Riyadh 14.Century
Mechanical Systems Pvt. Ltd. Colombo Sri Lanka 15.Century
Mechanical Systems Services LLC Muscat Sultanate of Oman 16.Century
Mechanical Systems Co. WLL Al Farwaniyah Kuwait Telephone: (965) 2431 7280 |
PAYMENT
RECORDS
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CREDIT
OPINION |
We consider it
is acceptable to deal with subject for MEDIUM amounts. |
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FINANCIAL
STRENGTH |
Normal |
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EMPLOYEE
RANGE |
ER5 |
SPECIAL
REMARKS
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INTERVIEWED |
Abdul Rasheed
(Finance Manager). |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.52 |
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1 |
INR 91.49 |
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Euro |
1 |
INR 80.52 |
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QAR |
1 |
INR 18.65 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIY |
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Report Prepared
by : |
TPT |
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
·
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.