Bain Industries

The facility is requested by Sallam International to finance an office revamp, through a proposed demand loan of USD 25,000,000K, equivalent to QAR 91,250,000K at the stated parity of 3.65. The proposed tenor is 25 years, with an availability period of two years. The request is subject to the Committee’s consideration and applicable regulatory and documentation requirements. (Source: application form)

The request is for a Demand Loan of USD 25,000,000K, stated as equivalent to QAR 91,250,000K at the fixed parity of 3.65, with a tenor of 25 years and an availability period of two years. The stated purpose is office revamp. Pricing is 3M SOFR plus 4.00%, with a commitment fee of 0.50%, management fee of 0.25% and prepayment fee of 1.00%; the maximum all-in rate is not specified. The proposed security parameters comprise an LTV cap of 70%, top-up trigger of 75%, liquidation trigger of 85% and security coverage of 117%. A refinance carve-out of USD 25,000K is stated, with Qatari law as governing law. QCB approval for FX lending is a regulatory prerequisite. (Source: application form)

[Analyst to confirm: The stated USD and QAR amounts use “K” notation, while the facility summary is presented in QAR 000s and shows a proposed amount of QAR 91,250,000; confirm the intended facility amount and units.]

The application identifies the borrower as Sallam International; however, the supplied financial statements identify the reporting entity as Salam International Investment Limited Q.P.S.C. (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3) The latter is a Qatari public shareholding company based on its legal designation. The supplied information does not provide the borrower’s licence number, domicile, incorporation date, ownership details, stated incorporation purpose or a complete group structure.

The audited FY2025 financial statements were audited by KPMG and received an unqualified opinion. (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3) The financial information indicates a sizeable operating business with FY2025 revenue of QAR 1,866,204 thousand and net profit of QAR 102,343 thousand. (Source: SIIL FS March English 2025.pdf, p.4)

[Analyst to confirm: legal identity and relationship between “Sallam International” in the application and “Salam International Investment Limited Q.P.S.C.” in the financial statements, together with licence, domicile, incorporation, ownership and group details.]

No guarantor is identified in the application or supplied document pack. The financial statements disclose that certain existing borrowings are supported by corporate and/or cross-corporate guarantees, but they do not identify a proposed guarantor for the requested facility. (Source: SIIL Console FS 2025_EN_Signed.pdf, p.66)

Accordingly, no assessment can be made of a guarantor’s financial capacity, strategy, ownership, relationship with the borrower or enforceability of the proposed support. The application also does not specify whether the facility is to benefit from a corporate guarantee, personal guarantee or other form of sponsor support.

[Analyst to confirm: whether any guarantee is proposed; if applicable, provide the guarantor’s legal name, ownership, financial information, strategy, relationship with the borrower and executed or draft guarantee terms.]

The proposed transaction is a new Demand Loan intended for office revamp purposes, with a stated availability period of two years and a contractual tenor of 25 years. Pricing is proposed at 3M SOFR plus 4.00%, together with the stated commitment, management and prepayment fees. (Source: application form)

The term sheet refers to pledged securities/fund units and provides an LTV framework, indicating that the intended repayment or risk-mitigation structure may involve security-backed lending. However, the supplied information does not identify the fund pool, investment assets, fund manager, custody arrangement, eligible investments, valuation basis or ownership of the proposed investments. No Sharia-compliant structure is specified; the requested instrument is described as a Demand Loan.

The proposed collateral amount in the facility limit summary is QAR 29,250,000, while the stated security coverage is 117%. (Source: application form) The legal ownership, perfection, ranking and availability of the proposed collateral have not been evidenced.

[Analyst to confirm: fund pool and investments, custody and pledge arrangements, collateral valuation, proposed security documents, and whether any Sharia-compliant structure is intended.]

The term sheet contemplates pledge-based risk controls through an LTV cap of 70%, a top-up trigger at 75% and a liquidation trigger at 85%. On the stated parameters, the top-up threshold provides a 5 percentage-point headroom above the initial LTV cap, while the liquidation threshold provides a 15 percentage-point headroom above the initial cap. Security coverage is stated at 117%, equivalent to a 17% excess over the proposed exposure on the stated basis. (Source: application form)

The term sheet also provides for a 0.50% commitment fee, 0.25% management fee and 1.00% prepayment fee. (Source: application form) However, the operating mechanics have not been supplied, including eligible collateral criteria, independent valuation frequency, NAV reporting, margin-call timelines, top-up form, liquidation authority, custody controls, pledge validity and renewal requirements, and treatment of income or distributions generated by the pledged assets.

[Analyst to confirm: collateral valuation and monitoring methodology, NAV reporting frequency, drawdown and margin-call procedures, enforcement rights, pledge perfection, renewal requirements and fee calculation basis.]

• Facility to be booked as a new Demand Loan, subject to confirmation of the final approved amount and unit of denomination. (Source: application form)
• Availability period stated as two years; tranche booking rules and minimum drawdown amounts are not specified. (Source: application form)
• Disbursement should be subject to completion of all required legal, KYC, collateral, custody, pledge and documentation conditions. [Analyst to confirm the detailed conditions precedent.]
• QCB approval for FX lending is identified as a regulatory prerequisite. (Source: application form)
• Drawdown purpose is stated as office revamp. [Analyst to confirm the permitted utilisation, evidence of expenditure and whether direct payment to contractors or vendors is required.]
• [Analyst to confirm whether drawdowns are conditional upon achievement of the required LTV and security coverage, and whether the refinance carve-out may be funded separately.]

• Interest is proposed at 3M SOFR plus 4.00%. The maximum all-in rate is not specified. (Source: application form)
• A commitment fee of 0.50%, management fee of 0.25% and prepayment fee of 1.00% are stated. (Source: application form)
• The stated tenor is 25 years; however, the application does not specify the interest payment frequency, principal amortisation profile, final maturity payment, instalment dates or whether the Demand Loan is repayable on demand throughout the tenor. (Source: application form)
• A refinance carve-out of USD 25,000K is stated. [Analyst to confirm the underlying facility or obligation to be refinanced and the repayment flow.]
• [Analyst to confirm the base-rate observation, fallback provisions, day-count convention, default interest, mandatory prepayment events, voluntary prepayment mechanics and application of proceeds from collateral liquidation.]

• Proposed security coverage is 117%, with an LTV cap of 70%, a top-up trigger at 75% and a liquidation trigger at 85% (Source: application form).
• The Facility Limit Summary records collateral of QAR 29,250,000K against the proposed demand loan of QAR 91,250,000K (Source: application form).
• The nature, legal ownership, valuation, eligibility and enforceability of the proposed collateral are not specified. [Analyst to confirm: detailed collateral description, independent valuation, ownership, perfection requirements, existing encumbrances and whether the collateral comprises pledged securities or fund units.]
• The borrower’s investment properties are already mortgaged to a local bank, including investment properties valued at QAR 2,108,000,000 at 30 June 2026 (Source: SIIL -HY 2026-English Signed.pdf, p.16). Availability of these assets for additional security should therefore be confirmed.
• No collateral documentation has been uploaded. [Analyst to confirm: executed pledge, mortgage or assignment documents, valuation report, insurance evidence, search reports and evidence of perfected first-ranking security.]

The following should be obtained before any first drawdown, subject to confirmation of applicable Credit and legal requirements:

• Completed KYC, constitutional and corporate documents for Sallam International and all relevant obligors; no KYC or constitutional documents are currently available (Source: application form).
• QCB approval for the proposed FX lending, as identified in the facility request (Source: application form).
• Executed facility, security and finance documents governed by Qatari law, together with evidence of valid perfection and priority of the Bank’s security (Source: application form).
• Independent valuation and eligibility confirmation for the proposed collateral, including confirmation that the security supports the stated 117% coverage and 70% LTV cap (Source: application form).
• Current bank statements, credit bureau reports and other required verification documents; no bank statements or bureau reports have been uploaded (Source: application form).
• Evidence of the borrower’s authority to enter into the transaction and confirmation of the purpose, stated as office revamp (Source: application form).
• [Analyst to confirm: final obligor structure, guarantors, beneficial owners, authorised signatories, insurance requirements and any additional legal opinions or regulatory clearances.]

• Obtain audited annual financial statements of the borrower within the timeframe required by Bank policy, together with reviewed interim financial information at least semi-annually. FY2025 audited financial statements were issued by KPMG with an unqualified opinion, while the six months ended 30 June 2026 information was reviewed rather than audited (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3; Source: SIIL -HY 2026-English Signed.pdf, pp.1–2).
• Require quarterly management accounts covering revenue, profitability, cash flow, debt, liquidity, related-party balances and covenant compliance. The latest reviewed 6M 2026 information reported total debt of QAR 2,188,434K and cash and bank balances of QAR 99,768K (Source: SIIL FS Q1-2026 English.pdf, pp.3–4).
• Require quarterly collateral valuations or mark-to-market reporting, with immediate notice of any breach of the 70% LTV cap, 75% top-up trigger or 85% liquidation trigger (Source: application form).
• Require prompt reporting of defaults, litigation, material adverse events, covenant breaches, changes in ownership or management, new indebtedness, additional security and related-party transactions.
• [Analyst to confirm: reporting deadlines, approved valuation frequency, designated monitoring officer and required format for compliance certificates.]

• Audited annual financial statements should be submitted within the period prescribed by Bank policy. FY2025 accounts were audited by KPMG with an unqualified opinion, but the 30 June 2026 interim information was reviewed and not audited (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3; Source: SIIL -HY 2026-English Signed.pdf, pp.1–2).
• The borrower should maintain adequate reserves and liquidity to meet scheduled debt service, operating requirements and contingent obligations. FY2025 operating cash flow was QAR 194,653K against reported debt service of QAR 676,999K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.35).
• Standard cross-default, negative pledge, material adverse change, disposals, additional indebtedness and change-of-control provisions should apply, subject to legal review.
• KYC, beneficial ownership, sanctions, AML and customer eligibility requirements must be completed and maintained throughout the relationship. No KYC or constitutional documents are currently available (Source: application form).
• [Analyst to confirm: reserve amount or minimum liquidity threshold, precise audited-FS submission deadline, permitted indebtedness baskets, cross-default threshold and final KYC eligibility assessment.]

• A debt service reserve account should be established if required by policy or transaction risk assessment, with the required amount, funding source, permitted withdrawals and replenishment mechanics documented. [Analyst to confirm: DSRA quantum and form.]
• No side letters, waivers or ancillary undertakings should amend the approved economics, security or ranking unless formally authorised and retained on file. [Analyst to confirm: whether any side letter is contemplated.]
• On a breach of the 75% top-up trigger, the borrower should provide additional eligible collateral or reduce exposure within the period specified by the Bank; at 85%, the Bank should have the contractual right to liquidate or otherwise enforce the relevant collateral, subject to Qatari law (Source: application form).
• The facility should rank at least pari passu with the borrower’s other unsecured and unsubordinated financial indebtedness, subject to disclosed security priorities and mandatory legal preferences. Existing mortgages over investment properties in favour of a local bank must be assessed before relying on those assets (Source: SIIL -HY 2026-English Signed.pdf, p.16).
• [Analyst to confirm: covenant testing dates, cure periods, DSRA arrangements, enforcement mechanics and treatment of proceeds following liquidation.]

The application identifies the borrower as Sallam International, while the financial statements identify Salam International Investment Limited Q.P.S.C. [Analyst to confirm: legal name, licence number, domicile, incorporation date and whether the application borrower is the same legal entity as the financial-statement entity.]

The supplied fact pack does not provide the borrower’s licensed activities, shareholding, ultimate beneficial ownership, ownership narrative or management biographies. The financial statements identify Abdur Salam Issa Abu Issa as Chief Executive Officer and Board Member and Hekmat Abdel Fattah Younis as Chief Financial Officer in the interim reporting (Source: EN SALAM.pdf, p.4). The FY2025 statements were audited by KPMG with an unqualified opinion (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3).

The proposed relationship is a new account under Private Banking & Wealth Management, for office revamp, with no group or related-group information captured (Source: application form). [Analyst to confirm: sponsors, directors, shareholders, beneficial owners, group structure, related entities, business track record and management experience.]

The fact pack indicates operations across contract revenue, sale of goods, services and real estate revenue. For 6M 2025, approximately QAR 669,400K of revenue from contracts with customers arose in Qatar, QAR 65,073K in the United Arab Emirates and QAR 47,099K in other geographies (Source: SIIL Group FS -EN 30 June 2025.pdf, p.23). Management also disclosed geopolitical uncertainty in the Middle East, including Qatar, which may affect sectors in which the Group operates (Source: SIIL -HY 2026-English Signed.pdf, p.28).

FY2025 revenue increased to QAR 1,866,204K, while real estate revenue declined to QAR 114,274K (Source: SIIL FS March English 2025.pdf, p.4; Source: SIIL English FS Sep 2025.pdf, p.5). Investment properties represented approximately 50% of total assets and are subject to valuation sensitivity (Source: SIIL Console FS 2025_EN_Signed.pdf, p.4).

The fact pack records dividends of QAR 0K in FY2023, QAR 34,294K in 6M 2024, QAR 45,726K in FY2025 and QAR 68,589K in 6M 2026 (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12). A ten-year dividend history is not provided. [Analyst to confirm: sector classification, industry outlook, principal competitors, guarantor outlook and complete dividend history.]

FY2025 revenue increased to QAR 1,866,204K from QAR 1,683,946K in FY2024, while gross profit increased to QAR 502,853K and net profit to QAR 102,343K (Source: SIIL FS March English 2025.pdf, p.4). The analyst reports FY2025 revenue growth of 10.8%, net margin of 5.5% and current ratio of 1.60x (Source: application form). The latest 6M 2026 results show revenue of QAR 866,754K, gross profit of QAR 251,812K and net profit of QAR 53,825K (Source: SIIL FS March English 2025.pdf, p.4).

At 30 June 2026, total assets were QAR 4,474,136K, current assets QAR 1,327,334K and cash and bank balances QAR 99,768K. Total liabilities were QAR 2,714,510K, current liabilities QAR 768,266K and total debt QAR 2,188,434K (Source: SIIL FS Q1-2026 English.pdf, pp.3–4). Net worth was QAR 1,759,626K and tangible net worth QAR 1,697,036K (Source: SIIL FS Q1-2026 English.pdf, pp.3–4).

Related-party balances remained material, with QAR 304,084K reported at 6M 2026 (Source: SIIL FS Q1-2026 English.pdf, p.3). FY2025 also included gross overdue exposures exceeding 730 days of QAR 480,191K, with a loss allowance of QAR 204,365K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.81). The analyst reports DSCR of 0.40x, interest cover of 2.37x and leverage of 1.70x (Source: application form).

No guarantor has been identified in the application. Accordingly, standalone financial analysis of the guarantor, including revenue drivers, cost trends, asset growth, funding strategy and net-worth movements, cannot be completed. [Analyst to confirm: guarantor identity, relationship to the borrower, guarantee type and financial information to be relied upon.]

The available financial information relates to Salam International Investment Limited Q.P.S.C. FY2025 audited revenue increased to QAR 1,866,204 thousand from QAR 1,683,946 thousand in FY2024, while net profit increased to QAR 102,343 thousand from QAR 54,913 thousand (Source: SIIL Console FS 2025_EN_Signed.pdf, p.10). Total assets were QAR 4,689,477 thousand and net worth QAR 1,776,035 thousand at FY2025 (Source: SIIL FS Q1-2026 English.pdf, pp.3–4). Total debt was QAR 2,269,365 thousand, and reported debt service was QAR 676,999 thousand against operating cash flow of QAR 194,653 thousand (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.12, 35). These figures indicate improved profitability but high leverage and constrained debt-service capacity.

No bank statements have been uploaded; therefore, account turnover, conduct, excesses, returned items, utilisation patterns and historical repayment performance cannot be assessed. [Analyst to confirm: statements for the relevant operating and borrowing accounts, account conduct commentary and any existing banking relationships.]

The request is stated to be for a new account to be opened, and no existing Ahlibank account conduct is available (Source: application form). Profitability based on the latest audited financial statements was positive: FY2025 revenue was QAR 1,866,204 thousand and net profit was QAR 102,343 thousand (Source: SIIL Console FS 2025_EN_Signed.pdf, p.10). The application indicates a FY2025 net margin of 5.5%, revenue growth of 10.8% and interest coverage of 2.37x (Source: application form). However, the indicated FY2025 DSCR of 0.40x is weak, consistent with operating cash flow of QAR 194,653 thousand versus reported debt service of QAR 676,999 thousand (Source: SIIL Console FS 2025_EN_Signed.pdf, p.35).

No QCB report or credit bureau report has been uploaded. Accordingly, the borrower’s external indebtedness, payment history, adverse information, returned payments, legal status and contingent banking exposure cannot be independently verified. [Analyst to confirm: QCB approval for the proposed FX lending, QCB report findings, Credit Bureau report findings and any existing or proposed bank facilities.]

The financial statements disclose material borrowings and contingent obligations. At 30 June 2026, borrowings were QAR 2,134,092 thousand and bank overdrafts were QAR 54,343 thousand (Source: SIIL -HY 2026-English Signed.pdf, p.4). Letters of guarantee of QAR 290,515 thousand and letters of credit of QAR 60,797 thousand were outstanding at that date (Source: SIIL -HY 2026-English Signed.pdf, p.23). These amounts should be reconciled to the QCB and Credit Bureau outputs before finalising the exposure assessment.

• Primary source: Cash flow generated from the borrower’s operating activities and business operations. FY2025 operating cash flow was QAR 194,653 thousand, against reported debt service of QAR 676,999 thousand, indicating that internally generated cash flow alone would not cover the reported debt-service burden (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.12, 35). Repayment capacity should therefore be supported by a documented cash-flow forecast, identified cash flows for the office revamp and evidence of sufficient liquidity.
• Secondary source: Enforcement or realisation of the proposed collateral, subject to completion of legal, ownership, valuation, liquidity and enforceability checks. The term sheet states an LTV cap of 70%, a top-up trigger of 75%, a liquidation trigger of 85% and security coverage of 117% (Source: application form). Collateral documentation has not been uploaded. [Analyst to confirm: collateral type, ownership, valuation, custody/control, existing encumbrances and enforceability.]
• Pari passu: The proposed ranking and sharing arrangements with other lenders have not been provided. [Analyst to confirm: whether the facility will rank pari passu with existing secured or unsecured obligations and whether any negative pledge or intercreditor arrangements apply.]

• Proposed rating: R06, as stated in the application (Source: application form).
• The rating is supported by the borrower’s established scale, FY2025 revenue growth of 10.8%, positive profitability, interest coverage of 2.37x and leverage of 1.70x on the application’s threshold assessment (Source: application form).
• The rating is constrained by weak debt-service capacity: the application indicates FY2025 DSCR of 0.40x, while audited FY2025 operating cash flow of QAR 194,653 thousand covered reported debt service of QAR 676,999 thousand (Source: application form; SIIL Console FS 2025_EN_Signed.pdf, p.35).
• Total debt was QAR 2,269,365 thousand at FY2025, with reported net debt-to-equity of 116% (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.4, 35).
• Further constraints are material related-party receivables, credit-impaired overdue receivables, encumbered investment properties and reliance on interim information that is reviewed rather than audited (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.60, 66, 81; SIIL -HY 2026-English Signed.pdf, pp.1, 16, 19).

1. The proposed Demand Loan is for USD 25,000,000K, stated as QAR 91,250,000K at the fixed parity of 3.65, for a 25-year tenor with two years’ availability and the stated pricing and security parameters (Source: application form). [Analyst to confirm: facility amount and units, as the request notation is ambiguous.]
2. The borrower demonstrates scale, positive profitability and FY2025 revenue growth of 10.8%; however, debt-service capacity is weak, with indicated DSCR of 0.40x and audited operating cash flow materially below reported debt service (Source: application form; SIIL Console FS 2025_EN_Signed.pdf, p.35).
3. The principal credit concerns are high leverage, material overdue and related-party receivables, encumbered investment properties, contingent obligations and reliance on reviewed or unreviewed interim information (Source: SIIL Console FS 2025_EN_Signed.pdf, pp.35, 60, 66, 81; SIIL -HY 2026-English Signed.pdf, pp.1, 16, 19, 23).
4. No guarantor, bank statements, QCB/Credit Bureau reports, KYC documents or collateral documents have been provided. Company information and sponsor details also remain outstanding (Source: application form).
5. Any favourable consideration should be subject to satisfactory completion of the missing information, QCB approval for FX lending, confirmation of repayment sources, independent collateral valuation and perfected security, together with appropriate financial reporting and covenant conditions.

The facility is proposed for the Credit Committee’s consideration, subject to confirmation of the outstanding matters and satisfaction of all applicable conditions precedent.

The following information was obtained from publicly available sources and is not contained in the bank’s document pack. The ten completed financial years are taken as FY2016–FY2025; FY2026 is excluded as incomplete as at September 2026.

The record indicates a seven-year period without shareholder distributions from FY2017–FY2022, followed by resumed distributions in FY2023 and increases in FY2024 and FY2025. The apparent reduction from QAR0.80 per share in FY2016 to QAR0.03 thereafter is not directly comparable because Qatar-listed companies implemented a ten-for-one share split in 2019; distribution percentages are therefore the more meaningful comparison. (edaa.gov.qa)

The publicly available information reviewed does not provide a verifiable dividend record for the exact entity named Bain Industries. Search results primarily relate to unrelated organisations, including Bain & Company and Bain Capital, rather than an identifiable listed or reporting entity named Bain Industries (Bain & Company; Bain Capital). Accordingly, no reliable dividend amounts, payment dates, payout ratios or distribution trend could be established from independent public sources.

From a consistency perspective, the dividend record should therefore be assessed as not verifiable based on external information. It would not be appropriate to infer that dividends were paid regularly, maintained at a stable level, increased, or were suspended during the requested ten-year review period. The absence of publicly available data should not itself be interpreted as evidence of either weak or consistent dividend policy.

For CAM purposes, the analysis should be completed using Bain Industries’ audited financial statements, shareholders’ resolutions, dividend declarations and bank payment evidence for the relevant years. Until these records are provided and reconciled, a ten-year dividend history chart cannot be prepared without introducing unsupported or potentially inaccurate figures.