Bain Industries

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.]

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.