Salam International
approvedRating R06CAM Preparation
Run AI extraction over the document pack, verify financial spreads and ratios, edit AI-drafted narrative, build the term sheet and propose a risk rating.
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AI document analysis
8 document(s), ~276 pages · 0 not yet extracted. Extraction reads each document, captures every figure with its page reference, fills the financial spreads, parties and collateral, and raises red flags.
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Financial spreads — Borrower (Salam International)
QAR 000s · audited / management · 432 AI-extracted value(s) awaiting verification
| Line item | 9M 2023 | FY2023 | 3M 2024 | 6M 2024 | 9M 2024 | FY2024 | Q1 2025 | 6M 2025 | 3M 2025 | 9M 2025 | FY2025 | 3M 2026 | 6M 2026 | |
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Financial spreads — Guarantor
No spread yet — run AI extraction on the financial statements or add rows manually.
Ratios vs bank thresholds
Every ratio is computed from one reporting period of one type — benchmarks are configurable in Settings → Thresholds (placeholders until the bank's credit policy is loaded).
| Metric | Value | Assessment | Note |
|---|---|---|---|
| borrowerDebt service coverage (DSCR) (FY2025) | 0.40x | weak | |
| borrowerInterest coverage (EBITDA / interest) (FY2025) | 2.37x | acceptable | |
| borrowerLeverage (total liabilities / tangible net worth) (FY2025) | 1.70x | acceptable | |
| borrowerCurrent ratio (FY2025) | 1.60x | good | |
| borrowerRevenue trend (latest year) (FY2025) | 10.8% | good | Change on FY2024 |
| borrowerProfitability (net margin) (FY2025) | 5.5% | good | |
| borrowerLTV on pledged securities / fund units (term sheet) | 70% | acceptable | |
| borrowerSecurity coverage (collateral / exposure) (term sheet) | 143% | weak |
Red flags · 59 open
Raised by AI extraction and by rule checks (missing documents, stale valuations, audit opinions, trends). Resolving a flag records who cleared it and why.
- Missing: QCB / Credit Bureau reportshighruleNo document in category "Bureau reports" has been uploaded.
- Going-concern languagehighruleThe auditor's report does not identify a material uncertainty related to going concern. The financial statements state that the Group manages capital to continue on a going concern basis.
- Interim financial information not independently reviewedhighMgmt accountsThe 30 September 2025 and 30 September 2024 columns are expressly marked “Not Reviewed”. No audit or review opinion and no explanation for the absence of independent assurance are provided. Consider imposing an audit or independent review condition for the required financial reporting period before reliance on the figures.
- Current interim financials not reviewedhighMgmt accountsThe 31 March 2025 statement of financial position and the three-month income statement are marked “Not Reviewed”. The document provides no explanation for the absence of an audit or review. Obtain clarification and consider imposing a condition requiring submission of reviewed or audited interim financial statements, as applicable to the facility and credit policy.
- No audit opinion; reviewed interim information onlyhighMgmt accountsThe statements are reviewed under ISRE 2410 rather than audited. KPMG states that a review is substantially less in scope than an audit and that it does not express an audit opinion. The credit file should impose an audited annual financial statements condition and consider requiring audited or independently reviewed interim accounts for monitoring.
- Material leveragehighMgmt accountsAt 30 June 2026, borrowings were QAR 2134091661 and bank overdrafts were QAR 54342786, against total equity of QAR 1759626211. Borrowings and overdrafts therefore exceed reported equity.
- Material related-party receivables and impairmenthighMgmt accountsNet due from related parties was QAR 304084042 after an impairment allowance of QAR 65381119. Net loans to associate companies were QAR 8339027 after an impairment allowance of QAR 17383889. The balances and recoverability should be monitored.
- High leverage and debt service burdenhighAudited FSTotal debt was QAR 2,269,365,200 against total equity of QAR 1,776,034,740. Reported net debt-to-equity was 116%. Contractual FY2025 debt service, calculated from borrowings repayments and finance costs paid, was approximately QAR 676,999,039 versus operating cash flow of QAR 194,653,391.
- Material overdue and credit-impaired receivableshighAudited FSAt 31 December 2025, gross exposures of QAR 480,191,142 were more than 730 days past due and classified as credit impaired, with a loss allowance of QAR 204,364,898. Total loss allowance for financial assets and contract assets was QAR 288,928,209.
- Significant related-party receivableshighAudited FSDue from related parties was QAR 312,732,788 net of an allowance of QAR 80,033,121; gross due from related parties was QAR 392,765,909. Related-party balances are material relative to equity and include associates, joint ventures, key management personnel and other related parties.
- Interim information reviewed, not auditedhighMgmt accountsThe document is a reviewed interim financial information package, not audited financial statements. KPMG expressly stated that it did not express an audit opinion. Consider imposing an audit condition requiring submission of audited annual financial statements and, if required by policy, audited or independently reviewed interim information.
- Unaudited and not reviewed interim financial informationhighMgmt accountsThe 30 September 2024 financial position and the nine months ended 30 September 2024 results are marked “Not Reviewed”. No audit or review report, auditor name, or reason for the absence of an audit/review is provided. Obtain audited financial statements or an appropriate independent review as a documentation condition if required by credit policy.
- Material related-party receivableshighAudited FSDue from related parties was QAR 357,254,705 gross, less an impairment allowance of QAR 72,614,521, leaving QAR 284,640,184 net at 31 December 2024. The notes state that no guarantees were received for related-party receivable balances.
- High leverage and increased net debt to equityhighAudited FSNet debt to equity increased to 119% in FY2024 from 109% in FY2023. Borrowings and bank overdrafts were approximately QAR 2.274 billion at FY2024, against total equity of QAR 1.709 billion.
- Significant overdue receivableshighAudited FSAt 31 December 2024, receivables and contract-related balances more than 730 days past due had gross carrying amounts of QAR 191,421,034 and loss allowances of QAR 134,186,145; these balances were classified as credit impaired.
- Limited supporting informationlowMgmt accountsThe document contains condensed primary statements only and does not include cash-flow information or explanatory notes, limiting verification of cash generation, debt service, accounting policies and related-party exposures.
- Internal arithmetic consistency confirmedlowMgmt accountsFor 30 September 2025, total assets of QAR 4630987486 equal total equity and liabilities of QAR 4630987486. For the nine months ended 30 September 2025, revenue less operating cost equals gross profit, and profit before tax less income tax expense equals reported profit for the period.
- No going-concern disclosure identifiedlowMgmt accountsNo going-concern note or related disclosure is included in the provided six-page document.
- No cash flow statement providedlowMgmt accountsThe provided document contains statements of financial position, profit or loss, comprehensive income and changes in equity, but no cash flow statement. Operating cash flow, capital expenditure and debt service cannot be assessed from this document.
- Review period and audited comparative are not directly comparablelowMgmt accountsThe 30 June 2026 figures are six-month interim reviewed figures, while the 31 December 2025 balance-sheet comparatives are audited year-end figures. They should not be treated as equivalent annual periods.
- Audit opinion unqualifiedlowAudited FSKPMG issued an unqualified opinion. No qualification, adverse opinion or disclaimer was reported. The auditor's report was dated 3 March 2026.
- No material going-concern uncertainty reportedlowAudited FSThe auditor's report does not include a going-concern emphasis or material-uncertainty paragraph. The financial statements were prepared on a going-concern basis.
- Contingent liabilitieslowAudited FSAt 30 June 2025, letters of guarantee were QAR 225.5 million, letters of credit QAR 47.9 million and capital commitments QAR 4.6 million.
- Revenue concentrationlowAudited FSQAR 669.4 million, or approximately 80% of revenue from contracts with customers, arose in Qatar during 6M 2025. The luxury retail and distribution segment generated QAR 330.8 million of external revenue, approximately 39% of total revenue.
- No going-concern disclosure identifiedlowAudited FSNo going-concern paragraph or going-concern uncertainty statement was identified in the supplied report.
- Cash flow and balance-sheet cash differ by presentationlowMgmt accountsCash and cash equivalents were QAR 275,882,150 in the statement of financial position and QAR 216,331,514 in the cash flow statement. The notes explain that the cash flow amount deducts bank overdrafts and margin deposits, so the difference appears presentation-related rather than an unresolved inconsistency.
- No cash flow informationlowMgmt accountsThe document contains statements of financial position, profit or loss, other comprehensive income, and changes in equity, but no cash flow statement. Operating cash flow, capital expenditure, dividends paid, and debt service cannot be assessed from this document.
- No going-concern statement identifiedlowMgmt accountsNo going-concern note or explicit going-concern conclusion is included in the provided seven-page document.
- Unqualified audit opinionlowAudited FSKPMG stated that the consolidated financial statements present fairly, in all material respects, the Group's financial position, performance and cash flows in accordance with IFRS Accounting Standards.
- Collateral and guarantees disclosedlowAudited FSCertain investment properties and property and equipment are mortgaged to a local bank. Other loans and borrowings are secured by corporate or cross-corporate guarantees.
- Missing: Bank statementsmediumruleNo document in category "Bank statements" has been uploaded.
- Missing: Collateral documentationmediumruleNo document in category "Collateral" has been uploaded.
- Significant related-party receivablemediumMgmt accountsDue from related parties totals QAR 299308790 at 30 September 2025, representing a material balance requiring confirmation of counterparties, recoverability and terms. Due to related parties is QAR 1699660.
- High reported borrowings relative to equitymediumMgmt accountsThe statement separately reports non-current borrowings of QAR 1765934340, current borrowings of QAR 472584941 and bank overdrafts of QAR 76479837 at 30 September 2025. The document does not provide a debt maturity profile or debt-service information.
- Comparative income statement also not reviewedmediumMgmt accountsThe three-month comparative income statement for 31 March 2024 is also marked “Not Reviewed”, limiting assurance over period-on-period comparisons.
- Material related-party balancesmediumMgmt accountsDue from related parties of QAR 288009097 is a material current-asset balance, while due to related parties is QAR 1509240. Obtain ageing, terms, recoverability and settlement details for related-party balances.
- Unreviewed three-month comparativemediumMgmt accountsThe three months ended 30 June 2025 comparative is marked unreviewed, while the six months ended 30 June 2025 comparative is reviewed. This limits comparability for quarter-on-quarter analysis.
- Bank security over investment propertiesmediumMgmt accountsInvestment properties with fair value of QAR 2108000000 are mortgaged to a local bank against Group facilities. This may affect asset availability for additional security.
- Material contingent obligationsmediumMgmt accountsLetters of guarantee of QAR 290515367 and letters of credit of QAR 60797185 were outstanding at 30 June 2026, in addition to capital commitments of QAR 15805762.
- Geopolitical uncertainty disclosedmediumMgmt accountsManagement disclosed escalating geopolitical developments in the Middle East, including Qatar, with potential implications for certain operating sectors.
- Only two annual periods providedmediumAudited FSThe document contains FY2025 and FY2024 comparative columns only. A three-year income statement and balance sheet spread cannot be extracted from this document.
- Concentration in investment properties and valuation sensitivitymediumAudited FSInvestment properties were QAR 2,343,675,463, approximately 50% of total assets, and valuation was identified as a key audit matter. A 0.5% change in exit yield was disclosed as producing a sensitivity of QAR 124,159,689 for completed properties.
- Secured borrowings and corporate guaranteesmediumAudited FSCertain borrowings were secured by investment properties with fair value of QAR 2,108,000,000 and property and equipment with net book value of QAR 89,136,214. Other borrowings were secured by corporate and/or cross-corporate guarantees.
- Interim review rather than audited annual financial statementsmediumAudited FSThe document covers six months ended 30 June 2025 and is marked Reviewed. KPMG expressly states that no audit opinion is expressed; therefore it should not be treated as a three-year audited financial statement package.
- High leverage and debt service burdenmediumAudited FSBorrowings were QAR 2.236 billion and bank overdrafts QAR 77.3 million at 30 June 2025. Cash-flow debt service, calculated as borrowings principal repayments plus finance costs paid, was QAR 361.2 million for 6M 2025 versus QAR 311.8 million for 6M 2024.
- Related-party receivablesmediumAudited FSNet due from related parties was QAR 295.7 million, comprising gross balances of QAR 370.3 million less an impairment allowance of QAR 74.5 million. Additional loans to associates were QAR 24.3 million.
- Secured investment property portfoliomediumAudited FSInvestment properties with fair value of QAR 2.116 billion were mortgaged to a local bank against facilities obtained by the Group.
- Cash flow weaker than comparative periodmediumAudited FSNet operating cash flow fell from QAR 97.2 million in 6M 2024 to QAR 69.9 million in 6M 2025. After investing and financing flows, cash and cash equivalents decreased by QAR 57.2 million.
- Comparative interim figures unreviewedmediumMgmt accountsThe corresponding figures for the three months ended 31 March 2025 were not reviewed and no review conclusion was expressed on them. Year-on-year comparisons should therefore be treated with caution.
- Material related-party receivablesmediumMgmt accountsThe Group reported QAR 310,294,389 due from related parties after an impairment allowance of QAR 63,451,459, plus QAR 6,539,027 loans to associate companies after impairment. This creates material exposure to related-party recoverability and concentration risk.
- Secured investment propertiesmediumMgmt accountsInvestment properties with fair value of QAR 2,108,000,000 are mortgaged to a local bank against Group facilities. The properties are valued using Level 2 and Level 3 methods, including discounted cash flow and market comparison approaches.
- Material contingent obligationsmediumMgmt accountsLetters of guarantee of QAR 242,076,185 and letters of credit of QAR 70,044,463 were outstanding at 31 March 2026, in addition to capital commitments of QAR 2,621,136.
- Geopolitical and regional uncertaintymediumMgmt accountsManagement disclosed that escalating geopolitical developments in the Middle East increased regional economic uncertainty, including in Qatar, with potential implications for sectors in which the Group operates.
- Document page-count discrepancymediumMgmt accountsThe file is described as containing 30 pages, while the financial information and contents pages identify the report through page 28. Pages 29–30 were not available for verification and should be confirmed as blank, duplicate or missing before relying on completeness.
- Material related-party balancesmediumMgmt accountsThe company reports QAR 282553356 due from related parties and QAR 1748222 due to related parties at 30 September 2024. The due-from balance is material relative to current assets and should be assessed for recoverability, terms, and subordination.
- Significant indebtedness and current obligationsmediumMgmt accountsBorrowings, bank overdrafts, and current borrowings total QAR 2182292232 at 30 September 2024, including QAR 478768460 classified as short-term debt. Total current liabilities are QAR 912401250.
- Reduced cash generation and increased capexmediumAudited FSNet cash from operating activities fell from QAR 404,090,038 in FY2023 to QAR 188,086,950 in FY2024, while acquisition of property and equipment increased to QAR 129,513,399 from QAR 38,069,458.
- Large investment-property concentrationmediumAudited FSInvestment properties were QAR 2,245,886,112 at FY2024, approximately 50% of total assets. The valuations use significant assumptions and include Level 3 fair values of QAR 2,189,415,842.
- Near-term refinancing and maturity exposuremediumAudited FSCurrent borrowings were QAR 461,471,246 and bank overdrafts were QAR 58,300,580 at FY2024. The borrowing note identifies term loans with maturities in January 2025 and June 2025, including a QAR 60 million loan due on 3 January 2025 and a QAR 50 million loan due in June 2025.
Nature of request & term sheet
Structured facility terms. Narrative term-sheet items (disbursement, repayment, security, covenants) are drafted as CAM sections below.
= USD 10.0 MM · ≈ QAR 36,500K at parity 3.65
Formula gives 2.78%
Added to the Facility Limit Summary grand total, so it drives the large-exposure flag and the approval level.
LTV = 1 ÷ security coverage. Editing either recalculates the other; the field you edit last wins.
Facility Limit Summary
Figures in QAR 000s (USD converted at parity 3.65). Capital base QAR 8,000,000K → limit 0.46% of capital base.
| # | Facility type | Existing | Proposed | Change | Outstanding | Pricing | Collateral notes | Collateral (QAR 000s) | |
|---|---|---|---|---|---|---|---|---|---|
| 1 | 36,500 | ||||||||
| SUB-TOTAL | 36,500 | Large exposure: N · Related director: N | 52,144 | ||||||
| RELATED EXPOSURE | NIL | Edit in the term sheet (Related exposure) | |||||||
| GRAND TOTAL | 36,500 | ||||||||
Borrower, guarantor & collateral
AI extraction fills these from KYC, guarantor and collateral documents — verify and complete.
No collateral recorded.
PurposeApproved v3 · 15 Sept 2026 08:48 · Person 6
One paragraph purpose of facility (cover page).
I. Nature of RequestApproved v2 · 15 Sept 2026 08:48 · Person 6
Amount, tenor, purpose, pricing, security and regulatory prerequisites.
Brief Details of BorrowerApproved v2 · 15 Sept 2026 08:48 · Person 6
Legal form, licence, domicile, ownership, incorporation purpose and group structure.
Brief Details of GuarantorApproved v2 · 15 Sept 2026 08:48 · Person 6
Guarantor description, strategy and link to the borrower.
Overview of the TransactionApproved v2 · 15 Sept 2026 08:48 · Person 6
Structure narrative incl. fund pool, investments and any Sharia-compliant structure.
Modus Operandi AI draft — pending approval v1 · 15 Sept 2026 08:45
Pledge mechanics, NAV reporting, drawdown rules, validity/renewal, fee mechanics, cushion analysis.
The term-sheet inputs contemplate lending against pledged securities or fund units, with a maximum LTV of 70%, a top-up trigger at 75% and a liquidation trigger at 85%; stated security coverage is 143%. The proposed tenor is 25 years with a two-year availability period. No mechanics have been provided for pledge creation, control of the custody account, eligible collateral, valuation frequency, NAV reporting, haircuts, concentration limits, margin calls, cure periods, forced-sale authority or release and substitution of collateral. Fee mechanics are stated as a 0.50% commitment fee, 0.25% management fee and 1.00% prepayment fee, but the calculation basis and timing are not specified. [Analyst to confirm: full collateral and monitoring framework, reporting frequency, renewal requirements, operational controls, fee computation, and treatment of market disruption or illiquid assets.] (Source: application form)
Disbursement terms AI draft — pending approval v1 · 15 Sept 2026 08:45
Tranche booking rules and drawdown conditions.
- Proposed facility: Demand Loan of USD 10,000K, equivalent to QAR 36,500K at parity 3.65. (Source: application form)
- Availability: two years within the proposed 25-year tenor. (Source: application form)
- Account status: new account to be opened. (Source: application form)
- Disbursement is subject to completion of legal, credit, regulatory and security documentation, including QCB approval for FX lending. (Source: application form)
- The facility is stated to be supported by pledged securities or fund units, but eligible collateral, custody arrangements, valuation and perfection requirements are not specified. [Analyst to confirm.]
- Tranche booking rules, minimum drawdown, utilisation currency, permitted end-use evidence and conditions precedent have not been provided. [Analyst to confirm.]
Repayment terms AI draft — pending approval v1 · 15 Sept 2026 08:45
Interest and principal repayment mechanics.
- Pricing: 3M SOFR plus 2.75%, subject to a maximum all-in rate of 2.78%. The application does not specify the interest payment frequency, benchmark fallback, observation convention or treatment of any negative benchmark. (Source: application form)
- Commitment fee: 0.50%; management fee: 0.25%; prepayment fee: 1.00%. The calculation basis, charging dates and applicability to undrawn or prepaid amounts are not specified. (Source: application form)
- Principal: repayment mechanics have not been provided for the 25-year tenor or the two-year availability period. [Analyst to confirm: amortisation profile, bullet or demand repayment terms, scheduled instalments, maturity settlement, voluntary prepayment rights and mandatory prepayment events.]
- The proposal includes collateral-based top-up and liquidation triggers at 75% and 85% LTV, respectively. [Analyst to confirm: margin-call cure period, enforcement rights and application of sale proceeds.] (Source: application form)
Security / support AI draft — pending approval v1 · 15 Sept 2026 08:46
Liens, pledges, guarantees, undertakings, top-up mechanism.
- The proposed Demand Loan is stated at USD 10,000K, equivalent to QAR 36,500K at the fixed parity of 3.65 (Source: application form).
- Proposed security is stated to comprise pledged securities/fund units with an LTV cap of 70%, a top-up trigger at 75% and a liquidation trigger at 85% (Source: application form).
- The term sheet indicates security coverage of 143%; the related bank threshold is recorded as weak (Source: application form).
- The nature, value, liquidity, ownership, custodian and enforceability of the proposed pledged securities/fund units have not been evidenced. [Analyst to confirm: detailed collateral schedule, valuation basis, custody arrangements, pledge documentation and eligibility of the assets.]
- No collateral documentation has been uploaded. [Analyst to confirm: executed pledge documentation and evidence that the proposed security is available for first-ranking security in favour of Ahlibank.]
- No specific personal, corporate or cross-corporate guarantee, undertaking or other support is identified in the term sheet. [Analyst to confirm: proposed guarantees, undertakings and ranking of security.]
- Top-up and liquidation procedures, including notification, cure periods, valuation frequency and the Bank’s right to liquidate, should be documented before utilisation.
Conditions precedentApproved v2 · 15 Sept 2026 08:48 · Person 6
Documents and actions required before first drawdown.
Performance monitoringApproved v2 · 15 Sept 2026 08:48 · Person 6
Information undertakings and reporting frequency.
Terms & conditions AI draft — pending approval v1 · 15 Sept 2026 08:46
Audited FS timing, reserves undertaking, cross-default, KYC eligibility.
- Audited annual financial statements to be submitted within [Analyst to confirm: policy deadline] after each financial year-end, together with any interim reporting required by the Bank.
- The borrower and relevant support providers should maintain adequate reserves and liquidity to meet all obligations, margin calls, fees, taxes and costs associated with the facility. [Analyst to confirm: minimum reserve or liquidity amount.]
- Cross-default to apply to material financial indebtedness of the borrower and relevant obligors, subject to agreed thresholds and cure periods. [Analyst to confirm: thresholds and drafting.]
- KYC, beneficial ownership, sanctions and eligibility requirements must remain satisfactory throughout the facility tenor; the account is stated to be a new account to be opened (Source: application form).
- Facility: Demand Loan of USD 10,000K, equivalent to QAR 36,500K; tenor 25 years with availability of two years (Source: application form).
- Pricing: 3M SOFR plus 2.75%, with maximum all-in pricing of 2.78%; commitment fee 0.50%, management fee 0.25% and prepayment fee 1.00% (Source: application form).
- Governing law: Qatari law. Regulatory prerequisite: QCB approval for FX lending (Source: application form).
- [Analyst to confirm: final risk rating, refinance carve-out, financial covenant package and all remaining commercial terms.]
Covenants AI draft — pending approval v1 · 15 Sept 2026 08:46
DSRA, side letters, liquidation treatment, pari passu ranking.
- Establish a debt service reserve account or equivalent liquidity support acceptable to the Bank. [Analyst to confirm: required DSRA amount, funding date, permitted investments and release mechanics.]
- No side letters, waivers or amendments affecting repayment, ranking, security or financial obligations should be issued without the Bank’s prior written approval. [Analyst to confirm: whether any side letters are contemplated.]
- The borrower must maintain the pledged collateral within the agreed LTV parameters, provide top-up collateral when LTV reaches 75% and permit liquidation when LTV reaches 85%, subject to documented valuation and enforcement procedures (Source: application form).
- Liquidation proceeds should be applied first to enforcement costs and then to all amounts due to Ahlibank, with any surplus dealt with in accordance with applicable law and the facility documents. [Analyst to confirm: proposed waterfall and treatment of any shortfall.]
- The facility should rank at least pari passu with the borrower’s other unsecured and unsubordinated financial obligations, except for obligations mandatorily preferred by law. [Analyst to confirm: final ranking and any permitted priority security.]
- [Analyst to confirm: minimum DSCR, interest-cover, leverage, current-ratio and collateral concentration covenants, noting that FY2025 DSCR is recorded as 0.40x and security coverage as weak against the bank threshold (Source: application form).]
III. Borrower Background AI draft — pending approval v1 · 15 Sept 2026 08:46
Licensed activities, shareholding, ownership narrative, management profiles.
- The borrower is identified in the financial information as Salam International Investment Limited Q.P.S.C. (Source: SIIL Console FS 2025_EN_Signed.pdf, p.3). The application identifies the group as Salam Holdings and the account as a new account to be opened (Source: application form).
- The borrower’s licence, domicile, industry classification and incorporation details are not provided. [Analyst to confirm: commercial registration, licence, registered office, incorporation date and licensed activities.]
- Shareholding, ultimate beneficial ownership and the ownership relationship between Salam International and Salam Holdings have not been provided. [Analyst to confirm: current shareholding chart, UBO information and group structure.]
- The financial statements identify the entity as a consolidated group and disclose balances involving related parties, associates and joint ventures. FY2025 net due from related parties was QAR 312,733K after an allowance of QAR 80,033K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.60).
- Management is represented in the supplied interim information by Abdul Salam Issa Abu Issa, Chief Executive Officer and Board Member, and Hekmat Abdel Fattah Younis, Chief Financial Officer (Source: SIIL English FS Sep 2025.pdf, p.4).
- Detailed management biographies, tenure, experience, succession arrangements and governance information are not available. [Analyst to confirm: management profiles, board composition and authorised signatories.]
IV. Industry Analysis AI draft — pending approval v1 · 15 Sept 2026 08:46
Sector outlook, challenges and drivers; guarantor outlook.
- The borrower’s industry and licensed activities are not stated in the application or document pack. [Analyst to confirm: principal business sectors, operating segments and relevant regulatory framework.]
- The financial information indicates revenue streams from contracts with customers, sale of goods, services, contract revenue and real estate revenue (Source: SIIL FS Q1-2026 English.pdf, p.21; Source: SIIL -HY 2026-English Signed.pdf, p.5).
- Qatar represented approximately 80% of revenue from contracts with customers in 6M 2025, indicating material domestic market concentration (Source: SIIL Group FS -EN 30 June 2025.pdf, p.23).
- Reported sector and operating risks include geopolitical developments in the Middle East, including Qatar, with potential implications for the sectors in which the Group operates (Source: SIIL -HY 2026-English Signed.pdf, p.28).
- The Group also has material exposure to investment properties. Investment properties of QAR 2,343,675K represented approximately 50% of total assets at FY2025, and valuation was identified as a key audit matter (Source: SIIL Console FS 2025_EN_Signed.pdf, p.4).
- The industry outlook, competitive position, demand drivers, regulatory environment and guarantor outlook cannot be assessed without confirmed operating-sector and group information. [Analyst to confirm: sector outlook, principal competitors, business drivers, key customers, supplier concentration and financial capacity of any guarantor.]
V. Financial Analysis — Borrower AI draft — pending approval v1 · 15 Sept 2026 08:46
YoY movements, asset/liability composition, related-party balances, net-worth drivers.
- FY2025 revenue increased 10.8% to QAR 1,866,204K from QAR 1,683,946K in FY2024, while net profit increased to QAR 102,343K from QAR 54,913K (Source: SIIL FS March English 2025.pdf, p.4). The reported FY2025 net margin was 5.5% (Source: application form).
- Gross profit increased to QAR 502,853K from QAR 467,943K, although the gross margin declined to approximately 26.9% from 27.8% (Source: SIIL Console FS 2025_EN_Signed.pdf, p.4).
- At FY2025, total assets were QAR 4,689,477K, including current assets of QAR 1,547,938K, cash and bank balances of QAR 265,465K, receivables of QAR 382,958K, inventory of QAR 285,654K and investments of QAR 106,286K (Source: SIIL FS Q1-2026 English.pdf, p.3).
- Total liabilities were QAR 2,913,442K and total debt QAR 2,333,695K, against net worth of QAR 1,776,035K and tangible net worth of QAR 1,712,032K (Source: SIIL FS Q1-2026 English.pdf, pp.3–4). The application records leverage of 1.70x as acceptable (Source: application form).
- FY2025 operating cash flow was QAR 194,653K against reported debt service of approximately QAR 676,999K, resulting in a weak recorded DSCR of 0.40x (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12; Source: application form).
- Related-party balances remain material: net due from related parties was QAR 312,733K at FY2025 after an allowance of QAR 80,033K (Source: SIIL Console FS 2025_EN_Signed.pdf, p.60).
V. Financial Analysis — Guarantor AI draft — pending approval v1 · 15 Sept 2026 08:47
Revenue drivers, cost trends, asset growth, funding strategy, net-worth movements.
No guarantor has been identified in the provided application materials; accordingly, a standalone guarantor analysis cannot be completed. [Analyst to confirm: guarantor identity, legal relationship to the borrower, audited financial statements, net worth, contingent liabilities and enforceable guarantee terms.]
The available financial information relates to Salam International Investment Limited Q.P.S.C. Revenue increased from QAR 1,683,946 (000s) in FY2024 to QAR 1,866,204 (000s) in FY2025, while net profit increased from QAR 54,913 (000s) to QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4) The FY2025 revenue increase was accompanied by gross-margin compression, with gross profit of QAR 502,853 (000s) on FY2025 revenue. (Source: SIIL FS March English 2025.pdf, p.4)
Total assets increased from QAR 4,532,487 (000s) at FY2024 to QAR 4,689,477 (000s) at FY2025, while net worth increased from QAR 1,709,284 (000s) to QAR 1,776,035 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.3; Source: SIIL FS Q1-2026 English.pdf, p.4) Funding remains debt-dependent: total debt was QAR 2,333,695 (000s) at FY2025, and FY2025 operating cash flow of QAR 194,653 (000s) was materially below reported debt service of QAR 676,999 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12) The proposed facility should therefore not rely on guarantor support until the above information is obtained and assessed.
VI. Account Conduct & Profitability AI draft — pending approval v1 · 15 Sept 2026 08:47
Conduct and profitability summary from bank statements; new-relationship text where n/a.
No bank statements have been uploaded; therefore, account conduct, turnover, payment performance, returned items, utilisation patterns and cash-flow behaviour cannot be independently assessed. [Analyst to confirm: banking relationship, account history, average balances, credits and debits, overdraft usage, returned payments and any adverse conduct.]
The request is for a new account to be opened, and the stated purpose is to construct a new facility for Consumers. (Source: application form) Consequently, there is no established Ahlibank account conduct available for review. Profitability analysis is based on the submitted financial statements rather than bank-account evidence. FY2025 revenue was QAR 1,866,204 (000s) and net profit was QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4) The application records a FY2025 net margin of 5.5% as GOOD, revenue growth of 10.8% as GOOD and interest coverage of 2.37x as ACCEPTABLE. (Source: application form)
The application also records FY2025 DSCR of 0.40x as WEAK, indicating that repayment capacity requires particular reliance on verified liquidity, asset realisation or other documented sources rather than demonstrated account cash flow. (Source: application form)
VII. QCB and Credit Bureau Reports AI draft — pending approval v1 · 15 Sept 2026 08:47
QCB report findings; credit bureau findings.
No QCB or Credit Bureau report has been uploaded. Accordingly, no findings can be reported on existing borrowings, payment history, returned cheques, legal actions, guarantees, connected exposures, classification status or other bureau indicators. (Source: application form)
[Analyst to confirm: obtain and review the latest QCB report and Credit Bureau report for the borrower, all obligors, guarantors and relevant related parties, and confirm that the reports are satisfactory and consistent with the application.]
The absence of bureau information is material because the submitted financial statements show substantial indebtedness. Total debt was QAR 2,269,365 (000s) at FY2025, while current liabilities were QAR 965,765 (000s). (Source: SIIL FS Q1-2026 English.pdf, p.4) The FY2025 audited statements also identify debt service of approximately QAR 676,999 (000s against operating cash flow of QAR 194,653 (000s). (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12) These figures should be reconciled to the bureau results and lender confirmations before the committee considers the request.
VIII. Sources of Repayment AI draft — pending approval v1 · 15 Sept 2026 08:47
Primary and secondary sources; pari passu note.
- Primary source: [Analyst to confirm: the borrower’s documented repayment source, including recurring income or cash flows attributable to the proposed consumer-related facility.] No verified bank-statement evidence or borrower-specific repayment schedule has been provided. The application records FY2025 DSCR of 0.40x as WEAK. (Source: application form)
- Secondary source: Orderly liquidation of the proposed pledged securities or fund units, subject to receipt of enforceable collateral documentation, independent valuation, confirmation of ownership and liquidity, and compliance with the stated 70% LTV cap, 75% top-up trigger and 85% liquidation trigger. (Source: application form)
- The application records security coverage of 143% as WEAK, notwithstanding the stated LTV cap. (Source: application form) No collateral documentation has been uploaded. (Source: application form)
- Pari passu: [Analyst to confirm: whether the proposed facility will rank pari passu with existing secured or unsecured obligations, and whether any prior-ranking security, negative pledge, intercreditor or subordination arrangements apply.]
IX. Risk Rating AI draft — pending approval v1 · 15 Sept 2026 08:47
Proposed rating justification bullets.
- The proposed risk rating is not populated in the application. [Analyst to confirm: proposed internal risk rating and applicable rating methodology.] (Source: application form)
- The borrower demonstrates scale and positive earnings, with FY2025 revenue of QAR 1,866,204 (000s) and net profit of QAR 102,343 (000s). (Source: SIIL FS March English 2025.pdf, p.4)
- Revenue growth of 10.8%, profitability of 5.5% net margin and interest coverage of 2.37x are recorded as GOOD, GOOD and ACCEPTABLE, respectively. (Source: application form)
- Credit strengths are offset by weak debt service capacity: FY2025 DSCR is recorded at 0.40x, while FY2025 operating cash flow was QAR 194,653 (000s) against reported debt service of approximately QAR 676,999 (000s). (Source: application form; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12)
- Total debt of QAR 2,269,365 (000s) and material related-party receivables increase leverage and recoverability risk. (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Console FS 2025_EN_Signed.pdf, p.60)
- The rating assessment remains subject to satisfactory QCB/Credit Bureau reports, collateral verification, repayment-source confirmation and identification of any guarantor.
X. Risks & Mitigants AI draft — pending approval v1 · 15 Sept 2026 08:47
Risk / description / mitigant rows.
| Risk | Description | Mitigant |
|---|---|---|
| Lower fund returns | Repayment appears dependent, at least in part, on pledged securities or fund units, but no investment performance history or return assumptions have been provided. [Analyst to confirm: asset composition, historical returns, liquidity and concentration.] | Apply the stated 70% LTV cap, require monitoring of market value, and enforce the 75% top-up and 85% liquidation triggers, subject to documented and enforceable terms. (Source: application form) |
| Security risk | No collateral documentation has been uploaded. The stated security coverage of 143% is recorded as WEAK. (Source: application form) | Obtain perfected pledge, evidence of ownership, independent valuation, custody/control arrangements, margining mechanics, insurance where relevant and legal enforceability confirmation before utilisation. |
| Interest rate risk | Pricing is floating at 3M SOFR plus 2.75%, with an all-in maximum of 2.78% stated in the application. [Analyst to confirm: consistency between the spread and maximum all-in rate.] (Source: application form) | Obtain the customer’s acknowledgement of floating-rate risk; assess affordability under stressed rates and document the applicable repricing, floor/cap and payment mechanics. |
| Repayment risk | FY2025 DSCR is recorded at 0.40x as WEAK, and no verified primary repayment source has been provided. (Source: application form) | Confirm recurring repayment income, obtain bank statements and repayment evidence, and make drawdown subject to satisfactory affordability and source-of-funds assessment. |
| Cash flow & liquidity mismatch | FY2025 operating cash flow of QAR 194,653 (000s) was materially below reported debt service of approximately QAR 676,999 (000s). (Source: SIIL Group FS -EN 30 June 2025.pdf, p.12) | Do not rely solely on operating cash flow; require a documented repayment plan, liquidity buffer and readily realisable collateral with continuing margin monitoring. |
| Capital call default | The fact pack does not establish that the proposed investment involves capital calls. [Analyst to confirm: whether any fund or investment capital-call obligation exists.] | If applicable, obtain evidence of available liquidity to meet calls and prohibit leverage that would impair meeting the call obligation. |
| Valuation lag | Pledged securities or fund units may decline in value before a top-up or liquidation can be completed. | Use frequent mark-to-market valuations, conservative eligible-asset haircuts, immediate top-up rights and liquidation authority at the documented trigger levels. |
| Leverage and related-party recoverability | FY2025 total debt was QAR 2,269,365 (000s), and net related-party receivables were QAR 312,733 (000s) after allowance. (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Console FS 2025_EN_Signed.pdf, p.60) | Obtain debt schedules, lender confirmations and related-party ageing, terms and recoverability support; monitor leverage and covenant compliance. |
| Documentation and assurance | Several interim submissions were not reviewed, while the latest interim information is reviewed rather than audited. (Source: SIIL FS March English 2025.pdf, p.2; Source: SIIL FS Q1-2026 English.pdf, p.1) | Require current audited annual financial statements, satisfactory interim reporting where applicable, and completion of all legal, bureau, bank-statement and collateral conditions before utilisation. |
XI. Recommendation AI draft — pending approval v1 · 15 Sept 2026 08:47
Recommendation bullets and final text — the committee sees this page.
- The request is for a USD 10,000K demand loan, equivalent to QAR 36,500K at the stated parity, with a 25-year tenor and two-year availability period. (Source: application form)
- The borrower has demonstrated FY2025 revenue growth and positive profitability; however, reported FY2025 DSCR of 0.40x is WEAK and operating cash flow was materially below reported debt service. (Source: application form; Source: SIIL Group FS -EN 30 June 2025.pdf, p.12)
- The proposed risk is further affected by high leverage, material related-party receivables, existing security over investment properties and contingent obligations. (Source: SIIL FS Q1-2026 English.pdf, p.4; Source: SIIL Console FS 2025_EN_Signed.pdf, p.60; Source: SIIL -HY 2026-English Signed.pdf, pp.16, 23)
- No bank statements, QCB/Credit Bureau reports or collateral documents have been uploaded. The primary repayment source and any guarantor support also remain unconfirmed. (Source: application form)
- Any consideration should therefore be subject to satisfactory bureau and conduct checks, confirmation of repayment capacity, enforceable perfection of the pledged collateral, independent valuation, compliance with the stated margin triggers, confirmation of ranking and pari passu position, and receipt of any required QCB approval for FX lending. (Source: application form)
The facility is proposed for the committee’s consideration, subject to satisfactory completion of the above confirmations and conditions precedent; no approval is implied.
Dividend TrendInserted section AI draft — pending approval Web research v1 · 15 Sept 2026 08:44
Inserted by an analyst — drafted by the AI on request.
Salam International Investment Limited Q.P.S.C.’s publicly reported dividend record for the ten completed calendar years 2016–2025 is shown below. The figures represent cash dividends per share in QAR, based on the year in which the dividend was declared or paid; 2026 is excluded because it is not a completed year. The company’s 2025 dividend of QAR 0.06 per share was approved at the AGM held on 29 March 2026 and is therefore not included in the ten-year period. Salam International 2025 financial statements MarketScreener dividend history
| Year | Dividend per share (QAR) |
|---|---|
| 2016 | 1.00 The Peninsula |
| 2017 | 0.80 MarketScreener |
| 2018 | 0.00 Salam International 2018 Annual Report |
| 2019 | 0.00 QNB Financial Services |
| 2020 | 0.00 Salam International investor documents |
| 2021 | 0.00 QNB Financial Services |
| 2022 | 0.00 QNB Financial Services |
| 2023 | 0.03 Salam International 2024 Annual Report |
| 2024 | 0.04 Salam International 2025 financial statements |
| 2025 | 0.04 StockAnalysis |
The dividend profile is not stable over the full period. Payments were high in 2016–2017, followed by a five-year suspension from 2018 to 2022. Dividends resumed in 2023 and increased to QAR 0.04 per share in 2024, but remained unchanged in 2025. This indicates a discretionary and earnings-sensitive distribution policy rather than a consistently progressive dividend stream. The 2026 payment of QAR 0.06 per share represents an improvement, but its sustainability cannot be assessed from the dividend history alone.
Show the figures
| QAR per share | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | 1.00 | 0.80 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.04 | 0.04 |
Proposed risk rating
The analyst sets the proposed obligor rating (R01 best → R10 worst). The AI can suggest one from the analysis; Risk Management validates or overrides at Stage 5.