MIRA INFORM REPORT

 

 

Report Date :

18.04.2007

 

IDENTIFICATION DETAILS

 

Name :

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISCO)

 

 

Registered Office :

55 Al Wakalat Street, Salwa Industrial Area, P O Box 40523, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1999

 

 

Com. Reg. No.:

21697, Doha

 

 

Legal Form :

With Limited Liability – WLL

 

 

Line of Business :

Import and distribution of electro mechanical equipment.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISCO)

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 1999

Commercial Registration Number            : 21697, Doha

Issued Capital                                        : QR 200,000

Paid up Capital                                      : QR 200,000

Total Workforce                                     : 45

Line of Business                                    : Import and distribution of electro mechanical equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 55 Al Wakalat Street

Area                 : Salwa Industrial Area

PO Box             : 40523

Town                 : Doha

Country             : Qatar

Telephone         : (974) 4602298 / 4601146

Facsimile          : (974) 4602297

Email                : tissco@qatar.net.qa

                          tissco@tissco-qatar.com

 

 

Premises

 

Subject operates from a medium sized suite of offices, a warehouse and a workshop that are owned and located in the Industrial Area of Doha.

 

 

KEY PRINCIPALS

 

·       Abdul Rahman Al Mannai                                                       Managing Director

 

·       Mohammed Abdul Rahman Al Mannai                         Director

 

·       Adnan Abdul Rahman Al Mannai                                            Director

 

·       Khalid Abdul Rahman Al Mannai                                             Director

 

·       Adil Abdul Rahman Al Mannai                                                Director

 

·       Khalifa Abdul Rahman Al Mannai                                            Director

 

·       Abdullah Abdul Rahman Al Mannai                                         Director

 

·       Michael George                                                                     General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Sharikat Thet Massouliya Mahdoudeh (With Limited Liability - WLL)

 

Commercial Reg. No.  : 21697, Doha

 

Issued Capital              : QR 200,000

 

Paid up Capital            : QR 200,000

 

 

Name of Shareholder (s)

 

·       Abdul Rahman Al Mannai

 

·       Mohammed Abdul Rahman Al Mannai

 

·       Adnan Abdul Rahman Al Mannai

 

·       Khalid Abdul Rahman Al Mannai

 

·       Adil Abdul Rahman Al Mannai

 

·       Khalifa Abdul Rahman Al Mannai

 

·       Abdullah Abdul Rahman Al Mannai

 

Note to the Legal Form  

 

A limited liability company must have between two and thirty members. Its minimum capital cannot be less than QR 200,000. The capital is divided into shares of not less than QR 1,000 each. The company must keep a register of members. The liability of members is restricted to the nominal value of their shares in the registered capital.

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Teyseer Group of Companies, which includes the following concerns:

 

·       Teyseer Building Materials & Transport Company WLL

PO Box: 4333

Doha

Tel: (974) 4601583

Fax: (974) 4601456

 

·       Teyseer Trading & Contracting Co WLL (TTCC)

Airport Road

PO Box: 1556

Doha

Tel: (974) 4622226 / 4410673 / 4621344

Fax: (974) 4622225 / 4437642 / 4621993

 

·       Teyseer Motors Company WLL

Airport Road

PO Box: 1556

Doha

Tel: (974) 4622226

Fax: (974) 4621993

 

·       Teyseer Service Centre

PO Box : 8991

Doha

Tel : (974) 4884277

 

·       Computer Arabia

PO Box : 2750

Doha

Tel : (974) 4428555

 

·       Gulf Incon

PO Box : 4076

Doha

Tel : (974) 4884064

 

·       Teyseer Airconditioning & Refrigeration Co

PO Box : 1556

Doha

Tel : (974) 4321441

 

·       Qatar Plant Hire

PO Box : 6074

Doha

Tel : (974) 4415657

 

·       Peninsula Petrotech Engineering Co

PO Box : 4533

Doha

Tel : (974) 4432044

 

·       Gulf Glass Fibre

PO Box : 4076

Doha

Tel : (974) 4884061

 

·       Dutest Qatar WLL

PO Box : 1556

Doha

Tel : (974) 4601266

Fax: (974) 4601445

 

·       Teyseer Services Co

PO Box : 1556

Doha

Tel : (974) 4428505

 

·       CCM Services

Electricity Street

PO Box : 1738

Doha

Tel : (974) 4321440 / 4321441

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of electro mechanical equipment, including industrial consumables, safety and security products, machinery, tools and fluid transfer components (such as hoses, fittings, valves, gauges, filters) and electrical supplies.

 

Subject also operates a technical service centre, comprising a workshop offering maintenance, repair and general after sales services.

 

The company is ISO 9001 accredited

 

Import Countries : Japan, Europe and the United States of America.

 

Operating Trend : Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Qatari Riyals (QR)

 

                                                Year Ending 31/12/05:                Year Ending 31/12/06:

 

Total Revenue                            QR 21,250,000                          QR 23,710,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Qatar National Bank SAQ

PO Box : 1002

Doha

Tel : (974) 4413511 / 4407407

     Fax : (974) 4415020

 

·       Banque Paribas

PO Box : 2636

Doha

Tel : (974) 4430346 / 4430344

Fax : (974) 4430121

 

·       International Bank of Qatar (IBQ)

Suhaim Bin Hamad Street

PO Box 2001

Doha

Tel: (974) 4473700

 

 

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                 June 2006

Credit amount                                        171,000

Amount overdue                         0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000

 

Teyseer Industrial Supplies & Services Co WLL (TISCO) is well established in the Qatari market and specialises in the import and distribution of electro mechanical equipment.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk. As such the above credit figure is considered to be admissible.

 

Maximum suggested credit figure: US$ 500,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions