MIRA INFORM REPORT

 

 

 

Report Date :

06.08.2008

 

IDENTIFICATION DETAILS

 

Name :

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISCO)

 

 

Registered Office :

55 Al Wakalat Street, Salwa Industrial Area, Gate No 55, PO Box 40523, Doha

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2007

 

 

Year of Establishment  :

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$ 700,000

 

 

Status :

Good

 

 

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

Activities                                               : Import and distribution of electro mechanical equipment

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 700,000

 

 

 

 

COMPANY NAME

 

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISCO)

 

 

ADDRESS

 

Registered & Physical Address

Street               : 55 Al Wakalat Street

Area                 : Salwa Industrial Area, Gate No 55

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

 

     Name                                                                                               Position

 

·       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

 

·       Ibrahim Beary                                                                                   Commercial Manager

 

·       Ravi Keran                                                                                        Finance Manager

 

·       Medu Sedhanan                                                                                Sales Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : 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

 

 

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

 

 

OPERATIONS

 

Activities: 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

 

International Suppliers:

 

·       Clipsal                      Dubai, UAE

·       Lanric                       Malaysia

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/06:                Year Ending 31/12/07:

 

Total Sales                                QR 23,710,000                          QR 25,000,000

 

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

 

The above financial figures were confirmed by Medu Sedhanan, Sales Manager.

 

 

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                                April 2007

Credit amount                            171,000                         150,000

Amount overdue             0                                              0

Payment terms                          90 days                                     60 days

Payment Method                       Letters of Credit                         Letters of Credit

Paying record                            No Complaints                           No Complaints

Currency                                   Pounds Sterling                         US Dollars

 

 

GENERAL COMMENTS

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 42.00

UK Pound

1

Rs. 82.14

Euro

1

Rs. 65.09

 

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.

 

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