MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISSCO)

 

 

Registered Office :

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

 

 

Country :

Qatar

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

06.07.1999

 

 

Com. Reg. No.:

21697, Doha

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Subject is engaged in the import and distribution of electro mechanical equipment, including industrial consumables, safety and security products, machinery, health & safety products, tools and fluid transfer components (such as hoses, fittings, valves, gauges, filters) and electrical supplies

 

 

No. of Employees :

60

 

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

 

Status :

Good

Payment Behaviour :

No complaints

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Qatar

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

QATAR - ECONOMIC OVERVIEW

 

Qatar has prospered in the last several years with continued high real GDP growth. Throughout the financial crisis Qatari authorities sought to protect the local banking sector, with direct investments into domestic banks. GDP is driven largely by changes in oil prices and by investment in the energy sector. Economic policy is focused on developing Qatar's nonassociated natural gas reserves and increasing private and foreign investment in non-energy sectors, but oil and gas still account for more than 50% of GDP, roughly 85% of export earnings, and 50% of government revenues. Oil and gas have made Qatar the world's highest per-capita income country and the country with the lowest unemployment. Proved oil reserves in excess of 25 billion barrels should enable continued output at current levels for about 57 years. Qatar's proved reserves of natural gas exceed 25 trillion cubic meters, about 13% of the world total and third largest in the world. Qatar's successful 2022 World Cup bid is accelerating large-scale infrastructure projects such as Qatar's metro system, light rail system, the construction of a new port, roads, stadiums and related sporting infrastructure. The new Hamad International Airport is expected to open in mid-2014 with an annual passenger capacity of 24 million on initial opening and 50 million when complete

 

Source : CIA

 

SUMMARY

 

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

Country of Origin                                    : Qatar

Legal Form                                            : With Limited Liability - WLL

Registration Date                                   : 6th July 1999

Commercial Registration Number            : 21697, Doha

Membership Number                              : 4896/1

Issued Capital                                        : QR 4,000,000

Paid up Capital                                      : QR 4,000,000

Total Workforce                                     : 60

Activities                                               : Distributors of electro mechanical equipment & health & safety products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : V A Yonas, Finance Manager

 

 

COMPANY NAME

 

TEYSEER INDUSTRIAL SUPPLIES & SERVICES CO WLL (TISSCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Gate No 55, Al Wakalat Street

Area                 : Salwa Industrial Area

PO Box             : 40523

Town                 : Doha

Country             : Qatar

 

Telephone         : (974) 44585400 / 44602298 / 44601146 / 44585555 / 44585455

Facsimile          : (974) 44602297

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 Issa Al Mannai                                                                        Managing Director

 

·       Mohammed Abdul Rahman Issa Al Mannai                                          Director

 

·       Adnan Abdul Rahman Issa Al Mannai                                                 Director

 

·       Khalid Abdul Rahman Issa Al Mannai                                                  Director

 

·       Adil Abdul Rahman Issa Al Mannai                                                     Director

 

·       Khalifa Abdul Rahman Issa Al Mannai                                                 Director

 

·       Abdullah Abdul Rahman Issa Al Mannai                                              Director

 

·       Chako Mathew                                                                                  General Manager

 

·       V A Yonas                                                                                        Finance Manager

 

·       Ibrahim Biri                                                                                       Senior Sales Manager

 

·       Thomas Mathew                                                                                Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 6th July 1999

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.  : 21697, Doha

 

Membership No.          : 4896/1

 

Issued Capital              : QR 4,000,000

 

Paid up Capital            : QR 4,000,000

 

Name of Shareholder (s)

 

·       Abdul Rahman Issa Al Mannai

 

·       Mohammed Abdul Rahman Issa Al Mannai

 

·       Adnan Abdul Rahman Issa Al Mannai

 

·       Khalid Abdul Rahman Issa Al Mannai

 

·       Adil Abdul Rahman Issa Al Mannai

 

·       Khalifa Abdul Rahman Issa Al Mannai

 

·       Abdullah Abdul Rahman Issa Al Mannai

 

·       Al Teyseer Trading & Contracting Co

Airport Road

PO Box: 1556

Doha

Tel: (974) 44622226 / 44410673 / 44621344

 

 

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) 44601583

Fax: (974) 44601456

 

·       Teyseer Motors Company WLL

Airport Road

PO Box: 1556

Doha

Tel: (974) 44622226

Fax: (974) 44621993

 

·       Teyseer Service Centre

PO Box: 8991

Doha

Tel: (974) 44884277

 

·       Computer Arabia

PO Box: 2750

Doha

Tel: (974) 44428555

 

·       Gulf Incon

PO Box: 4076

Doha

Tel: (974) 44884064

 

·       Teyseer Airconditioning & Refrigeration Co

PO Box: 1556

Doha

Tel: (974) 44321441

 

·       Qatar Plant Hire

PO Box: 6074

Doha

Tel: (974) 44415657

 

·       Peninsula Petrotech Engineering Co

PO Box: 4533

Doha

Tel: (974) 44432044

 

·       Gulf Glass Fibre

PO Box: 4076

Doha

Tel: (974) 44884061

 

·       Dutest Qatar WLL

PO Box: 1556

Doha

Tel: (974) 44601266

Fax (974) 44601445

 

·       Teyseer Services Co

PO Box: 1556

Doha

Tel: (974) 44428505

 

·       CCM Services

Electricity Street

PO Box: 1738

Doha

Tel: (974) 44321440 / 44321441

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of electro mechanical equipment, including industrial consumables, safety and security products, machinery, health & safety products, 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, Malaysia, Europe and the United States of America

 

International Suppliers:

 

·       Clipsal                      Dubai

·       Black & Decker         Dubai

·       Lanric                       Malaysia

·       Azkonobel                Oman

 

Brand Names: EGAMASTER, JEDORE and INDOASIAN

 

Operating Trend: Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Qatari Riyals (QR)

 

                                                Year Ending 31/12/12:                Year Ending 31/12/13:

 

Total Sales                                QR 166,555,508             QR 158,178,539

 

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

 

The above figures were provided by Mr V A Yonas, Finance Manager

 

 

BANKERS

 

·       Qatar National Bank SAQ

PO Box: 1002

Doha

Tel: (974) 44413511 / 44407407

     Fax: (974) 44415020

 

·       Banque Paribas

PO Box: 2636

Doha

Tel: (974) 44430346 / 44430344

Fax: (974) 44430121

 

·       ANZ Grindlays Bank Plc

Rayyan Road

PO Box: 2001

Doha

Tel: (974) 44418222

Fax: (974) 44428077

 

 

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

 

During the course of this investigation nothing detrimental was uncovered regarding subject’s operating history or the manner in which payments are fulfilled. As such the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

NIS

 

               

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

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

 

--

NB

New Business

--

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.