MIRA INFORM REPORT

 

 

Report No. :

323683

Report Date :

28.05.2015

 

IDENTIFICATION DETAILS

 

Name :

SAYYAR TRADING AGENCIES WLL

 

 

Registered Office :

Building No. 35, Block No. 319, Exhibition Avenue, Road No. 18, Hoora 549 Manama

 

 

Country :

Bahrain

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

27.04.1978

 

 

Com. Reg. No.:

5452-4

 

 

Legal Form :

With Limited Liability - WLL

 

 

Line of Business :

Importers, distributors and installation contractors of ceramics, tiles, sanitary ware, false ceilings, bathroom suites, kitchen units and laminated flooring.

 

 

No of Employees :

110

 

 

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 :

Satisfactory

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Bahrain

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

D

 

 

BAHRAIN ECONOMIC OVERVIEW

 

Bahrain has made great efforts to diversify its economy; its highly developed communication and transport facilities make Bahrain home to numerous multinational firms with business in the Gulf. As part of its diversification plans, Bahrain implemented a Free Trade Agreement (FTA) with the US in August 2006, the first FTA between the US and a Gulf state. Bahrain's economy, however, continues to depend heavily on oil. In 2013, petroleum production and refining accounted for 73% of Bahrain's export receipts, 88% of government revenues, and 21% of GDP. Other major economic activities are production of aluminum - Bahrain's second biggest export after oil - finance, and construction. Bahrain continues to seek new natural gas supplies as feedstock to support its expanding petrochemical and aluminum industries. In 2011 Bahrain experienced economic setbacks as a result of domestic unrest, however, the economy recovered in 2012-14, partly as a result of improved tourism. Some economic policies aimed at restoring confidence in Bahrain's economy, such as the suspension of an expatriate labor tax and frequent bailouts of Gulf Air, will make Bahrain's long-term economic challenges - youth unemployment and the growth of government debt - more difficult to address. Lower oil prices in 2015 will likely exacerbate Bahrain’s budget deficit.

 

Source : CIA

SUMMARY

 

Company Name                                    : SAYYAR TRADING AGENCIES WLL

Country of Origin                                   : Bahrain

Legal Form                                           : With Limited Liability - WLL

Registration Date                                  : 27th April 1978

Commercial Registration Number           : 5452-4, Manama

Issued Capital                                       : BD 1,000,000

Paid up Capital                                     : BD 1,000,000

Total Workforce                         : 110

Activities                                               : Distribution and installation of ceramics, tiles and sanitary ware

                                                              products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Vincent Thomas, Import Manager

 

Company name

 

SAYYAR TRADING AGENCIES WLL

 

 

company ADDRESS

 

Registered & Physical Address

 

Building            : Building No. 35, Block No. 319

Street               : Exhibition Avenue, Road No. 18

Area                 : Hoora

 

PO Box                        : 549

 

Town                : Manama

Country : Bahrain

 

Telephone         : (973-17) 290111 / 291394 / 293911

Facsimile          : (973-17) 290507

Mobile              : (973-39) 638383

Email                : sayyartd@batelco.com.bh / info@sayyar.bh / import@sayyar.bh

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

 

·       Ali Abdullah Sayyar                                      Bahraini                        Managing Director

 

·       Wael Ali Sayyar                                            Bahraini                        Director

 

·       Salah Ali Sayyar                                           Bahraini                        Director

 

·       Miss Arwa Ali Sayyar                                    Bahraini                        Director

 

·       Miss Raniya Ali Sayyar                                 Bahraini                        Director

 

·       Varghese Koshi                                                  -                             Project Manager

 

·       Arshad Mostafa                                                  -                             General Manager

 

·       Mohamed Shourbaji                                -                             Chief Accountant

 

·       Vincent Thomas                                                  -                             Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 27th April 1978

 

History                         : Subject was originally established in 1978 as a Sole Proprietorship owned by Mr Ali

  Abdullah Sayyar. However, in 1986 subject was re-organised and registered as a     Limited Liability Company between the current shareholders.

 

Legal Form                  : With Limited Liability - WLL

 

Commercial Reg. No.   : 5452-4

 

Chamber Member No.  : 2417

 

Issued Capital              : BD 1,000,000

 

Paid up Capital            : BD 1,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Ali Abdullah Sayyar                                                  31.42%

 

·       Wael Ali Sayyar                                                        22.86%

 

·       Salah Ali Sayyar                                                       22.86%

 

·       Miss Arwa Ali Sayyar                                                11.43%

 

·       Miss Raniya Ali Sayyar                                             11.43%

 

 

AFFILIATED COMPANIES

 

·       Sayyar Trading Company WLL

     Salwa Road

     PO Box: 2234

     Doha

     Qatar

     Tel: (974) 44696923 / 44696924

     Fax: (974) 44696925

 

·       Tisco WLL

Manama

Bahrain

 

 

OPERATIONS

 

Activities: Importers, distributors and installation contractors of ceramics, tiles, sanitary ware, false ceilings, bathroom suites, kitchen units and laminated flooring. Subject has completed works on the Darat Al Bahrain Resort, Reef Island & Resort and Diplomat Residential projects.

 

Import Countries: Spain, Germany, the Netherlands, Switzerland, Italy and France.

 

International Suppliers:

 

·       Rocha Ceramica                               Spain

·       Porcelanosa SA                               Spain

·       Establisements Porcher SA               France

·       Co-Operativa Ceramica Imola            Italy

·       Nord Profil BV                                  Netherlands

·       Geberit International AG                    Switzerland

·       Caesar                                             Italy

·       Villeroy & Boch                                Germany

 

Brand Names: BNB, PORCELANOSA, ROCA, VILLEROY&BOCH, SCIC, DORNBRACHT and HANSA

 

Operating Trend: Steady

 

Subject has a workforce of 110 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Bahraini Dinar (BD)

 

                                                Year Ending 31/12/13:              Year Ending 31/12/14:

 

Total Sales                                BD 3,180,000                            BD 3,400,000

 

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

 

The above financial figures are based on estimations by our local sources.

BANKERS

 

·       National Bank of Bahrain BSC

NBB Tower

Government Road

PO Box: 106

Manama

Tel: (973-17) 258800

Fax: (973-17) 263876

 

·       Bank of Bahrain & Kuwait

43 Government Avenue

PO Box: 597

Manama

Tel: (973-17) 253388

Fax: (973-17) 275785

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

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. 63.94

UK Pound

1

Rs. 98.63

Euro

1

Rs. 69.85

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.