MIRA
INFORM REPORT
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Report Date : |
1st
June 2006 |
IDENTIFICATION
DETAILS
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Name : |
HAFEZ TRADING CO |
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Registered Office : |
Old Market District 3021, Hodeidah Yemen |
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Country : |
Yemen |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
28th April 1974 |
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Com. Reg. No.: |
167, Hodeidah |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the import and distribution of
gum and spices. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
HAFEZ TRADING CO |
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Country of Origin |
Yemen |
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Legal Form |
General Partnership |
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Registration Date |
28th April 1974 |
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Commercial Registration Number |
167, Hodeidah |
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Membership Number |
732 |
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Partners Capital |
YR 1,500,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of gum and spices. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
HAFEZ TRADING CO
ADDRESS
Registered & Physical Address
Location : Old Market District
PO Box : 3021
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 206374
Facsimile : (967-3) 206365
Mobile : (967-77) 206374
Email : yahasez@y.net.ye
Premises
Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Hodeidah.
KEY PRINCIPALS
Habib Abdul Hussain Mohamed Managing Partner
Mohamed Habib Abdul Hussain Mohamed Partner
LEGAL FORM & OWNERS
Date of Establishment : 28th April 1974
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 167, Hodeidah
Membership No. : 732
Partners Capital : YR 1,500,000
Name of Partner (s)
Habib Abdul Hussain Mohamed
Mohamed Habib Abdul Hussain Mohamed
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of gum and spices.
Import Countries : Europe and the Far East.
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Yemeni Riyal (YR)
Year Ending 31/12/04 : Year Ending 31/12/05 :
Total Revenue YR 39,800,000 YR 41,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Islamic Bank of Yemen for Finance & Investment
PO Box : 18452
Sana’a
Tel : (967-1) 206117
Fax : (967-1) 206116
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Established in 1974, subject is owned and managed by Mr Habib Abdul Hussain Mohamed and Mr Mohamed Habib Abdul Hussain Mohamed who are well respected in the local business community.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 100,000
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |