MIRA
INFORM REPORT
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Report Date : |
13th
June, 2006. |
IDENTIFICATION
DETAILS
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Name : |
AL
GARMANI TRADING CORPORATION |
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Registered Office : |
Street
No. 60, Fej Attan Area, PO Box: 20533, Sana’a, Yemen |
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Country : |
Yemen |
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Date of Incorporation : |
1987 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import
and Distribution of Heavy-Duty Machinery Spare Parts, Equipment and
Machinery, Including Fuel Pumps and Turbo Chargers as well as Electrical
Products and Materials. |
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$
250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GARMANI TRADING CORP
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 1987
Invested Capital : YR 15,000,000
Total Workforce : 39
Line of Business : Import and distribution of heavy-duty machinery
spare parts, equipment and machinery, as well as
electrical products and materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL GARMANI TRADING CORP
ADDRESS
Registered & Physical
Address
Street : Street No. 60
Area : Fej Attan Area
PO Box : 20533
Town : Sana’a
Country : Yemen
Telephone : (967-1) 448622
Facsimile : (967-1) 448619
Mobile : (967-71) 120045
Email : adel@algarmani.com
Premises
Subject
operates from a medium sized suite of offices, a warehouse and a showroom that
are rented and located in the Suburban Business Area of Sana’a.
Branch Office (s)
Location Description
·
Dar
Al Aytame Building Rented
Sales Office
Taiz Street
Sana’a
Tel: (967-1) 616055
Fax: (967-1) 616156
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Aden
Free Zone Rented
warehouse & workshop
Aden
KEY PRINCIPALS
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Abdul
Basit Al Garmani Proprietor
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Adel
Al Garmani General
Manager
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Abu
Baker Al Mahshour Commercial
Manager
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Thabit
Salem Sales
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1987
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested
Capital : YR 15,000,000
Mr Abdul
Basit Al Garmani is the sole proprietor of the business.
Note
to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations:
Engaged
in the import and distribution of heavy-duty machinery spare parts, equipment and machinery, including fuel
pumps and turbo chargers as well as electrical products and materials.
Subject
also offers maintenance services on the above products.
Import
Countries:
Germany
International
Suppliers:
·
MANN Germany
Operating
Trend: Steady
Subject
has a workforce of 39 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
167,000,000 YR
174,200,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
International
Bank of Yemen
PO Box: 4444
Sana’a
Tel: (967-1) 273273
Fax: (967-1) 274127
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction June
2005
Credit
amount 200,000
Amount
overdue 0
Payment
terms 60 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency Euros
GENERAL COMMENTS
Al
Garmani Trading Corp has been in business since 1987 and is engaged in the
import and distribution of heavy-duty machinery spare parts, equipment and
machinery, as well as electrical products and materials.
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 business is considered to be a fair trade risk.
Maximum
suggested credit figure: US$ 250,000
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 |