MIRA INFORM REPORT
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Report Date : |
8th May 2006 |
IDENTIFICATION DETAILS
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Name : |
AL
SIDIK TRADING AGENCIES |
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Registered Office : |
Midan
Al Tahrir Street Souq
Al Garbya, 4377 Hodeidah, Yemen |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
10971,
Hodeidah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of general
foodstuff products and beverages. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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$
75,000 |
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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 |
AL SIDIK TRADING AGENCIES |
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Country of Origin |
Yemen |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1993 |
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Commercial Registration Number |
10971, Hodeidah |
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Invested Capital |
YR 1,500,000 |
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Total Workforce |
6 |
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Line of Business |
Distributors of general foodstuff products and beverages. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
AL SIDIK TRADING
AGENCIES
ADDRESS
Registered &
Physical Address
Street : Midan Al Tahrir Street
Area : Souq Al Garbya
PO Box : 4377
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 240500 / 238758
Facsimile : (967-3) 247075
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
Mohamed Sidiq Abu
Baker Proprietor
& General Manager
Mohamed Al Jerwa Assistant
General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1993
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg.
No. : 10971, Hodeidah
Invested Capital
: YR 1,500,000
Mr Mohamed Sidiq
Abu Baker 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 wholesale and retail of
general foodstuff products and beverages.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 6 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 26,800,000 YR 29,270,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
Arab Bank Plc
Sana’a Street
PO Box : 3812
Hodeidah
Tel : (967-3)
239166 / 239988
Fax : (967-3)
3211557
Islamic Bank of
Yemen for Finance and Investment
PO Box: 18452
Sana’a
Tel: (967-1) 206117
/ 205680 / 205683 / 205684
Fax: (967-1) 206116
Email: ibr-iflbk-yesan@y.net.ye
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 1,000,000:
Established in
1993, subject is owned and managed by Mr Mohamed Sidiq Abu Baker who is well
respected in the local business community.
According to local
sources subject is making steady progress in the local business market and
nothing detrimental has been reported regarding the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent.
Maximum suggested
credit figure: US$ 75,000
RATING EXPLANATIONS
RATING
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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 |