MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED ABDULLAH AL
HOBAISHI TRADING CORPORATION |
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Registered Office : |
Taiz
Street, 351 & 17271 Sana’a, Yemen |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
8161,
Sana’a |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and distribution of
building materials, heating equipment, sanitary ware materials, pipes,
galvanised metals, hardware and tools. |
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 |
MOHAMED ABDULLAH AL HOBAISHI TRADING CORPORATION |
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Country of Origin |
Yemen |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1992 |
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Commercial Registration Number |
8161, Sana’a |
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Invested Capital |
YR 2,500,000 |
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Total Workforce |
7 |
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Line of Business |
Import and distribution of building materials, heating equipment, sanitary ware materials, pipes, galvanised metals, hardware and tools. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MOHAMED ABDULLAH AL
HOBAISHI TRADING CORPORATION
ADDRESS
Registered &
Physical Address
Location : Taiz Street
PO Box : 351 & 17271
Town : Sana’a
Country : Yemen
Telephone : (967-1) 266378 / 245059
Facsimile : (967-1) 245059 / 246356
Email : al-hobishy@ye.net.ye
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Sana’a.
KEY PRINCIPALS
Mohamed Ali
Abdullah Al Hobaishi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1992
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg.
No. : 8161, Sana’a
Invested Capital
: YR 2,500,000
Mr Mohamed Ali
Abdullah Al Hobaishi 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
building materials, heating equipment, sanitary ware materials, pipes,
galvanised metals, hardware and tools.
Import
Countries: Italy
International
Suppliers:
Betax Italy
Operating Trend: Steady
Subject has a
workforce of 7 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 31,280,000 YR 35,700,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
Saba Islamic Bank
Saif Bin Thi Yazen
Street
PO Box: 11054
Sana’a
Tel: (967-1) 276337
/ 276338
Fax: (967-1) 286505
Email: sababank@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
Mohamed Abdullah Al
Hobaishi Trading Corporation has been in business for approximately 13 years
and is engaged in the import and distribution of building materials, heating equipment,
sanitary ware materials, pipes, galvanised metals, hardware and tools.
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.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent given the magnitude of the transaction.
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 |