MIRA
INFORM REPORT
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Report Date : |
24th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABUBAKER ABDULLAH BALFAGIYAH AND BROS |
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Registered Office : |
Crater Area, 539 Aden, Yemen |
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Country : |
Yemen |
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Financials (as on) : |
31/12/2005 |
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Date of Incorporation : |
13th March 1956 |
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Com. Reg. No.: |
1354, Aden |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of general merchandise. |
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 |
ABUBAKER ABDULLAH BALFAGIYAH AND BROS |
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Country of Origin |
Yemen |
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Legal Form |
Limited Liability Partnership |
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Registration Date |
13th March 1956 |
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Commercial Registration Number |
1354, Aden |
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Membership Number |
2413 |
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Issued Capital |
YR 1,500,000 |
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Paid up Capital |
YR 1,500,000 |
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Total Workforce |
10 |
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Line of Business |
Distributors of general merchandise. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
ABUBAKER ABDULLAH BALFAGIYAH AND BROS
ADDRESS
Registered & Physical Address
Location : Crater Area
PO Box : 539
Town : Aden
Country : Yemen
Telephone : (967-2) 240116
Facsimile : (967-2) 251243
Email : bafbros@y.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 Aden.
KEY PRINCIPALS
Abubaker Abdullah Balfagiyah Managing Partner
Ali Abdullah Balfagiyah Partner
Fahmi Abdullah Balfagiyah Partner
LEGAL FORM & OWNERS
Date of Establishment : 13th March 1956
Legal Form : Limited Liability Partnership
Commercial Reg. No. : 1354, Aden
Membership No. : 2413
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Name of Partner (s)
Abubaker Abdullah Balfagiyah
Ali Abdullah Balfagiyah
Fahmi Abdullah Balfagiyah
Note to the Legal Form
A Limited Liability Partnership is defined in the Company Law as a company incorporated with not less than two, and no more than fifty partners, each responsible only for the liabilities of the company to the extent of their share participation in the capital of the company. Shares must not be issued in the form of negotiable shares or papers. The legal concepts adopted by the Company Law refer to the members of this type of company as “partners” and not as “shareholders”. This type of company is quite similar to a private company limited by shares that exists in English Law.
LINE OF BUSINESS
Operations :
Engaged in the import and distribution of general merchandise, including
readymade garments, foodstuffs, building materials and electrical appliances.
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 47,200,000 YR 49,000,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
National Bank of Yemen
PO Box : 5
Aden
Tel : (967-2) 252481
Fax : (967-2) 252974
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Established in 1956, subject is owned and managed by members of the Balfagiyah family 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 |