MIRA
INFORM REPORT
|
Report Date : |
8th
November, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
MANARAT AL WADI FOR GENERAL CONTRACTING |
|
|
|
|
Registered Office : |
Airport
New Street, PO Box : 9132, Sieyun, Yemen. |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Date of Incorporation : |
04.07.2004 |
|
|
|
|
Com. Reg. No.: |
31266 |
|
|
|
|
Legal Form : |
Limited
Liability Partnership |
|
|
|
|
Line of Business : |
Engaged as general construction contractors, specialising in road, electrical and electro-mechanical work and services. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
Maximum Credit Limit : |
US$
150,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
MANARAT AL WADI FOR GENERAL CONTRACTING |
|
Country of Origin |
Yemen |
|
Legal Form |
Limited Liability Partnership |
|
Registration Date |
4th July 2004 |
|
Commercial Registration Number |
31266 |
|
Issued Capital |
YR 25,000,000 |
|
Paid up Capital |
YR 25,000,000 |
|
Total Workforce |
250 |
|
Line of Business |
General construction contractors. |
|
Financial Condition |
Undetermined |
|
Payments |
Nothing detrimental uncovered |
COMPANY NAME
MANARAT
AL WADI FOR GENERAL CONTRACTING
ADDRESS
Registered & Physical Address
Location : Airport New Street
PO Box : 9132
Town : Sieyun
Country : Yemen
Telephone : (967-5) 400666 / 400667
Facsimile : (967-5) 400668
Mobile : (967-77) 7491059
Email : mohtem2001@yahoo.com
Premises
Subject
operates from a large suite of offices that are rented and located in the
Central Business Area of Sieyun.
KEY PRINCIPALS
·
Mohsien
Ali Hussien Al Mehdhar Managing
Partner
·
Saleh
Ali Hussien Al Mehdhar Partner
·
Abdulrahman
Harshish Public
Relations Manager
·
Mohamed
Abu Baker Ba Shahli Project
Manager
LEGAL FORM & OWNERS
Date of Establishment : 4th July 2004
Legal Form : Limited Liability Partnership
Commercial Reg. No. : 31266
Issued
Capital : YR 25,000,000
Paid
up Capital : YR 25,000,000
Name of Partner (s)
·
Mohsien
Ali Hussien Al Mehdhar
·
Saleh
Ali Hussien Al Mehdhar
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 as general construction contractors, specialising in road,
electrical and electro-mechanical work and services.
Subject
has a workforce of approximately 250 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in Yemen are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
National
Bank of Yemen
Sieyun
Tel: (967-5) 402434
Fax: (967-5) 405517
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 100,000:
Established in 2004, subject acts as general construction contractors, specialising in road, electrical and electro-mechanical work and services.
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$ 150,000
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|