MIRA
INFORM REPORT
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Report
Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
ABDO SAEED GALIB AL NAGASHI |
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Registered
Office : |
Taiz Oseifra
Street, P. O. Box 26, Taiz, Yemen |
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Date
of Incorporation : |
1988 |
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Com.
Reg. No.: |
2372 |
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Legal
Form : |
Sole Proprietorship |
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Line
of Business : |
Engaged in the wholesale and retail of building materials. |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
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
Company
Name : ABDO SAEED GALIB AL NAGASHI
Country
of Origin : Yemen
Legal
Form : Sole Proprietorship
Registration Date :
1988
Commercial
Registration Number : 2372, Taiz
Invested
Capital : YR 5,000,000
Total
Workforce : 20
Line of
Business :
Wholesalers and
retailers of building materials.
Financial
Condition : Satisfactory
Payments : Nothing detrimental uncovered
Operating
Trend : Steady
COMPANY NAME
ABDO
SAEED GALIB AL NAGASHI
ADDRESS
Registered
& Physical Address
Location : Taiz Oseifra Street
PO Box : 26
Town : Taiz
Country : Yemen
Telephone : (967-4) 253582
Facsimile : (967-4) 251569
Mobile : (967-73) 3258840
Email : abdoasaeed@y.net.ye
Premises
Subject
operates from a small suite of offices and a showroom that are rented and
located in the Central Business Area of Taiz.
Branch Office (s)
Location Description
·
Taiz
Street Showroom
premises
Sana’a
Tel
: (967-1) 510609
·
Al
Saila Area Showroom
premises
Aden
Tel : (967-2)
388603
KEY PRINCIPALS
·
Abdo
Saeed Galib Al Nagashi Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1988
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 2372, Taiz
Invested
Capital : YR 5,000,000
Mr Abdo
Saeed Galib Al Nagashi 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 building materials.
Import
Countries
Europe and
GCC countries.
Operating
Trend
Steady
Subject has
a workforce of 20 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 180,000,000 YR 196,000,000
Local sources consider subject’s financial condition to be
Satisfactory.
BANKERS
· Saba Islamic Bank
Saif Bin Thi Yazan Street
PO Box : 11054
Sana’a
Tel : (967-1) 276337
Fax
: (967-1) 286505
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 1988, subject is owned and managed by Mr Abdo Saeed Galib Al Nagashi 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$ 100,000
RATING EXPLANATIONS
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 |