MIRA
INFORM REPORT
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Report Date : |
14th
November, 2006 |
IDENTIFICATION
DETAILS
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Name : |
SHIBAM
SKY TRADING |
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Registered Office : |
Malla,
PO Box : 80072, Aden, Yemen |
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Country : |
Yemen |
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Date of Incorporation : |
1998 |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Importer and Distributors of chemicals and industrial machinery. |
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 |
SHIBAM SKY TRADING |
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Country of Origin |
Yemen |
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Legal Form |
Sole Proprietorship |
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Registration Date |
1998 |
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Invested Capital |
YR 1,000,000 |
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Total Workforce |
6 |
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Line of Business |
Distributors of chemicals and industrial machinery. |
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Financial Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
SHIBAM
SKY TRADING
ADDRESS
Registered & Physical Address
Location : Malla
PO Box : 80072
Town : Aden
Country : Yemen
Telephone : (967-2) 233644 / 232487
Facsimile : (967-2) 233644
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
·
Salem
Mohamed Bel Al Faqeh Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 1998
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested
Capital : YR 1,000,000
Mr Salem
Mohamed Bel Al Faqeh 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 chemicals and industrial machinery.
Import
Countries :
Europe and GCC countries.
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 27,800,000 YR
30,500,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Arab
Bank PLC
Omer Al Mukhter
Street
PO Box: 5130
Aden
Tel: (967-2) 387361
Fax: (967-2) 387531
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Established
in 1998, subject is owned and managed by Mr Salem Mohamed Bel Al Faqeh who is
well respected in the local business community.
Local
sources report that the subject’s operating history is clear with payment
obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
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 |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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