MIRA
INFORM REPORT
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Report Date : |
02.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
ARABIAN TRADING
CO |
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Registered Office : |
Crater Area, P O
Box 107, Aden |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
8th April 2003 |
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Com. Reg. No.: |
3616, Aden |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of general merchandise and foodstuff products. Engaged as providers
of marine engineering services. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : ARABIAN TRADING CO
Country of Origin : Yemen
Legal Form : Limited Liability Partnership
Registration Date : 8th April 2003
Commercial Registration Number : 3616, Aden
Membership Number : 7009
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Total Workforce : 12
Line of Business : Subject operates several divisions (see below for
details).
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ARABIAN TRADING CO
ADDRESS
Registered & Physical Address
Location : Crater Area
PO Box : 107
Town : Aden
Country : Yemen
Telephone : (967-2) 258457
Facsimile : (967-2) 258456
Email : acr@yemennet.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
·
Mostafa
Anwar Ibrahim Managing
Partner
·
Reda Anwar
Ibrahim Partner
LEGAL FORM &
OWNERS
Date of Establishment : 8th
April 2003
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 3616, Aden
Membership No. : 7009
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Name of Partner (s)
· Mostafa Anwar Ibrahim
· Reda Anwar Ibrahim
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 : Subject’s activities are performed through
the following divisions:
·
General Trading Division
Engaged in the import and
distribution of general merchandise and foodstuff products.
·
Engineering Division
Engaged as providers of marine engineering services.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Financial highlights
provided by outside sources are given below :
Currency : Yemeni
Riyal (YR)
Year Ending
31/12/05: Year
Ending 31/12/06:
Total Revenue YR 46,800,000 YR
53,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Islamic
Bank of Yemen for Finance & Investment
Mareb Insurance Co Building
Zubairy Street
PO Box: 18452
Sana’a
Tel: (967-1) 206117 / 205680 /
205683 / 205684
Fax: (967-1) 206116
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Established in
2003, subject is owned and managed by Mr Mostafa
Anwar Ibrahim and Mr Reda Anwar Ibrahim who are both 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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This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)