MIRA
INFORM REPORT
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Report Date : |
04.07.2007 |
IDENTIFICATION DETAILS
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Name : |
AL GARMANI TRADING CORPORATION |
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Registered Office : |
Street No. 60, Fej Attan Area, P O Box – 20533, Sana’a, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1987 |
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Legal Form : |
Mouassasa Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged in the import and distribution of heavy-duty machinery
spare parts, equipment and machinery, including fuel pumps and turbo chargers
as well as electrical products and materials. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name :
AL GARMANI TRADING CORPORATION
Country of Origin :
Legal Form :
Sole Proprietorship
Registration Date :
1987
Invested Capital :
YR 15,000,000
Total Workforce :
40
Line of Business :
Import and distribution of heavy-duty machinery
spare parts, equipment and machinery, as well
as
electrical products and materials.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
COMPANY NAME
AL GARMANI TRADING CORPORATION
ADDRESS
Registered & Physical Address
Street : Street No.
60
Area : Fej Attan
Area
PO Box : 20533
Town : Sana’a
Country :
Telephone : (967-1) 448622
Facsimile : (967-1) 448619
Email : adel@algarmani.com
Premises
Subject operates from a medium sized suite of offices, a warehouse and a
showroom that are rented and located in the Suburban Business Area of Sana’a.
Branch Office (s)
Location Description
Dar Al Aytame Building Rented
Sales Office
Sana’a
Tel: (967-1) 616055
Fax: (967-1) 616156
KEY PRINCIPALS
Abdul Basit Al Garmani Proprietor
Adel Al Garmani General
Manager
Abu Baker Al Mahshour Commercial
Manager
Thabit Salem Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1987
Legal Form :
Mouassasa Khassa (Sole Proprietorship)
Invested Capital : YR
15,000,000
Mr Abdul Basit Al Garmani 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 heavy-duty
machinery spare parts, equipment and machinery, including fuel pumps and turbo chargers
as well as electrical products and materials.
Subject also offers maintenance services on the above products.
Import Countries:
International Suppliers:
MANN
Operating Trend: Steady
Subject has a workforce of 40 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
174,200,000 YR 180,350,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
International Bank of
PO Box: 4444
Sana’a
Tel: (967-1) 273273
Fax: (967-1) 274127
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction June
2005
Credit amount 200,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Euros
GENERAL COMMENTS
Al Garmani Trading Corporation has been in business since 1987 and is
engaged in the import and distribution of heavy-duty machinery spare parts,
equipment and machinery, as well as electrical products and materials.
During the course of this investigation nothing detrimental was
uncovered regarding subject’s operating history or the manner in which payments
are fulfilled. As such the business is considered to be a fair trade risk.
Maximum suggested credit figure: US$ 250,000
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%)