MIRA INFORM REPORT

 

 

Report Date :

10.07.2007

 

IDENTIFICATION DETAILS

 

Name :

FARADJ EURL

 

 

Registered Office :

Cite Makoudi Lot No. 53, 16270 Oued Smar, Wilaya d'Alger

 

 

Country :

Algeria

 

 

Date of Incorporation :

September 2004

 

 

Com. Reg. No.:

04B0967738

 

 

Legal Form :

Single Shareholder Limited Liability Company

 

 

Line of Business :

Importers and wholesalers of car spare parts.

 

 

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 :

AD 2,500,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

COmpany NAME

 

FARADJ EURL

 

 

ADDRESS

 

Street                           :  Cite Makoudi Lot No. 53

Town                 :  16270 Oued Smar

Province            :  Wilaya d'Alger

Country             :  Algeria

Telephone         :  (213 21) 524 815 / 529 193 / (213) 7012 6405 (mobile)

Fax                   :  (213 21) 529 193

E-Mail               :  elfaradj@hotmail.com

 

 

SENIOR COMPANY PERSONNEL

 

Name                            Position

 

Abdelkader Sait            General Manager

 

 

Total Employees

 

7

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

We consider it is acceptable to deal with subject for SMALL amounts, although it is normal accepted practice for international suppliers to deal on secured terms with Algerian importers.

 

Opinion on maximum credit : AD 2,500,000

 

Trade risk assessment : Normal

 

 

PRINCIPAL BANKERS

 

NAME               : BANQUE DE DEVELOPEMENT LOCAL SPA (BDL)

Branch              : Agence El Harrach (Branch No. 156)

Street                           : Rue de la Charte No. 2

Town                 : 16010 El Harrach

Telephone         : (213 21) 526 979 / 529 212

Fax                   : (213 21) 528 926

Acc. No.           : 156400049880

 

 

FINANCIAL INFORMATION

 

Balance sheets are not available. However, the subject interviewed offered the following information :

 

Sales Turnover   : AD  30,000,000 - 2005 - exact *

                        : AD 110,000,000 - 2006 - exact

 

Net Profit          : not given

 

Financial year ends 31 December.

 

* first full year in operations.

 

 

LEGAL STATUS AND HISTORY

 

Date Started : September 2004

 

C.R. No. : 04B0967738

 

Authorised & Paid up Capital : AD 20,000,000

 

Entreprise Unipersonnelle a Responsabilite Limitee (single shareholder limited liability company) with the following sole shareholder :

 

Mohamed Fredj                        100 %

 

 

ACTIVITIES

 

The Company is involved in the following activities :

 

Importers and wholesalers of car spare parts.

 

Imports from Spain, Italy and Argentina.

 

Subject plans to start importing from China in the near future.

 

 

FACILITIES

 

The Company has the following facilities :

 

Office premises, wholesale outlet and storage facilities located at the heading address.

 

 

REGISTERED OFFICE

 

Rue Bomati No. 10

16010 El Harrach

 

 

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

 

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions