MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MOHAMED ISMAIL AL
STORMANI & CO |
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Registered Office : |
Al Mitrao Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
wholesale and retail of ready made garments and textiles. |
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$ 75,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MOHAMED ISMAIL AL STORMANI & CO
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 1993
Issued Capital : YR 1,000,000
Paid up Capital : YR 1,000,000
Total Workforce : 10
Line of Business : Wholesalers and retailers of ready made garments and textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MOHAMED ISMAIL AL
STORMANI & CO
ADDRESS
Registered & Physical Address
Location : Al Mitrao Area
PO Box : 3090
Town : Hodeidah
Country :
Telephone : (967-3) 247618 / 213184
Facsimile : (967-3) 247618
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Hodeidah.
KEY PRINCIPALS
·
Mohamed
Ismail Al Stormani Managing
Partner
·
Mansour Ismail
Al Stormani Partner
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Mohamed
Maseed Al Rabou Partner
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Ahmed
Mohamed Ismail Al Stormani Commercial
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1993
Legal Form :
Limited Liability
Partnership
Issued Capital : YR 1,000,000
Paid up Capital : YR 1,000,000
Name of Partner (s)
·
Mohamed
Ismail Al Stormani
·
Mansour Ismail
Al Stormani
·
Mohamed
Maseed Al Rabou
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 : Engaged in the wholesale and retail of
ready made garments and textiles.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 10 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 67,000,000 YR
71,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Yemen
Commercial Bank
PO Box: 4894
Hodeidah
Tel: (967-3) 217040-3
Fax: (967-3) 211883
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in 1993,
subject is involved in the wholesale and retail of ready made garments and
textiles.
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
company is considered to be a fair trade risk.
Maximum suggested
credit figure: US$ 75,000
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%)