MIRA
INFORM REPORT
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Report Date : |
20.07.2007 |
IDENTIFICATION DETAILS
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Name : |
GAMAL TRADING
STORES |
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Registered Office : |
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Country : |
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Date of Incorporation : |
2006 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
wholesale and retail of textiles and fabrics. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 30,000 |
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Status : |
Small Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : GAMAL TRADING STORES
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 2006
Invested Capital : YR 250,000
Total Workforce : 6
Line of Business : Wholesalers and retailers of textiles and fabrics.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
GAMAL TRADING
STORES
ADDRESS
Registered & Physical Address
Street : Abdullah Street
Area : Crater
Town :
Country : Yemen
Telephone : (967-2) 264876
Facsimile : (967-2) 264876
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Aden.
KEY PRINCIPALS
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Gamal
Abdul Rabu Al Hordi Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2006
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Invested Capital
: YR 250,000
Mr Gamal Abdul Rabu Al Hordi 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 wholesale and retail of textiles
and fabrics.
Import Countries
: Europe and the
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Subject is a newly
formed business and as a result financial information is not currently
available.
BANKERS
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Arab Bank
Limited
PO Box: 5130
Tel: (967-2) 242099 / 240043 / 242070
Fax: (967-2) 242098
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Investigations
undertaken in Aden did not reveal any sign of payment defaults or delays during
initial trading stages, and subject is believed to meet its payment obligations
in a timely manner, nevertheless, and in view of the company’s infancy and the
lack of a more consistent payment and financial record, a measure of caution is
advisable and a close monitoring of subject’s business development is
recommended.
Maximum suggested
credit figure: US$ 30,000
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%)