MIRA
INFORM REPORT
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Report Date : |
05.06.2007 |
IDENTIFICATION DETAILS
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Name : |
UNITED SNACK FOOD
CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
27th June 2005 |
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Com. Reg. No.: |
203, Sana’a |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
manufacture of chips, wafers and snacks. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : UNITED SNACK FOOD CO LTD
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 27th June 2005
Commercial Registration Number : 203, Sana’a
Membership Number : 19440
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
Total Workforce : 50
Line of Business : Manufacturers of chips, wafers and snacks.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
COMPANY NAME
UNITED SNACK FOOD
CO LTD
ADDRESS
Registered & Physical Address
Location :
PO Box : 1548
Town : Sana’a
Country : Yemen
Telephone : (967-1) 332827 / 226671 / 234347
Facsimile : (967-1) 332959 / 235047 / 226733
Email : alrahabittrdg@yemen.net.ye
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Sana’a.
KEY PRINCIPALS
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Bashir
Ali Al Rahali Managing
Partner
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Jaber
Ali Al Rahali Partner
LEGAL FORM &
OWNERS
Date of Establishment : 27th
June 2005
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 203, Sana’a
Membership No. : 19440
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
Name of Partner (s)
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Bashir
Ali Al Rahali
·
Jaber
Ali Al Rahali
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 manufacture of chips, wafers
and snacks.
Import Countries
: Europe and the Far East.
Subject has a
workforce of 50 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Yemeni
Riyal (YR)
Year
Ending 31/12/06:
Total Revenue YR
85,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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National
Bank of
PO Box : 5
Sana’a
Tel : (967-1) 253484
Fax : (967-1) 255004
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000
United Snack Food Co
Ltd is a relatively new business with operations commencing in June 2005. It is
engaged in the manufacture of chips, wafers and snacks.
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk and the above credit figure is admissible.
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%)