MIRA
INFORM REPORT
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Report Date : |
01.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
MOHAMED SIDDIK
ABU BAKER ABDULLAH |
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Registered Office : |
Al Tahrir Area, P
O Box 4377, Hodeidah |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
18.12.1993 |
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Com. Reg. No.: |
10971 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of general foodstuff products. |
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 : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : MOHAMED SIDDIK ABU BAKER ABDULLAH
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 18th December 1993
Commercial Registration Number : 10971, Hodeidah
Invested Capital : YR 1,000,000
Total Workforce : 8
Line of Business : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MOHAMED SIDDIK ABU
BAKER ABDULLAH
ADDRESS
Registered & Physical Address
Location : Al Tahrir Area
PO Box : 4377
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 240500 / 238758
Facsimile : (967-3) 247075
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Hodeidah.
KEY PRINCIPALS
·
Mohamed Siddik
Abu Baker Abdullah Proprietor
& General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 18th
December 1993
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 10971,
Hodeidah
Invested Capital
: YR 1,000,000
Mr Mohamed Siddik
Abu Baker Abdullah 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
general foodstuff products.
Import Countries
: Europe and GCC countries.
Operating Trend
: Steady
Subject has a
workforce of 8 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Yemeni
Riyal (YR)
Year Ending
31/12/04 : Year Ending 31/12/05 :
Total Revenue YR 31,500,000 YR
34,200,000
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
Fax: (967-3) 211883
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Established in
1993, subject is owned and managed by Mr Mohamed Siddik Abu Baker Abdullah who
is well respected in the local business community.
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 and the above credit figure is
deemed to be within subject’s financial means.
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%)
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