MIRA
INFORM REPORT
|
Report Date : |
21.11.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AL DUIS TRADING
CO |
|
|
|
|
Registered Office : |
Al Tahrir Street,
P O Box 55914, Taiz |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Engaged in the
wholesale and retail of textiles, fabrics and sewing machines. |
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 : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL DUIS TRADING CO
Country of Origin : Yemen
Legal Form : Limited Liability Partnership
Registration Date : 1994
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Total Workforce : 8
Line of Business : Wholesalers and retailers of textiles, fabrics and sewing machines.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL DUIS TRADING CO
ADDRESS
Registered & Physical Address
Location : Al Tahrir Street
PO Box : 55914
Town : Taiz
Country : Yemen
Telephone : (967-4) 235372
Facsimile : (967-4) 235372 / 235332
Email : abubaker11@yahoo.com
Premises
Subject operates
from a small suite of offices and showroom that are rented and located in the
Central Business Area of Taiz.
KEY PRINCIPALS
·
Abu Baker
Abdullah Saif Al Duis Managing
Partner
·
Abdul Hafiz Abdullah
Saif Al Duis Partner
LEGAL FORM & OWNERS
Date of Establishment : 1994
Legal Form :
Limited Liability
Partnership
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Name of Partner (s)
·
Abu Baker
Abdullah Saif Al Duis
·
Abdul Hafiz
Abdullah Saif Al Duis
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
textiles, fabrics and sewing machines.
Import Countries
: Europe and the Far East.
International
Suppliers :
·
Zahani China
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
31/12/05: Year
Ending 31/12/06:
Total Revenue YR 44,000,000 YR
49,750,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab Bank Plc
Jamal Abdul Nasser Street
PO Box : 5234
Taiz
Tel : (967-4) 231523
Fax : (967-4) 212347
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1994, subject is involved in the wholesale and retail of textiles, fabrics and
sewing machines.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
Maximum suggested
credit figure: US$ 100,000
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. |
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%)