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MIRA INFORM REPORT

 

 

Report Date :            

15.04.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

SABA ISLAMIC BANK

 

 

Registered Office :

Saif Ibn Yazan Street, P O Box 11054, Sana’a

 

 

Country :

Yemen

 

 

Date of Incorporation :

25.06.1996

 

 

Legal Form :

Yemen Shareholding Company

 

 

Line of Business :

Commercial, private, retail and investment banking

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 3,000,000

 

 

Status :

Good

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Yemen

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                    : SABA ISLAMIC BANK

Country of Origin                                   : Yemen

Legal Form                                           : Yemen Shareholding Company

Registration Date                                  : 25th June 1996

Issued Capital                                       : YR 6,044,869,000

Paid up Capital                                     : YR 6,044,869,000

Total Workforce                                     : 3,000

Activities                                               : Commercial, private, retail and investment banking.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                    : US$ 3,000,000

 

COMPANY NAME

 

SABA ISLAMIC BANK

 

 

company ADDRESS

 

Registered & Physical Address

Location           : Saif Ibn Yazan Street

PO Box                        : 11054

Town                : Sana’a

Country : Yemen

Telephone         : (967-1) 276337 / 276338 / 286506 / 286505

Facsimile          : (967-1) 286505 / 277685

Email                : info@sababank.com / sababank@y.net.ye

 

Premises

 

Subject operates from a large suite of offices that are owned and located in the Central Business Area of Sana’a.

 

Branch Office (s)

 

Subject has 15 branch offices located throughout Yemen.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Hameed Bin Abdullah Al Ahmar                                                         Chairman

 

·       Abdul Karim al Rawahani                                                                   Managing Director

 

·       Saeed Ahmed Farhan                                                                       Director

 

·       Obadi Ali Al Habari                                                                           Director

 

·       Abdullah Al Sunaidar                                                                                    Director

 

·       Gameel Mohamed Al Ansi                                                                 General Manager

 

·       Ali Mohamed Al Asmr                                                                       Assistant General Manager

 

·       Abdo Al Sayyad                                                                               Investment Manager

 

·       Mohamed Abdul Wali Al Kadi                                                                        Branch Manager

 

·       Ibrahim Al Awami                                                                              Finance Manager

 

·       Abdullah Al Rowadi                                                                          International Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th June 1996

 

Legal Form                  : Yemen Shareholding Company

 

Issued Capital              : YR 6,044,869,000

 

Paid up Capital            : YR 6,044,869,000

 

Name of Shareholder (s)

 

·       Hameed Bin Abdullah Al Ahmar

 

·       Abdul Karim al Rawahani

 

·       Saeed Ahmed Farhan

 

·       Obadi Ali Al Habari

 

·       Abdullah Al Sunaidar

 

·       Approximately 7,500 local businessmen and private investors

 

 

OPERATIONS

 

Activities: Engaged in all aspects of commercial, private, retail and investment banking.

 

     Subject is the second largest Islamic bank in Yemen.

 

Subject has a workforce of approximately 3,000 employees.

 

 

FINANCIAL DATA

 

Companies registered in Yemen are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.48

UK Pound

1

Rs.72.37

Euro

1

Rs.64.42

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.