MIRA INFORM REPORT

 

 

Report Date :

01.12.2012

 

IDENTIFICATION DETAILS

 

Name :

ABDULLAH AGEEL & CO LTD

 

 

Registered Office :

Musallam Building, Main Road, Al Salem Area, P O Box 8181, Mukalla

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.01.1978

 

 

Com. Reg. No.:

30, Mukalla

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of general foodstuffs

 

 

No. of Employees :

18 employees

 

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

 

Status :

Satisfactory  

 

 

Payment Behaviour :

No Complaints 

 

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Yemen

C1

C1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Yemen - ECONOMIC OVERVIEW

 

Yemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 70% of government revenue. Yemen has tried to counter the effects of its declining oil resources by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts toward economic and political reform, and in August 2010 the IMF approved a three-year $370 million program to further this effort. Despite these ambitious endeavors, Yemen continues to face difficult long term challenges, including declining water resources and a high population growth rate.

 

Source : CIA

 

SUMMARY

 

Company Name                         : ABDULLAH AGEEL & CO LTD

Country of Origin                                    : Yemen

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1st January 1978

Commercial Registration Number            : 30, Mukalla

Chamber Membership Number                : 68

Issued Capital                                        : YR 2,000,000

Paid up Capital                                      : YR 2,000,000

Total Workforce                         : 18

Activities                                               : Distributors of general foodstuffs.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

COMPANY NAME

 

ABDULLAH AGEEL & CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

Building : Musallam Building

Street               : Main Road

Area                 : Al Salem Area

PO Box             : 8181

Town                 : Mukalla

Country : Yemen

Telephone         : (967-5) 304181 / 303478

Facsimile          : (967-5) 303309

Mobile               : (967-77) 7747784 / 7250811 / (967-73) 3213903

Email                : abuagil@y.net.ye

 

Premises

Subject operates from a small suite of offices and a warehouse that are owned and located in the Central Business Area of Mukalla.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Abu Baker Abdullah Ageel Mussallam                                     Managing Partner

·       Abdul Qader Abdullah Ageel Mussallam                                              Partner

·       Mohamed Abdullah Ageel Mussallam                                                  Partner

·       Mohamed Abu Baker Abdullah Ageel Mussallam                                 Partner

·       Omar Abu Baker Abdullah Ageel Mussallam                                        Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment: 1st January 1978

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 30, Mukalla

 

Chamber Member No.: 68

 

Issued Capital              : YR 2,000,000

 

Paid up Capital            : YR 2,000,000

 

Name of Partners

·       Abu Baker Abdullah Ageel Mussallam

·       Abdul Qader Abdullah Ageel Mussallam

·       Mohamed Abdullah Ageel Mussallam

·       Mohamed Abu Baker Abdullah Ageel Mussallam

·       Omar Abu Baker Abdullah Ageel Mussallam

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including dried foods and pulses.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                YR 83,000,000                           YR 86,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       National Bank of Yemen

     Main Road

     Hadramout

     PO Box: 8044

     Mukalla

     Tel: (967-5) 302935

     Fax: (967-5) 302913

 

 

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.54.53

UK Pound

1

Rs.87.48

Euro

1

Rs.70.89

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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

----

NB

New Business

----

 

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.