MIRA INFORM REPORT

Report Date :

13.12.2012

IDENTIFICATION DETAILS

Name :	AL RONI TRADING CO

Registered Office :	Riyadh Street (Hail Street), P O Box 12563, Sana’a

Country :	Yemen

Financials (as on) :	31.12.2011

Year of Establishment :	1989

Legal Form :	Limited Liability Partnership

Line of Business :	Distributors of sanitary ware products, tiles and ceramics

No. of Employees :	15 employees

RATING & COMMENTS

MIRA’s Rating :

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 30^th, 2012

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Yemen

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 : AL RONI TRADING CO

Country of Origin : Yemen

Legal Form : Limited Liability Partnership

Registration Date : 1989

Issued Capital : YR 2,500,000

Paid up Capital : YR 2,500,000

Total Workforce : 15

Activities : Distributors of sanitary ware products, tiles and ceramics

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Fouaz Al Halabi, Sales Executive

COMPANY NAME

AL RONI TRADING CO

company ADDRESS

Registered & Physical Address

Location : Riyadh Street (Hail Street)

PO Box : 12563

Town : Sana’a

Country : Yemen

Telephone : (967-1) 216831 / 400317 / 208252

Facsimile : (967-1) 208259 / 401549

Mobile : (967-71) 115343

Email : teronius@yahoo.com / alronitrd@y.net.ye

Premises

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

KEY PRINCIPALS

Name Position

· Tareq Alo Saleh Al Roni Managing Partner

· Messar Saleh Al Roni Partner

· Senan Saleh Al Roni Partner

· Fouaz Al Halabi Sales Executive

LEGAL FORM & OWNERS

Date of Establishment : 1989

Legal Form : Limited Liability Partnership

Issued Capital : YR 2,500,000

Paid up Capital : YR 2,500,000

Name of Partners

· Tareq Alo Saleh Al Roni

· Messar Saleh Al Roni

· Senan Saleh Al Roni

OPERATIONS

Activities: Engaged in the import and distribution of sanitary ware products, tiles and ceramics.

Import Countries: Spain

International Suppliers:

· Cerba Spain

· Memas Spain

· Crystal Spain

Operating Trend: Steady

Subject has a workforce of 15 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 91,200,000 YR 93,000,000

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

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

BANKERS

· International Bank of Yemen (IBY)

Zubairy Street

PO Box: 4444

Sana’a

Tel: (967-1) 407154

Fax: (967-1) 407155

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.54.27
UK Pound	1	Rs.87.43
Euro	1	Rs.70.55

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%)

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