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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
|
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|
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Registered Office : |
Crater Area, Masjid
Aban, |
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|
|
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Country : |
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|
|
|
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1980 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of
pharmaceuticals and medicines |
|
|
|
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No. of Employees : |
12 |
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 compliant |
|
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 |
B2 |
B2 |
|
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 |
Company Name :
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 1980
Invested Capital : YR
500,000
Total Workforce : 12
Activities :
Distributors of pharmaceuticals and medicines
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
AL AZZANI STORES
FOR MEDICINES AND TRADE
Location : Crater Area, Masjid Aban
Town : Aden
Country : Yemen
Telephone : (967-2) 252999 / 381011
Facsimile : (967-2) 257181
Mobile : (967-77) 7259533
Email : alazzanimt@y.net.ye
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Aden.
Name Position
·
Moosa Mohamed
Al Azzani Proprietor
& General Manager
·
Ibrahim
Moosa Mohamed Al Azzani Assistant
General Manager
·
Amin
Saeed Obaidi Sales
Manager
Date of Establishment : 1980
Legal Form :
Sole Proprietorship
Invested Capital : YR 500,000
Mr Moosa Mohamed Al
Azzani is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
pharmaceuticals and medicines.
Import
Countries: Europe and the
Far East.
International
Suppliers:
·
Gulf
Inject Dubai
Operating Trend: Steady
Subject has a
workforce of 12 employees.
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 40,000,000 YR 42,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
International
Bank of Yemen (IBY)
Al Meedan Area
PO Box: 819
Aden
Tel: (967-2) 255795
Fax: (967-2) 252016
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject’s financial condition is satisfactory whilst payments are made
in a timely manner. The company’s operating history is reportedly clear and the
above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
|
1 |
Rs.86.17 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.