MIRA INFORM REPORT

 

 

Report Date :

23.04.2013

 

IDENTIFICATION DETAILS

 

Name :

HAMID HUSSAIN EL KABOOS

 

 

Registered Office :

Al Joumhouriah Street PO Box    10720 Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.01.1991

 

 

Com. Reg. No.:

9261, Sana’a

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of general foodstuffs, building materials, cement, urea and fertilizers

 

 

No. of Employees :

10

 

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

(31.03.2011)

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

 

 

SUMMARY

 

Company Name                         : HAMID HUSSAIN EL KABOOS

Country of Origin                                    : Yemen

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 10th January 1991

Commercial Registration Number            : 9261, Sana’a

Invested Capital                                     : YR 750,000

Total Workforce                                     : 10

Activities                                               : Distributors of general foodstuffs, building materials, cement, urea and

                                                              fertilizers

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Ali Hamid Hussain Al Kaboos, Assistant General Manager

 

 

 

COMPANY NAME

 

HAMID HUSSAIN EL KABOOS

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Joumhouriah Street

 

PO Box             : 10720

 

Town                 : Sana’a

Country             : Yemen

 

Telephone         : (967-1) 230401

Facsimile          : (967-1) 257212

Mobile               : (967-77) 7230401 / 7230404

Email                : elkaboos@yemen.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

 

·       Hamid Hussain Al Kaboos                                                                 Proprietor & General Manager

 

·       Ali Hamid Hussain Al Kaboos                                                 Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th January 1991

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 9261, Sana’a

 

Invested Capital           : YR 750,000

 

Mr Hamid Hussain Al Kaboos is the sole proprietor of the business.

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, including rice, sugar and other dried foods.Subject also distributes building materials, cement, urea and fertilizers.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

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

 

Total Sales                                YR 61,000,000                           YR 64,000,000

 

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

 

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

 

 

BANKERS

 

·       Yemen Commercial Bank

Al Rowaishan Building

Zubairy Street

PO Box: 19845

     Sana’a

     Tel: (967-1) 218591

     Fax: (967-1) 209566

 

 

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 business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.16

UK Pound

1

Rs.82.45

Euro

1

Rs.70.70

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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