|
Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL CO FOR INDUSTRY AND PRINTING
AND PACKAGING (SYC) |
|
|
|
|
Registered Office : |
Sana’a Road,
Kilo, PO Box 3337, Hodeidah |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Date of Incorporation : |
21.09.2005 |
|
|
|
|
Com. Reg. No.: |
113, Hodeidah |
|
|
|
|
Legal Form : |
Closed Shareholding Company |
|
|
|
|
Line of Business : |
manufacturer of
printing and packaging materials |
|
|
|
|
No. of Employees : |
450 |
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 : |
--- |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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. In 2012, the Friends of Yemen pledged
over $7 billion in assistance to Yemen. The Yemeni Government also endorsed a Mutual
Accountability Framework to facilitate the efficient implementation of donor
aid. The unrest that began in early 2011 caused GDP to plunge more than 15% in
2011, and about 2% in 2012. Availability of basic services, including
electricity, water, and fuel, has improved since the transition, but progress
toward achieving more sustainable economic stability has been slow and uneven.
Yemen continues to face difficult long-term challenges, including declining
water resources, high unemployment, and a high population growth rate.
|
Source : CIA |
Company Name : INTERNATIONAL CO FOR INDUSTRY AND PRINTING AND
PACKAGING (SYC)
Country of Origin : Yemen
Legal Form : Closed Shareholding Company
Registration Date : 21st September 2005
Commercial Registration Number : 113, Hodeidah
Chamber Membership Number : 1166
Issued Capital : YR 1,000,000,000
Paid up Capital : YR 1,000,000,000
Total Workforce : 450
Activities : Manufacturers of printing and packaging materials
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
INTERNATIONAL CO
FOR INDUSTRY AND PRINTING AND PACKAGING (SYC)
Registered &
Physical Address
Location : Sana’a Road, Kilo
PO Box : 3337
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 228924 / 228925 / 228926 /
228938
Facsimile : (967-3) 228893 / 243193
Email : incopak@incopak.com / incopak@y.net.ye
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Hodeidah.
Branch Office (s)
Location
·
Aden
Tel: (967-2) 243172
Fax: (967-2) 242322
·
Ibb
Tel: (967-4) 408834
Fax: (967-4) 408836
·
Sana’a
Tel: (967-1) 208918
Fax: (967-1) 209507
·
Al
Mukalla
Tel: (967-5) 301571
Fax: (967-5) 352221
·
Dhamar
Tel: (967-6) 502652
Fax: (967-6) 502896
·
Taiz
Tel: (967-4) 243194
Fax: (967-4) 243193
·
Amran
Tel: (967-7) 612035
Fax: (967-7) 602399
·
Al
Baidha
Tel: (967-6) 538035
Fax: (967-6) 538935
·
Saadah
Tel: (967-7) 516934
Fax: (967-7) 521824
Name Position
·
Adeep
Saeed Production
Manager
Date of Establishment : 21st
September 2005
Legal Form :
Closed Shareholding Company
Commercial Reg. No. : 113, Hodeidah
Chamber Member No. : 1166
Issued Capital : YR 1,000,000,000
Paid up Capital : YR 1,000,000,000
Name of Shareholder
(s)
·
Thabet
Holding
Hodeidah
·
Hodeidah
Shipping & Transport Co Ltd
Sana’a Road
PO Box: 3337
Hodeidah
Tel: (967-3) 238130
Fax: (967-3) 211533
Email: hodship_1969@y.net.ye
·
Thabet
Brothers & Co Ltd
PO Box: 3337
Hodeidah
Tel: (967-3) 372405 / 238270 / 238170
·
Red Sea
Contracting & Construction Co Ltd (Redco)
PO Box: 3337
Hodeidah
Tel: (967-3) 231340
·
Yemen
Stores for Fruit & Meat Ltd
PO Box: 3337
Hodeidah
Tel: (967-3) 231340
·
Yemen
General Insurance Co
PO Box: 3337
Hodeidah
Tel: (967-3) 239126
·
Tehama
Trading Company
Sanaa Road, Kilo 7
Hodeidah Industrial Area
PO Box: 4422 & 3337
Hodeidah
Tel: (967-3) 231348
Fax: (967-3) 231363
·
National
Company for Vegetable Oil & Ghee Industries YSC
Sana’a Road, Kilo 7
PO Box: 3337
Hodeidah
Tel: (967-3) 228876 / 228706 / 228707 / 228878 / 228905 / 231348
Fax: (967-3) 228708 / 231363
·
The
Thabet Institute
·
Thabet
Investment Co
·
Modern
Co for Food Products
·
Al
Maraee Yemen Company
·
International
Carton Manufacturing Co
·
Yemeni
British Lubricants Marketing Co
·
Yemen
Dairy & Juice Industries Ltd
PO Box: 3337
Hodeidah
Tel: (967-3) 231341
Fax: (967-3) 211532
·
Shipping,
Trading & Lighterage Co (Stalco)
Dubai
United Arab Emirates
·
Thabet
International Ltd
7 Swallow Street
London WIR 7HD
Activities: Engaged in the manufacture of printing and
packaging materials.
Import
Countries: Europe and the
Far East
Subject has a
workforce of approximately 450 employees.
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.
·
National
Bank of Yemen
Sana’a Street
PO Box: 4851
Hodeidah
Tel: (967-3) 210162
Fax: (967-3) 232824
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.