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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
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Name : |
MAM INTERNATIONAL CORPORATION |
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Registered Office : |
Sana’a Trade Center,
6th Floor, Ali Abdul Moghni Street No. 21, Al Jazeer Street, PO Box : 525, Sana’a |
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Country : |
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Date of Incorporation : |
26.12.1994 |
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Com. Reg. No.: |
11182 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject’s activities are performed through the following divisions : Communication Products Division, Elevator Products
Division, Fire Fighting Equipment Division, Beauty Products
Division, Readymade Garments Division Air Conditioning Products Division, Furniture Division |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Yemen |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name : MAM INTERNATIONAL CORPORATION
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
26th December 1994
Commercial Registration Number :
11182
Invested Capital :
YR 25,000,000
Total Workforce :
100
Activities :
Subject operates several divisions (see below for details)
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
MAM INTERNATIONAL
CORPORATION
Registered &
Physical Address
Building : Sana’a Trade Center, 6th Floor
Street : Ali Abdul
Moghni Street No. 21, Al Jazeer Street
PO Box : 525
Town : Sana’a
Country : Yemen
Telephone : (967-1) 449340 / 286390 / 272401
Facsimile : (967-1) 449350 / 449351 / 274141
Mobile : (967-71)
104106
Email : mamintl@y.net.ye
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Sana’a.
Branch Office (s)
Location Description
Taiz Office
premises
Hodeidah Office
premises
Aden Office
premises
Tel: (967-2) 269381
Makalah Office
premises
Tel: (967-5) 513114
Name Position
Mohamed Abdul Majid Proprietor
& General Manager
Zayed Mohamed Al Majid Assistant
General Manager
Zayed Farhan Communication
Products Manager
Khalid Abdul Majid Elevator
Products Manager
Khadija Younas Beauty
Products Manager
Fahd Javid Financial
Controller
Abdulrahman Handal Sales Manager
Date of Establishment : 26th December 1994
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11182
Invested Capital : YR 25,000,000
Mr Mohamed Abdul Majid
is the sole proprietor of the business.
Activities: Subject’s activities are performed through the following divisions:
Communication Products Division
Distributors of telephone and communication products.
Brand Name: ALCATEL, France
Elevator Products Division
Distributors of elevator products.
Brand Name: OTIS, Italy
Fire Fighting Equipment Division
Distributors of fire fighting equipment.
Beauty Products Division
Wholesalers and retailers of cosmetic and beauty
products.
Readymade Garments Division
Wholesalers and retailers of readymade garments.
Air Conditioning Products Division
Distributors of air conditioning equipment.
Agencies Held:
·
Train
Furniture Division
Distributors of furniture products.
Import Countries: Europe and GCC countries
Subject has a workforce of 100 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.
Yemen Kuwait Bank for Trade & Investment (YSC)
PO Box: 987
Sana’a
Tel: (967-1) 240783
Fax: (967-1) 240990
National Bank of Yemen
Zubairy Street
PO Box: 198309
Sana’a
Tel: (967-1) 284123
Fax: (967-1) 284128
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 business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
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|
1 |
Rs.101.10 |
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Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.