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Report Date : |
28.02.2013 |
IDENTIFICATION DETAILS
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Name : |
HUSSAM OMER MOHAMED AL ZUBAIDI |
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Registered Office : |
Building No. 144, Block No. 92, Al
Shorta Station Street, El Sheikh Othman
Area, Aden |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.10.1996 |
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Com. Reg. No.: |
11000, Aden
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of general foodstuff products |
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No. of Employees : |
06 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Yemen |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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, 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 : HUSSAM OMER MOHAMED AL ZUBAIDI
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 1st October 1996
Commercial
Registration Number : 11000, Aden
Membership Number : 8344
Invested Capital : YR 2,000,000
Total Workforce : 6
Activities : Wholesalers and retailers of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hani Omer Mohamed Al Zubaidi, Assistant General Manager
HUSSAM OMER MOHAMED
AL ZUBAIDI
Registered &
Physical Address
Location : Building No.
144, Block No. 92
Street : Al Shorta Station Street
Area : El Sheikh Othman Area
Town : Aden
Country : Yemen
Telephone : (967-2) 309274
/ 306956
Facsimile : (967-2) 309274
Mobile : (967-777) 123490 / 388615
Email : t.baobed76@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Aden.
Name Position
·
Hussam Omer
Mohamed Al Zubaidi Proprietor
& General Manager
·
Hani Omer Mohamed Al Zubaidi Assistant
General Manager
Date of Establishment : 1st
October 1996
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 11000, Aden
Membership No. : 8344
Invested Capital
: YR 2,000,000
Mr Hussam Omer
Mohamed Al Zubaidi is the sole proprietor of the
business.
Activities: Engaged in the wholesale and retail of
general foodstuff products, including spices, maize, rice and sugar.
Subject also
distributes refrigerators, freezers and air conditioning equipment.
Import
Countries: Europe and the
Far East.
International
Suppliers:
·
NHC India
·
Kotak India
·
Asia Co India
·
Napgot India
·
Ravi Raj Plastic India
·
SNG India
·
Shiraji Impex India
·
HNG India
·
Cego China
·
Altos Turkey
·
Grungi Slovenia
Operating Trend: Steady
Subject has a
workforce of 6 employees.
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 2,158,500,000 YR 2,343,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Yemen
PO Box: 5
Aden
Tel: (967-2) 252481
Fax: (967-2) 252974
·
Islamic
Bank of Yemen for Finance and Investment
Mareb
Insurance Co Building
Zubairy
Street
PO Box: 18452
Sana’a
Tel: (967-1) 206117 / 205680 /
205683 / 205684
Fax: (967-1) 206116
Email: ibr-iflbk-yesan@y.net.ye
·
Saba
Islamic Bank
Alsylah Street
Aden
Tel: (967-2) 391633
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.84 |
|
UK Pound |
1 |
Rs.81.24 |
|
Euro |
1 |
Rs.70.39 |
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 |
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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 |
|
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 |
|
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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.