MIRA INFORM REPORT

 

 

Report Date :

12.06.2013

 

IDENTIFICATION DETAILS

 

Name :

AL GHOBRI FOR TRADING & IMPORT

 

 

Registered Office :

Al Tahreer Plaza, Al Tahreer Street, Betalfaqih, P O Box 4506, Hodeidah

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

10.01.1967

 

 

Com. Reg. No.:

2601, Hodeidah

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of general foodstuffs, beverages and electrical household appliances

 

 

No. of Employees :

15

 

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 – March 31st 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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

 

 

 

SUMMARY

 

Company Name                                    : AL GHOBRI FOR TRADING & IMPORT

Country of Origin                                   : Yemen

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 10th January 1967

Commercial Registration Number           : 2601, Hodeidah

Invested Capital                                    : YR 2,000,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuffs, beverages and electrical household

                                                              appliances.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

COMPANY NAME

 

AL GHOBRI FOR TRADING & IMPORT

 

 

Company ADDRESS

 

Registered & Physical Address

Building            : Al Tahreer Plaza

Street               : Al Tahreer Street

Area                 : Betalfaqih

PO Box            : 4506

Town                : Hodeidah

Country             : Yemen

Telephone         : (967-3) 246621 / 212574

Facsimile          : (967-3) 248871 / 234887

Mobile              : (967-73) 3710941

Email                : alghobri@y.net.ye

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Hodeidah.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Aden                                                                                                Showroom premises

Tel: (967-2) 350843

 

·       Bait Al Fakih                                                                                     Showroom premises

Hodeidah

Tel: (967-3) 331199

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Ali Ahmed Al Ghobri                                                                         Proprietor & General Manager

·       Mohamed Saleh Bahamesh                                                               Assistant General Manager

·       Ali Al Teini                                                                                        Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th January 1967

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 2601, Hodeidah

 

Invested Capital           : YR 2,000,000

 

Mr Ali Ahmed Al Ghobri is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, beverages and electrical household

     appliances.

 

Import Countries: India and China

 

International Suppliers:

 

·       Superladi                 India

·       3 Star                       China

·       Aukma                     China

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 Revenue                           YR 80,000,000                           YR 81,750,000

 

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

 

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

 

 

BANKERS

 

·       Saba Islamic Bank

Saif Bin Thi Yazan Street

PO Box: 11054

Sana’a

       Tel: (967-1) 276337

       Fax: (967-1) 286505

 

·       Arab Bank Plc

Sana’a Street

PO Box: 3812

Hodeidah

Tel: (967-3) 239166 / 239988

     Fax: (967-3) 3211557

 

·       Islamic Bank of Yemen for Finance & Investment

     Mareb Insurance Co Building

     Zubairy Street

     PO Box: 18452

     Sana’a

     Tel: (967-1) 206117 / 205680 / 205683 / 205684

     Fax: (967-1) 206116

 

 

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.58.93

UK Pound

1

Rs.91.81

Euro

1

Rs.78.18

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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