|
Report Date : |
08.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED BANK LTD |
|
|
|
|
Registered Office : |
Dr Mohammad Ahmed Othman Al Absi Building, Al Zubairi Street, P O Box
1295, Sana’a |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Year of Establishments: |
2007 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Providers of commercial, corporate, private and investment banking services |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
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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 |
|
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 $370 million program to further this effort.
Despite these ambitious endeavors, Yemen continues to face difficult long term
challenges, including declining water resources and a high population growth
rate.
Source
: CIA
Company Name : UNITED BANK LTD
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 2007
Issued Capital : US$ 30,000,000
Paid up Capital : US$ 30,000,000
Total Workforce : 50
Activities : Providers of commercial, corporate, private and investment banking
services
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
UNITED BANK LTD
Registered & Physical
Address
Building : Dr Mohammad
Ahmed Othman Al Absi Building
Street : Al Zubairi Street
PO Box : 1295
Town : Sana’a
Country : Yemen
Telephone : (967-1) 407540 / 409947269063
Facsimile : (967-1) 408211
Email : nabeel_iqbal@ublintl.com / rashid_khalil@ublint.com
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
·
Aden
Mall, Crater Office
premises
PO Box: 104
Aden
Tel: (967-2) 269063 / 269191
Fax: (967-2) 269065
·
Essam
Al Shami Building Office
premises
Shahrah-e-Meena
PO Box: 3927
Hodeidah
Tel: (967-3)
225560 / 201494
Fax: (967-3)
201153
Name Position
·
Zahid
Hussain General
Manager
·
Osman
Farooq Operation
Manager
·
Rashid
Khalil Distribution
Manager
·
Ashraf
Majeed Faridi Corporate
Manager
·
Nabeel
Iqabl Branch
Manager (Aden)
·
Samy
Makram Branch
Manager (Hodeidah)
Date of Establishment : 2007
Legal Form :
Limited Liability Company
Issued Capital : US$ 30,000,000
Paid up Capital : US$ 30,000,000
Name of Shareholder
(s) Percentage
·
Sheikh
Nahyan Bin Mubarak Al Nahyan 33%
·
Best
Way Group 33%
United Kingdom
·
Government
of Pakistan 10%
·
Local
businessmen and private investors 24%
Activities: Engaged in the provision of commercial,
corporate, private and investment banking services.
Subject has a
workforce of 50 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.
No complaints
regarding subject’s payments have been reported.
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
|
UK Pound |
1 |
Rs.82.14 |
|
Euro |
1 |
Rs.71.27 |
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.