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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
AL MSWARY FOR
TRADING & INDUSTRY |
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Formerly Known As : |
AL MSWARY FOR HOUSEHOLD
TRADING |
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Registered Office : |
Building No.27, Area: Al Mahroqat Zone, P O Box 23120, Sana’s |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.11.1998 |
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Com. Reg. No.: |
256, Sana’a |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Distributors of
Nappies, Plastic Cups and Plates and Aluminium Foil. |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – 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 |
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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 : AL MSWARY
FOR TRADING & INDUSTRY
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 7th
November 1998
Commercial Registration
Number : 256, Sana’a
Chamber Membership
Number : 286
Import Licence
Number : 17658
Invested Capital : YR
1,000,000
Total Workforce : 18
Activities :
Distributors of nappies, plastic cups and plates and aluminium foil
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Tawfiq Al
Mswary, Assistant General Manager
AL MSWARY FOR
TRADING & INDUSTRY
Building : Building No. 27
Area : Al Mahroqat Zone
PO Box : 23120
Town : Sana’a
Country : Yemen
Telephone : (967-1) 471168
Facsimile : (967-1) 471167
Mobile : (967-77) 7919886 / (967-73)
3011670
Email : almswary-tr@yemen.net.ye
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Suburban Business Area of Sana’a.
Name Position
·
Saeed
Saleh Abdullah Al Mswary Proprietor
& General Manager
·
Tawfiq
Al Mswary Assistant
General Manager
Date of Establishment : 7th
November 1998
History : Subject began in 1998 under the name “Al
Mswary for Household Trading”. However on 20th
May 2005 it changed its name to “Al Mswary for Trading & Industry”.
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 256, Sana’a
Chamber Member No. : 286
Import
Licence No. : 17658
Invested Capital : YR 1,000,000
Mr Saeed Saleh Abdullah
Al Mswary is the sole proprietor of the business.
Activities: Engaged
in the import and distribution of nappies, plastic cups and plates and
aluminium foil. Subject also acts as convertors of aluminium foil.
Import
Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a
workforce of 18 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 65,100,000 YR 68,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Tadamon
International Islamic Bank
Al Saeed Trade Centre
PO Box: 2411
Sana’a
Tel: (967-1) 203270
Fax: (967-1) 203271
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.