MIRA INFORM REPORT

Report Date :

02.10.2013

IDENTIFICATION DETAILS

Name :	JALAP BROS FOR TRADE & INVESTMENT CO

Registered Office :	Al Sitteen Street, Al Janoubi (60^th Street) PO Box 17290 Sana’a

Country :	Yemen

Financials (as on) :	31.12.2012

Date of Incorporation :	06.05.1998

Com. Reg. No.:	2403/141

Legal Form :	Limited Liability Partnership

Line of Business :	Import and distribution of general foodstuff, sweets, cosmetics and beauty products

No. of Employees :	42

RATING & COMMENTS

MIRA’s Rating :

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 31^st, 2013

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

Yemen

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 : JALAP BROS FOR TRADE & INVESTMENT CO

Country of Origin : Yemen

Legal Form : Limited Liability Partnership

Start Date : 1979

Registration Date : 6^th May 1998

Commercial Registration Number : 2403/141, Sana’a

Issued Capital : YR 1,000,000

Paid up Capital : YR 1,000,000

Total Workforce : 42

Activities : Distributors of general foodstuff, sweets, cosmetics and beauty products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Ahmed Aqlani, Financial Controller

COMPANY NAME

JALAP BROS FOR TRADE & INVESTMENT CO

ADDRESS

Registered & Physical Address

Location : Al Sitteen Street, Al Janoubi (60^th Street)

PO Box : 17290

Town : Sana’a

Country : Yemen

Telephone : (967-1) 447952 / 447954

Facsimile : (967-1) 447950

Mobile : (967-73) 3721461 / 3223083 / (967-77) 7700313 / 3333230 / 3333133

Email : ahmed.jalap@y.net.ye / ahmed.jalap@jalap-group.com / jalap.bros@gmail.com

Premises

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Sana’a.

Branch Offices

Location Description

· Aden Office premises

Tel: (967-2) 244194

Fax: (967-2) 241413

· Hodeidah Office premises

Tel: (967-3) 237610

Fax: (967-3) 237665

KEY PRINCIPALS

Name Position

· Ahmed Yahya Abdo Jalap Managing Partner

· Abdulrahman Yahya Abdo Jalap Partner

· Ali Yahya Abdo Jalap Partner

· Akram Ahmed Yahya Abdo Jalap Commercial Manager

· Talal Ahmed Yahya Abdo Jalap Sales Manager

· Ahmed Aqlani Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 1979, however subject was registered on 6^th May 1998

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 2403/141, Sana’a

Issued Capital : YR 1,000,000

Paid up Capital : YR 1,000,000

Name of Partners

· Ahmed Yahya Abdo Jalap

· Abdulrahman Yahya Abdo Jalap

· Ali Yahya Abdo Jalap

AFFILIATED COMPANIES

· Jalap Industries Co

Al Sitteen Street

PO Box: 17290

Sana’a

Tel: (967-1) 671245

Fax: (967-1) 681670

CR No. 3768

OPERATIONS

Activities: Engaged in the import and distribution of general foodstuff, sweets, cosmetics and beauty products.

Import Countries: Saudi Arabia and United Arab Emirates.

International Suppliers:

· Tiffany Dubai, UAE

· Al Kinder Dubai, UAE

· Americana Saudi Arabia

Operating Trend: Steady

Subject has a workforce of 42 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 Sales YR 86,000,000 YR 90,000,000

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

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

BANKERS

· Arab Bank Limited

Zubairi Road

PO Box: 475 & 1301

Sana'a

Tel: (967-1) 276585 / 276593

Fax: (967-1) 276583

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 company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.62.36
UK Pound	1	Rs.101.20
Euro	1	Rs.84.54

INFORMATION DETAILS

Report Prepared by :

NIS

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.