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Report Date : |
14.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SAUDI YEMENI SUPPLY CO LTD |
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Registered Office : |
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Country : |
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Year of Establishment : |
2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs, including pulses and grain |
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No of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Yemen |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 63% of government revenue. Yemen has tried to counter the effects of its declining oil resources and continuing attacks on its oil pipelines 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 nearly $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 almost 11% in 2011. 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, severe food scarcity, and a high population growth rate.
|
Source
: CIA |
Company Name : SAUDI YEMENI SUPPLY CO LTD
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 2010
Issued Capital : YR 20,000,000
Paid up Capital : YR 20,000,000
Total Workforce : 120
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Amar Rashed, Purchasing Manager
SAUDI YEMENI SUPPLY
CO LTD
Building : Almatari Building, 5th floor,
Office No. 26
Street : Alzubairi Street
PO Box : 2291
Town : Sana’a
Country : Yemen
Telephone : (967-1) 824784
Facsimile : (967-1) 498337
Mobile : (967-77) 700012
Email : info@syscoltd.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Sana’a.
Name Position
·
Mohamed
Abbass Al Hooty Managing
Director
·
Showqi
Fahem Director
·
Ali Al
Khalani Director
·
Amar
Rashed Purchasing
Manager
Date of Establishment : 2010
Legal Form :
Limited Liability Company
Issued Capital : YR 20,000,000
Paid up Capital : YR 20,000,000
·
Mohamed
Abbass Al Hooty
·
Showqi
Fahem
·
Ali Al
Khalani
Activities: Engaged in the import and distribution of general
foodstuffs, including pulses and grain.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 120 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.
·
Yemen
Kuwait Bank for Trade & Investment (YSC)
PO Box: 987
Sana’a
Tel: (967-1) 240783
Fax: (967-1) 240990
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. 61.24 |
|
|
1 |
Rs. 103.01 |
|
Euro |
1 |
Rs. 81.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
SMT |
|
|
|
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Report Prepared
by : |
DPT |
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.