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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
HAMID HUSSAIN EL KABOOS |
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Registered Office : |
Al Joumhouriah Street PO Box
10720 Sana’a |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
10 |
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Com. Reg. No.: |
9261, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs,
including rice, sugar and other dried foods. |
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No. of Employees |
10 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Yemen |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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 : HAMID HUSSAIN EL KABOOS
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 10th January 1991
Commercial Registration Number : 9261, Sana’a
Invested Capital : YR 750,000
Total Workforce : 10
Activities : Distributors of general foodstuffs, building materials, cement, urea and
fertilizers
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hamid Hussain Al Kaboos, Proprietor & General Manager
HAMID HUSSAIN EL KABOOS
Location : Al
Joumhouriah Street
PO Box : 10720
Town : Sana’a
Country : Yemen
Telephone : (967-1) 230401
Facsimile : (967-1) 257212
Mobile : (967-77)
7230401 / 7230404
Email : elkaboos@yemen.net.ye
Please note that the correct PO Box number is 10720 and not 10730.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Sana’a.
Name Position
· Hamid Hussain Al
Kaboos Proprietor
& General Manager
· Ali Hamid Hussain
Al Kaboos Assistant
General Manager
Date of
Establishment : 10th
January 1991
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 9261, Sana’a
Invested Capital : YR 750,000
Mr Hamid Hussain Al Kaboos is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuffs, including
rice, sugar and other dried foods.
Subject also distributes building materials, cement, urea and
fertilizers.
Import Countries: Europe, India and Pakistan.
International
Suppliers:
· Amira Nature Food India
· Shreehans Rice India
· Zulfakar Rice Mill Pakistan
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: Yemeni Riyal (YR)
Year
Ending 31/12/12: Year
Ending 31/12/13
Total Sales YR
64,000,000 YR
66,250,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Yemen Commercial
Bank
Al Rowaishan
Building
Zubairy Street
PO Box: 19845
Sana’a
Tel:
(967-1) 218591
Fax:
(967-1) 209566
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.