MIRA INFORM REPORT

 

 

Report Date :

12.12.2014

 

 

IDENTIFICATION DETAILS

 

Name :

SEVEN OCEAN SERVICES

 

 

Registered Office :

Central Unit Building, 1st Floor, Hijuff Port, Tawahi, Aden

 

 

Country :

Yemen

 

 

Date of Incorporation :

09.04.2009

 

 

Com. Reg. No.:

9048

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import, process and distribution of seafood products. Subject owns and operates trawlers specializing in deep sea lobster, red shrimps and cuttlefish.

 

 

No of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

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 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

SUMMARY

 

Company Name                                    : SEVEN OCEAN SERVICES

Country of Origin                                   : Yemen

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 9th April 2009

Commercial Registration Number           : 9048, Aden

Invested Capital                                                : YR 1,000,000

Total Workforce                         : 20

Activities                                               : Distributors of seafood products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

SEVEN OCEAN SERVICES

 

 

ADDRESS

 

Registered & Physical Address

 

Building                        : Central Unit Building, 1st Floor

Area                 : Hijuff Port, Tawahi

Town                : Aden

Country : Yemen

Telephone         : (967-2) 222813 / 232737

Facsimile          : (967-2) 222812

Mobile              : (967-73) 4337315

Email                : sevenoceanservices.aden@yahoo.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Port Area of Aden

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Amir Sardar Ali Bahool                                                              Proprietor & General Manager

 

Abdullah Ba Abbad                                                                   Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th April 2009

 

Legal Form      : Sole Proprietorship

 

Commercial Reg. No.   : 9048, Aden

 

Invested Capital           : YR 1,000,000

 

Mr Amir Sardar Ali Bahool is the sole proprietor of the business.

 

 

OPERATIONS

 

 

Activities: Engaged in the import, process and distribution of seafood products. Subject owns and operates trawlers specializing in deep sea lobster, red shrimps and cuttlefish.

 

Import Countries: Europe and the Far East

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

International Bank of Yemen (IBY)

Al Meedan Area

PO Box: 819

Aden

Tel: (967-2) 255795

Fax: (967-2) 252016

 

 

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 business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.21

UK Pound

1

Rs.97.80

Euro

1

Rs.77.48

 

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

Report Prepared by :

TPT

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.