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Report Date : |
04.01.2014 |
IDENTIFICATION DETAILS
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Name : |
MUSSALLAM TRADING CO LTD |
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Formerly Known as: |
ABDULLAH AGEEL & CO LTD |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.1978 |
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Com. Reg. No.: |
30, Mukalla |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
import and distribution of general foodstuffs, including dried foods and
pulses. |
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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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Yemen |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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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 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 : MUSSALLAM TRADING CO LTD
Previously Known As : ABDULLAH AGEEL & CO LTD
Country of Origin : Yemen
Legal Form : Limited Liability Partnership
Registration Date : 1st January 1978
Commercial Registration Number : 30, Mukalla
Chamber Membership Number : 68
Issued Capital : YR 2,000,000
Paid up Capital : YR 2,000,000
Total Workforce : 18
Activities : Distributors of general foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Omar Abu Baker Abdullah Ageel Mussallam, Partner
MUSSALLAM TRADING
CO LTD
ABDULLAH AGEEL & CO LTD
Registered &
Physical Address
Building : Mussallam Building
Street : Main Road
Area : Al Salem Area
PO Box : 8181
Town : Mukalla
Country : Yemen
Telephone : (967-5) 304181 / 303478
Facsimile : (967-5) 303309
Mobile : (967-77) 7747784 / 7250811 /
(967-73) 3213903
Email : abuagil@y.net.ye / omar.mussallam@gmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Central Business Area of Mukalla.
Name Position
·
Abu
Baker Abdullah Ageel Mussallam Managing
Partner
·
Abdul
Qader Abdullah Ageel Mussallam Partner
·
Mohamed
Abdullah Ageel Mussallam Partner
·
Mohamed
Abu Baker Abdullah Ageel Mussallam Partner
·
Omar
Abu Baker Abdullah Ageel Mussallam Partner
·
Salem
Ba Adib Sales
Manager
·
Ageel
Mussallam Finance
Manager
Date of Establishment : 1st
January 1978
History : Subject began in 1978 under the name
“Abdullah Ageel & Co Ltd”. However during 2013 it changed its name to
“Mussallam Trading Co Ltd”.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 30, Mukalla
Chamber Member No. : 68
Issued Capital : YR 2,000,000
Paid up Capital : YR 2,000,000
Name of Partners
·
Abu
Baker Abdullah Ageel Mussallam
·
Abdul
Qader Abdullah Ageel Mussallam
·
Mohamed
Abdullah Ageel Mussallam
·
Mohamed
Abu Baker Abdullah Ageel Mussallam
·
Omar
Abu Baker Abdullah Ageel Mussallam
Activities: Engaged in the import and distribution of
general foodstuffs, including dried foods and pulses.
Import
Countries: India, Brazil
and Denmark
International Suppliers:
·
Goel
International India
·
BRF Brazil
·
Arla Denmark
Brand Names: ALABERI, RIYADHA, ABU AGEEL and DANO
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 Revenue YR 86,000,000 YR 88,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Yemen
Main Road
Hadramout
PO Box: 8044
Mukalla
Tel: (967-5) 302935
Fax: (967-5) 302913
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.62.41 |
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|
1 |
Rs.102.54 |
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Euro |
1 |
Rs.85.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
-- |
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.