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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
BIN AWADH AL NAQEEB GENERAL TRADING
CORPORATION |
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Formerly Known as: |
BIN AWADH FOR
GENERAL TRADING MARKETING EST |
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Registered Office : |
Building No. 63, Sheikh Othman
Street, Asseila, P O Box
2280, Aden |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
12.02.1993 |
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Com. Reg. No.: |
6161, Aden |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of general foodstuffs,
including rice, edible oils, milk powder, pulses and packed fruit. |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
Concern Name : BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION
Previously Known As : BIN AWADH FOR GENERAL TRADING MARKETING EST
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 12th February 1993
Commercial Registration Number : 6161, Aden
Chamber Membership Number : 3641
Invested Capital : YR 2,500,000
Total Workforce : 35
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdullah Bin Sheikh, Purchasing Officer
BIN AWADH AL NAQEEB
GENERAL TRADING CORPORATION
BIN AWADH FOR
GENERAL TRADING MARKETING EST
Registered &
Physical Address
Building : Building No. 63
Street : Sheikh Othman Street
Area : Asseila
PO Box : 2280
Town : Aden
Country : Yemen
Telephone : (967-2) 386124 / 384531 / 392244 /
392243
Facsimile : (967-2) 384529
Mobile : (967-77) 7384529 / 7383531
Email : binawadh2@yahoo.com / binawadh@alnaqeeb.com.sa
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Aden.
Branch Office (s)
Subject has branch offices located in Sana’a, Hodeidah, Taiz and
Mukalla.
Name Position
·
Abdullah Awad Abd Rabo Al Naqeeb Proprietor
& General Manager
·
Raeed Abdullah Awadh Abd Rabo Al Naqeeb Assistant
General Manager
·
Waleed Abdullah Awad Abdo Rabo Al Nakeeb Sales Manager
·
Mohamed
Ahmed Moqbel Accounts
Manager
·
Abdulaziz
Othman Purchasing
Manager
·
Abdullah
Bin Sheikh Purchasing
Officer
Date of Establishment : 12th
February 1993
History : Subject started in 1993 under the name “Bin
Awadh for General Trading Marketing Est”.
However in 2011 subject changed its name to “Bin Awadh Al Naqeeb General
Trading
Corporation”.
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 6161, Aden
Chamber Member No. : 3641
Invested Capital : YR 2,500,000
Mr Abdullah Awad Abd
Rabo Al Naqeeb is the sole
proprietor of the business.
·
Al Naqeeb Pioneers Food Industries Co Ltd
PO Box: 42303
Jeddah 21541
Saudi Arabia
Tel: (966-12) 6093333
Fax: (966-12)
6092222
Activities: Engaged in the import and distribution of
general foodstuffs, including rice, edible oils, milk powder, pulses and packed
fruit.
Import Countries: Europe and Pakistan.
International Suppliers:
·
Wahaj Rice Pakistan
·
Iqbal Rice Mills Pakistan
·
Hassan Corporation Pakistan
Brand Names: SHAHEEN, AL FAKHAMA, ROUBAN and ALWALEED
Operating Trend: Steady
Subject has a
workforce of 35 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 85,180,000 YR 86,250,000
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
Queen Arwa Road
Crater Area
PO Box: 110
Aden
Tel: (967-2) 252226
Fax: (967-2) 255724
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.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.