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Report Date : |
10.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ADEN STEEL
COMPANY |
|
|
|
|
Registered Office : |
Rajaa Road,
Lahaja Area, P O Box 5819, Aden |
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|
|
|
Country : |
Yemen |
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Year of Establishment : |
2005 |
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|
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Com. Reg. No.: |
3366, Aden |
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|
Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
manufacturer of
Steel Billets |
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|
No of Employees : |
200 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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 : ADEN STEEL COMPANY
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 2005
Commercial Registration Number : 3366, Aden
Issued Capital : YR 100,000,000,000
Paid up Capital : YR 100,000,000,000
Total Workforce : 200
Activities : Manufacturers of steel billets
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Persons Interviewed : Hashem Ibrahim Ahmed, Financial Manager
ADEN STEEL COMPANY
Registered &
Physical Address
Street : Rajaa Road
Area : Lahaja Area
PO Box : 5819
Town : Aden
Country : Yemen
Telephone : (967-2) 510652
Facsimile : (967-2) 510651
Mobile : (967-71) 1811045 / 2002380 /
2002455
Email : adensteel@adensteel.com / adensteel@adensteel.net
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Aden.
Name Position
·
Matloub
Atel Al Sharafi Managing
Director
·
Abdullah
Matloub Atel Al Sharafi Director
·
Mohamed
Matloub Atel Al Sharafi Director
·
Hashem
Ibrahim Ahmed Financial
Manager
Date of Establishment : 2005
Legal Form :
Limited Liability Company
Commercial Reg. No. : 3366, Aden
Issued Capital : YR 100,000,000,000
Paid up Capital : YR 100,000,000,000
Name of Shareholder
(s)
·
Matloub
Atel Al Sharafi
·
Abdullah
Matloub Atel Al Sharafi
·
Mohamed
Matloub Atel Al Sharafi
Activities: Engaged in the manufacture of steel
billets.
Production
Capacity: 600,000 T/A of
constructional steel
Export
Countries: Sudan, Jordan,
Saudi Arabia, Ethiopia, Somalia and Kenya.
Subject has a
workforce of approximately 200 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.
·
National
Bank of Yemen
Crater Area
PO Box: 5
Aden
Tel: (967-2) 253753
Fax: (967-2) 252325
Email: nby.ho@y.net.ye
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the company
is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.35 |
|
Euro |
1 |
Rs.80.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
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.