MIRA INFORM REPORT

 

 

Report Date :

10.06.2014

 

IDENTIFICATION DETAILS

 

Name :

AL HOBAISHI TRADING

 

 

Registered Office :

Bab Al Salam Street Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1976

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of readymade garments, textiles, general foodstuff and building materials.

 

 

No. of Employees

22

 

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

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 – 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

SUMMARY

 

Company Name                                    : AL HOBAISHI TRADING

Country of Origin                                   : Yemen

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 1976

Invested Capital                                    : YR 200,000

Total Workforce                                     : 22

Activities                                               : Distributors of readymade garments, textiles, general foodstuff and building materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Hashem Abdullah Mohamed Al Hobaishi, Assistant General Manager

 

 

 

 

COMPANY NAME

 

AL HOBAISHI TRADING

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Bab Al Salam Street

Town                : Sana’a

Country             : Yemen

 

Telephone         : (967-1) 281114

Facsimile          : (967-1) 281057

Mobile              : (967-77) 7777607

Email                : htc4444@yahoo.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Sana’a.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdullah Mohamed Al Hobaishi                                                         Proprietor & General Manager

 

·       Hashem Abdullah Mohamed Al Hobaishi                                            Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1976

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : YR 200,000

 

Mr Abdullah Mohamed Al Hobaishi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Hobaishi for Foams

Sana’a

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of readymade garments, textiles, general foodstuff and building

                 materials.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 22 employees.

 

 

FINANCIAL DATA

 

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 30,000,000                           YR 32,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Al Rafidayn Bank

PO Box: 1023

Sana’a

Tel: (967-1) 275169 / 275170

Fax: (967-1) 275170

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.20

UK Pound

1

Rs.99.52

Euro

1

Rs.80.83

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.