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Report Date : |
04.03.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AHLASI CORP FOR INTERNATIONAL TRADE |
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Registered Office : |
Industrial Complex, Zubairy Street, PO Box : 20525, Sana’a |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
19.06.1995 |
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Com. Reg. No.: |
11448, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of generators,
electrical machinery and industrial equipment and spare parts. |
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No. of Employees : |
55 |
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) |
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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 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 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 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 :
AL AHLASI CORP FOR INTERNATIONAL TRADE
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
19th June 1995
Commercial Registration Number :
11448, Sana’a
Invested Capital :
YR 2,000,000
Total Workforce :
55
Activities :
Distributors of generators, electrical machinery and industrial equipment and
spare parts
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
AL AHLASI CORP FOR
INTERNATIONAL TRADE
Registered &
Physical Address
Location : Industrial
Complex
Street : Zubairy
Street
PO Box : 20525
Town : Sana’a
Country : Yemen
Telephone : (967-1) 408193
/ 401814
Facsimile : (967-1) 403135
Mobile : (967-77)
7408193
Email : alahlasi@alahlasi.com
Premises
Subject operates from a medium sized suite of offices and a warehouse that
are rented and located in the Industrial Area of Sana’a.
Name Position
Tayeb Mohamed Ghalib Al Ahlasi Proprietor
& General Manager
Mofadal Ghalib Al Ahlasi Assistant
General Manager
Mohamed Mohamed Al Ahlasi Finance
Manager
Date of Establishment : 19th June 1995
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11448, Sana’a
Invested Capital : YR 2,000,000
Mr Tayeb Mohamed Ghalib Al Ahlasi is the sole proprietor of the business.
Activities: Engaged in the import and
distribution of generators, electrical machinery and industrial equipment and
spare parts.
Import Countries: Turkey,
Italy and India
International Suppliers:
Texan Turkey
Genmac Italy
Selmal India
Operating Trend: Steady
Subject has a workforce of 55 employees.
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
110,000,000 YR 113,000,000
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
Zubairy Street
PO Box: 198309
Sana’a
Tel: (967-1) 284123
Fax: (967-1) 284128
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.61.86 |
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|
1 |
Rs.103.52 |
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Euro |
1 |
Rs.85.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
|
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.