MIRA INFORM REPORT

 

 

Report Date :

02.05.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL BANK OF YEMEN YSC

 

 

Registered Office :

Zubairy Street, P O Box 4444, Sana’a

 

 

Country :

Yemen

 

 

Date of Incorporation :

January 1979

 

 

Legal Form :

Yemen Shareholding Company

 

 

Line of Business :

Engaged in the provision of retail, corporate and international banking services, including money transfers, phone and SMS banking, ATM machines and credit card services.

 

 

No of Employees :

400 (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

 

 

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                                    : INTERNATIONAL BANK OF YEMEN YSC

Country of Origin                                   : Yemen

Legal Form                                           : Yemen Shareholding Company

Registration Date                                  : January 1979

Issued Capital                                       : YR 5,100,000,000

Paid up Capital                                     : YR 5,100,000,000

Total Workforce                                     : 400

Activities                                               : Providers of banking services

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

INTERNATIONAL BANK OF YEMEN YSC

 

 

company ADDRESS

 

Registered & Physical Address

Location           : Zubairy Street

PO Box            : 4444

Town                : Sana’a

Country             : Yemen

Telephone         : (967-1) 407000

Facsimile          : (967-1) 407155

Email                : info@ibyemen.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Arwa Street                                                                                      Office premises

PO Box: 819

Aden

Tel: (967-2) 265416

Fax: (967-2) 252016

 

·       Al Meena Street                                                                                Office premises

PO Box: 3377

Hodeidah

Tel: (967-3) 204400

Fax: (967-3) 204888

 

·       Al Mukalla Main Road                                                                       Office premises           

PO Box: 50500

Al Mukalla

Tel: (967-5) 303496

Fax: (967-5) 303495

 

·       US Embassy Area                                                                            Office premises

Sana’a

Tel: (967-1) 309000

Fax: (967-1) 309001

 

·       Hadda Street                                                                                    Office premises

Hadda

Tel: (967-1) 427503

Fax: (967-1) 427501

 

·       Jamal Street                                                                                     Office premises

PO Box: 4444

Taiz

Tel: (967-4) 266516

Fax: (967-4) 233644

 

·       Sayun                                                                                              Office premises

Tel: (967-5) 400697

Fax: (967-5) 400691

 

·       Sana’a Airport                                                                                  Office premises

Sana’a

Tel: (967-1) 347722

Fax: (967-1) 347733

 

·       Zubairy Street                                                                                   Office premises

Farasha

Tel: (967-1) 407032

Fax: (967-1) 407145

 

·       Taiz Street                                                                                        Office premises           

Dhamar

Tel: (967-6) 421700

Fax: (967-6) 421717

 

·       Odain Street                                                                                     Office premises           

Ibb

Tel: (967-4) 421555

Fax: (967-4) 421333

      

·       Mathbah Circle                                                                                 Office premises

University Street

Al Jamiaa

Tel: (967-1) 384900

Fax: (967-1) 384993

 

·       Sixty Street                                                                                      Office premises

Sana’a

Tel: (967-1) 450300

Fax: (967-1) 450531

 

·       Al Mansoora                                                                                     Office premises

Aden

Tel: (967-2) 351300

Fax: (967-2) 350200

 

·       22 May Circle Taiz Road                                                                    Office premises                       

Sana’a

Tel: (967-1) 628551

Fax: (967-1) 628550

 

·       Al Hasaba                                                                                        Office premises

Sana’a

Tel: (967-1) 407000

Fax: (967-1) 407000

 

·       Al Qatn                                                                                            Office premises

Tel: (967-5) 456994

Fax: (967-5) 456995

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ahmed T N Al Absi                                                                           General Manager

 

·       Abdulraheem H Saeed                                                                      Deputy General Manager

 

·       Mohammed Abdulsamad                                                                  Operations Manager

 

·       Mushtaq Murad                                                                                IT Manager

 

·       Al Hasan M Saied                                                                             Legal Manager

 

·       Amal Abdullmawla                                                                            Human Resources Manager

 

·       Omar Rashed Besher                                                                        Marketing Manager

 

·       Rahma Salemain                                                                               Rick Control Manager

 

·       Faiza Abdulwadood                                                                          Customer Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : January 1979

 

Legal Form                  : Yemen Shareholding Company

 

Issued Capital              : YR 5,100,000,000

 

Paid up Capital            : YR 5,100,000,000

 

Name of Shareholder (s)                                                                     Percentage

 

·         Heirs of the late Khaled Bin Salem Bin Mahfooz                                17.68%

 

·       Abdul Jalil Besher                                                                             15.00%

 

·       Shaher Trading Company                                                                  12.00%

 

·       Hayel Abdul Hag                                                                              10.00%

 

·       Abdul Rahman ATTA                                                               7.61%

 

·       Nabeel Mohammed Abdo Selah                                                          7.46%

 

·       Sunrise Company                                                                               7.00%

 

·       Local businessmen and private investors                                           23.25%

 

 

OPERATIONS

 

Activities: Engaged in the provision of retail, corporate and international banking services, including money transfers, phone and SMS banking, ATM machines and credit card services.

 

Subject has a workforce of approximately 400 employees.

 

 

FINANCIAL DATA

 

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.

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.34

UK Pound

1

Rs.101.45

Euro

1

Rs.83.31

 

 

INFORMATION DETAILS

 

Analysis Done by :

RAS

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.