|
Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
BAB SANA FOR IMPORT AND TRADING |
|
|
|
|
Registered Office : |
Swaid Building, Zubairy
Street, 1119 Sana’a |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Date of Incorporation : |
12.05.2010 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the
import and distribution of readymade garments and textiles. |
|
|
|
|
No. of Employees |
8 |
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 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately 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 : BAB SANA FOR IMPORT AND TRADING
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 12th
May 2010
Invested Capital : YR 50,000
Total Workforce : 8
Activities :
Distributors of readymade garments and textiles.
Financial Condition : Undetermined
Payments : Nothing
detrimental uncovered
Person Interviewed : Mohamed Lotfy Swaid, Proprietor &
General Manager
BAB SANA FOR IMPORT
AND TRADING
Building : Swaid
Building
Street : Zubairy
Street
PO Box : 1119
Town : Sana’a
Country : Yemen
Telephone : (967-1) 214155 / 214153 / 537676 /
537474
Facsimile : (967-1) 537575
Mobile : (967-777) 465900 / 911784 /
(967-735) 112222
Email : babsana@gmail.com / omar.swaid@swaidexchange.com
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Sana’a.
Name Position
·
Mohamed
Lotfy Swaid Proprietor
& General Manager
·
Omar Lotfy Swaid Assistant
General Manager
Date of Establishment : 12th
May 2010
Legal Form :
Sole Proprietorship
Invested Capital : YR 50,000
Mr Mohamed Lotfy Swaid is the sole proprietor of the business.
·
Swaid and Sons
Exchange Co
Zubairy Street
Sana’a
Tel: (967-1) 214255
Activities: Engaged in the import and distribution of
readymade garments and textiles.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 8 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.
·
International
Bank of Yemen (IBY)
Zubairy Street
PO Box: 4444
Sana’a
Tel: (967-1) 407154
Fax:
(967-1) 407155
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.58.74 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
PDT |
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.