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Report Date : |
18.11.2014 |
IDENTIFICATION DETAILS
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Name : |
UNITED ELECTRONICS & COMMERCE |
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Registered Office : |
Hadda Street, P O
Box: 3467, Sana’a |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1992 |
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Com. Reg. No.: |
488, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and distribution
of electronic and electrical appliances, including LCD screens, microwaves,
mixers, vacuum cleaners and fans. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Yemen |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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 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 : UNITED
ELECTRONICS & COMMERCE
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 1992
Commercial
Registration Number : 488,
Sana’a
Invested Capital :
YR 6,000,000
Total Workforce : 12
Activities :
Distributors of electronic and electrical appliances.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yahia Abdul
Jabar Al Wahbany , Proprietor
& General Manager
UNITED ELECTRONICS
& COMMERCE
Location : Hadda Street
PO Box : 3467
Town : Sana’a
Country : Yemen
Telephone : (967-1) 517783
Facsimile : (967-1) 505155
Mobile : (967-771) 770085
Email : ywahbany@gmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Sana’a.
Name Position
·
Yahia
Abdul Jabar Al Wahbany Proprietor
& General Manager
·
Hesham
Al Wahbany Assistant
General Manager
·
Zubair
Al Wahbany Sales
Manager
Date of Establishment : 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 488, Sana’a
Invested Capital : YR 6,000,000
Mr Yahia Abdul
Jabar Al Wahbany is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
electronic and electrical appliances, including LCD screens,
microwaves, mixers, vacuum
cleaners and fans.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a workforce
of 12 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 1,100,000,000 YR 1,130,000,000
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.61.68 |
|
|
1 |
Rs.96.94 |
|
Euro |
1 |
Rs.77.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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 |
|
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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 |
|
|
<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.