MIRA INFORM REPORT

 

 

Report Date :

25.11.2014

 

IDENTIFICATION DETAILS

 

Name :

BASULAIM BROS TRADING CORPORATION

 

 

Registered Office :

Khalaf Area, Hadramount, Mukalla

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

21.02.2002

 

 

Com. Reg. No.:

3714

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of general foodstuffs, building materials and beauty products.

 

 

No of Employees :

15

 

 

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 – 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

High

 

B2

Very High

 

C1

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

SUMMARY

 

Company Name                                     : BASULAIM BROS TRADING CORPORATION

Country of Origin                                    : Yemen

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 21st February 2002

Commercial Registration Number                        : 3714, Hadiamount

Invested Capital                                     : YR 1,000,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuffs, building materials and beauty products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Basim Shasho, Sales Manager

 

 

COMPANY NAME

 

BASULAIM BROS TRADING CORPORATION

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Khalaf Area, Hadramount

Town                 : Mukalla

Country             : Yemen

Telephone         : (967-5) 352644 / 310300 / 310301

Facsimile          : (967-5) 310334 / 310333 / 361126

Email                : basulaimco@yahoo.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

 

Name                                                                                       Position

 

Mohamed Ahmed B Basulaim                                                     Proprietor & General Manager

 

Ihab Ahmed Basulaim                                                                Assistant General Manager

 

Basim Shasho                                                                           Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 21st February 2002

 

Legal Form      : Sole Proprietorship

 

Commercial Reg. No.  : 3714, Hadramount

 

Invested Capital           : YR 1,000,000

 

Mr Mohamed Ahmed B Basulaim is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuffs, building materials and beauty products.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 410,000,000                         YR 418,000,000

 

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

 

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

 

 

BANKERS

 

Yemen Commercial Bank

PO Box: 8428

Mukalla

Tel: (967-5) 304174 / 303526

Fax: (967-5) 304175

Email: ycb-mukalla@y.net.ye

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “Basulaim Bros Trading Corporation”.

 

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.61.77

UK Pound

1

Rs.96.78

Euro

1

Rs.76.59

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

TPT

 

 

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.