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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SAUDI YEMENI SUPPLY CO LTD |
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Registered Office : |
Almatari Building, 5th floor, Office No. 26 Alzubairi Street PO Box 2291 Sana’a |
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Country : |
Yemen |
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Date of Incorporation : |
2010 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Subject is engaged in the import and distribution of general
foodstuffs, including pulses and grain. |
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No. of Employees : |
120 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 |
|
High |
B2 |
|
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 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 : SAUDI YEMENI SUPPLY CO LTD
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 2010
Issued Capital : YR 20,000,000
Paid up Capital : YR 20,000,000
Total Workforce : 120
Activities : Distributors of general foodstuffs
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Amar Rashed, Purchasing Manager
SAUDI YEMENI SUPPLY CO LTD
Building :
Almatari Building, 5th floor, Office No. 26
Street : Alzubairi
Street
PO Box : 2291
Town : Sana’a
Country : Yemen
Telephone : (967-1) 824784
/ 498883
Facsimile : (967-1) 498337
Mobile : (967-77)
700012
Email : info@syscoltd.com / supply@syscoltd.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Sana’a.
Name Position
· Mohamed Abbass Al
Hooty Managing
Director
· Showqi Fahem Director
· Ali Al Khalani Director
· Amar Rashed Purchasing
Manager
Date of
Establishment : 2010
Legal Form : Limited Liability
Company
Issued Capital : YR 20,000,000
Paid up Capital : YR 20,000,000
· Mohamed Abbass Al
Hooty
· Showqi Fahem
· Ali Al Khalani
Activities: Engaged in the import and distribution of general foodstuffs, including
pulses and grain.
Import Countries: Europe and the Far East.
Subject has a workforce of 120 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.
·
Yemen Kuwait Bank for Trade & Investment (YSC)
PO Box: 987
Sana’a
Tel: (967-1) 240783
Fax: (967-1) 240990
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Saudi Yemeni Supply
Co Ltd” and not “Saudi Yemeni Suppliers Co Ltd”.
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.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
|
Report Prepared
by : |
NIS |
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 |
|
|
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 |
|
|
-- |
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.