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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AZZANI STORES FOR MEDICINES AND TRADE |
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Registered Office : |
Crater Area, Masjid Aban Aden |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1980 |
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Com. Reg. No.: |
8860, Aden |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of pharmaceuticals and medicines. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
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Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 :
AL AZZANI STORES FOR MEDICINES AND TRADE
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
1980
Commercial Registration Number :
8860, Aden
Invested Capital : YR 500,000
Total Workforce :
12
Activities :
Distributors of pharmaceuticals and medicines.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Moosa Mohamed Al Azzani, Proprietor & General Manager
AL AZZANI STORES FOR MEDICINES AND TRADE
Registered &
Physical Address
Location : Crater Area,
Masjid Aban
Town : Aden
Country : Yemen
Telephone : (967-2) 252999
Facsimile : (967-2) 257181
Mobile : (967-77)
7259533 / 7381011
Email : alazzanimt@y.net.ye
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Aden.
Name Position
Moosa Mohamed Al Azzani Proprietor
& General Manager
Ibrahim Moosa Mohamed Al Azzani Assistant
General Manager
Amin Saeed Obaidi Sales
Manager
Date of Establishment : 1980
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 8860, Aden
Invested Capital : YR 500,000
Mr Moosa Mohamed Al Azzani is the sole proprietor of the business.
Activities: Engaged in the
import and distribution of pharmaceuticals and medicines.
Import Countries: Europe,
India and the United Arab Emirates
International Suppliers:
Gulf Inject United
Arab Emirates
Makur Laboratories Ltd India
Aishwarya Life Science India
VDH India
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
750,000,000 YR 777,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
International Bank of Yemen (IBY)
Al Meedan Area
PO Box: 819
Aden
Tel: (967-2) 255795
Fax: (967-2) 252016
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.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.