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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION |
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Formerly Known As : |
BIN AWADH FOR GENERAL TRADING MARKETING EST |
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Registered Office : |
Building No. 63, Sheikh Othman Street, Asseila, PO Box: 2280 Aden |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
12.02.1993 |
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Com. Reg. No.: |
6161, Aden |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuff products. |
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No. of Employees : |
35 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 :
BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION
Previously Known As :
BIN AWADH FOR GENERAL TRADING MARKETING EST
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
12th February 1993
Commercial Registration Number :
6161, Aden
Chamber Membership Number :
3641
Invested Capital :
YR 2,500,000
Total Workforce :
35
Activities :
Distributors of general foodstuff products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Abdullah Bin Sheikh, Purchasing Officer
BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION
BIN AWADH FOR GENERAL TRADING MARKETING EST
Registered &
Physical Address
Building : Building No.
63
Street : Sheikh Othman Street
Area :
Asseila
PO Box : 2280
Town : Aden
Country : Yemen
Telephone : (967-2) 386124
/ 384531 / 392244 / 392243
Facsimile : (967-2) 384529
Mobile : (967-77) 7384529 / 7383531
Email : binawadh2@yahoo.com
/ binawadh@alnaqeeb.com.sa
/ binawadh.trdog@ynet.net
Please note that “Asseila Main Street” and “Asheikh Oihman” are not part
of the subject’s address, the correct address is listed above.
Premises
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Aden.
Branch Office (s)
Subject has branch offices located in Sana’a, Hodeidah, Taiz and
Mukalla.
Name Position
Abdullah Awad Abd Rabo Al Naqeeb Proprietor
& General Manager
Raeed Abdullah Awadh Abd Rabo Al Naqeeb Assistant General
Manager
Waleed Abdullah Awad Abdo Rabo Al Nakeeb Sales
Manager
Mohamed Ahmed Moqbel Accounts
Manager
Abdulaziz Othman Purchasing
Manager
Abdullah Bin Sheikh Purchasing
Officer
Date of Establishment : 12th
February 1993
History : Subject started in
1993 under the name “Bin Awadh for General Trading Marketing Est”. However in
2011 subject changed its name to “Bin Awadh Al Naqeeb General Trading
Corporation”.
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 6161, Aden
Chamber Member No. : 3641
Invested Capital : YR 2,500,000
Mr Abdullah Awad Abd Rabo Al Naqeeb is the sole
proprietor of the business.
Al Naqeeb Pioneers Food Industries Co Ltd
PO Box: 42303
Jeddah 21541
Saudi Arabia
Tel: (966-12) 6093333
Fax: (966-12) 6092222
Activities: Engaged in the
import and distribution of general foodstuffs, including rice, edible oils,
milk powder, pulses and packed fruit.
Import Countries: Europe
and Pakistan
International
Suppliers:
Wahaj Rice Pakistan
Iqbal Rice Mills Pakistan
Hassan Corporation Pakistan
Brand Names: SHAHEEN, AL FAKHAMA,
ROUBAN and ALWALEED
Operating Trend: Steady
Subject has a workforce of 35 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
86,250,000 YR
87,000,000
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
Queen Arwa Road
Crater Area
PO Box: 110
Aden
Tel: (967-2) 252226
Fax: (967-2) 255724
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
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|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.