MIRA INFORM REPORT

 

 

Report Date :

02.09..2014

 

IDENTIFICATION DETAILS

 

Name :

BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION

 

 

Formerly Known As :

BIN AWADH FOR GENERAL TRADING MARKETING EST

 

 

Registered Office :

Building No. 63, Street: Sheikh Othman Street, Area: Asseila, PO Box: 2280, Town: Aden

 

 

Country :

Yemen

 

 

Date of Incorporation :

12.02.1993

 

 

Com. Reg. No.:

6161, Aden

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of general foodstuff products

 

 

No of Employees :

35

 

 

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                                     : 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

 

 

 

COMPANY NAME

 

BIN AWADH AL NAQEEB GENERAL TRADING CORPORATION

 

 

PREVIOUSLY KNOWN AS

 

BIN AWADH FOR GENERAL TRADING MARKETING EST

 

 

ADDRESS

 

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

 

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.

 

 

KEY PRINCIPALS

 

            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

 

 

LEGAL FORM & OWNERS

 

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.

 

 

AFFILIATED COMPANIES

 

Al Naqeeb Pioneers Food Industries Co Ltd

PO Box: 42303

Jeddah 21541

Saudi Arabia

Tel: (966-12) 6093333

Fax: (966-12) 6092222

 

 

OPERATIONS

 

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 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 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.

 

 

BANKERS

 

National Bank of Yemen

Queen Arwa Road

Crater Area

PO Box: 110

Aden

Tel: (967-2) 252226

Fax: (967-2) 255724

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

 

 

GENERAL COMMENTS

 

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.60.47

UK Pound

1

Rs.100.43

Euro

1

Rs.79.40

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SHG

 

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%)

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