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Report Date : |
09.09.2014 |
IDENTIFICATION DETAILS
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Name : |
AL AIDROOS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
20151, Hodeidah |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of general foodstuffs, including dried goods |
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No. of Employees : |
8 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Yemen |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 AIDROOS
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date : 1978
Commercial
Registration Number : 20151,
Hodeidah
Invested Capital : YR
15,000,000
Total Workforce : 8
Activities :
Distribution of general foodstuff including dried goods
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Ghawi
Aidroos Al Awadi, Proprietor & General Manager
AL AIDROOS AL AWADI
FOR IMPORT FOODSTUFF
Street : Al Qrabiah Street
Area : Bab Mishref
PO Box : 4089
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 247826 / 245354
Facsimile : (967-3) 246210
Mobile : (967-71) 1115110
Email : aidroos@y.net.ye
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Hodeidah.
Name Position
·
Abdul Ghawi
Aidroos Al Awadi Proprietor
& General Manager
·
Abdul
Nasser Al Awadi Sales
Manager
·
Mazen
Mansour Accountant
Date of Establishment : 1978
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 20151,
Hodeidah
Invested Capital : YR 15,000,000
Mr Abdul Ghawi
Aidroos Al Awadi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs, including dried goods.
Import
Countries: India
International
Suppliers:
·
Hopwell India
·
Capercon India
Operating Trend: Steady
Subject has a
workforce of 8 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 1,100,000,000 YR 1,180,000,000
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 Meena Street
PO Box: 3377
Hodeidah
Tel: (967-3) 200929
Fax: (967-3) 204888
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject enjoys a good reputation for the quality of its products with nothing
detrimental uncovered regarding the manner in which operations are conducted.
As such the business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.97.51 |
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Euro |
1 |
Rs.77.94 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.