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Report Date : |
22.09.2014 |
IDENTIFICATION DETAILS
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Name : |
NUSARI FOR INDUSTRY AND TRADE CO LTD |
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Registered Office : |
Sofal Way, Sofal
Area, P O Box : 327, Ibb |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.02.2006 |
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Com. Reg. No.: |
692, Ibb |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Manufacture of
Powdered Detergents. |
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No. of Employees : |
75 |
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) |
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|
C1 |
C1 |
|
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 : NUSARI FOR INDUSTRY AND TRADE CO LTD
Country of Origin : Yemen
Legal Form : Limited
Liability Company
Registration Date : 16th
February 2006
Commercial
Registration Number : 692, Ibb
Issued Capital : YR
15,000,000
Paid up Capital : YR
15,000,000
Total Workforce : 75
Activities :
Manufacturers of powdered detergents
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdullah Abdulrahman, Purchasing Manager
NUSARI FOR INDUSTRY
AND TRADE CO LTD
Street : Sofal
Way
Area : Sofal
Area
PO Box : 327
Town : Ibb
Country : Yemen
Telephone : (967-4) 406848 / 434863 / 434864
Facsimile : (967-4) 434865 / 434866
Email : nusari-detergent@yemen.net.ye
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Ibb.
Name Position
·
Mahmoud Ahmed Nusari Managing
Director
·
Noman Ahmed Nusari Director
·
Abdullah
Abdulrahman Purchasing
Manager
·
Fathi Khoshafa Financial
Controller
Date of Establishment : 16th
February 2006
Legal Form :
Limited Liability Company
Commercial Reg. No. : 692, Ibb
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
·
Mahmoud Ahmed Nusari
·
Noman Ahmed Nusari
Activities: Engaged in the manufacture of powdered
detergents.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 75 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 1,200,000,000 YR 1,380,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Yemen
Bank for Reconstruction and Development
Ibb
Tel: (967-4) 401055
Fax: (967-4) 404609
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 company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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 |
-- |
|
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.