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Report No. : |
315337 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
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Name : |
DADEEH FOR INTERNATIONAL FOR TRADING AND AGENCIES |
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Registered Office : |
Kuwait Building, Tahrear Street, Hodeidah |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1998 |
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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
basmati rice, beans, tomato paste energy drinks, wheat, mango juice and
canned pineapple. |
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No. of Employees : |
15 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 :
DADEEH FOR INTERNATIONAL FOR TRADING AND AGENCIES
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
1998
Invested Capital : YR 1,500,000
Total Workforce :
15
Activities :
Distributors of general foodstuffs
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Yaser Abdullah Ali
Dadeeh, Assistant General Manager
DADEEH FOR INTERNATIONAL FOR TRADING AND AGENCIES
Registered &
Physical Address
Building :
Kuwait Building
Street : Tahrear
Street
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 222941
/ 222942 / 217188
Facsimile : (967-3) 222947
Mobile : (967-77)
7950021 / (967-73) 4497582
Email : yaser99@hotmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Hodeidah.
Branch Office (s)
Location Description
Damar City Office
premises
Tel: (967-3) 508844
Fax: (967-3) 511069
Name Position
Abdullah Ali Dadeeh Proprietor
& General Manager
Yaser Abdullah Ali Dadeeh Assistant
General Manager
Adnan Al Awadi Sales
Executive
Date of Establishment : 1998
Legal Form : Sole
Proprietorship
Invested Capital : YR 1,500,000
Mr Abdullah Ali Dadeeh is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuffs, including
basmati rice, beans, tomato paste energy drinks, wheat, mango juice and canned
pineapple.
Import Countries: India
International Suppliers:
K S Overseas India
Mahavir Rice India
Operating Trend: Steady
Subject has a workforce of 15 employees.
Financial highlights provided by local sources are given below:
Currency: Yemeni Riyal (YR)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales YR
142,900,000 YR 146,300,000
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
Sana’a Street
PO Box: 4851
Hodeiah
Tel: (967-3) 210162
Fax: (967-3) 232824
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.62.33 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.