MIRA INFORM REPORT
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Report No. : |
319440 |
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Report Date : |
28.04.2015 |
IDENTIFICATION DETAILS
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Name : |
IBN ASSAD TRADING
& AGENCIES |
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Registered Office : |
Al Tahreer Area Hodeidah |
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Country : |
Yemen |
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Date of Incorporation : |
04.01.2009 |
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Com. Reg. No.: |
40118, Hodeidah |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Engaged in the import and distribution of stationery, school requisites, torches, lighting equipment, agricultural equipment and novelties |
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No. of Employee : |
6 |
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. Oil and gas
revenues account for roughly 25% of GDP and 65% 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 that year. 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. The Yemeni Government regularly faces annual budget
shortfalls. In July 2014, the government eliminated some fuel subsidies that
accounted for approximately 25% of government spending in 2013; and in August
2014, the IMF approved a three-year, $570 million Extended Credit Facility for
Yemen. Declining security continues to hinder economic growth and the provision
of government services.
|
Source
: CIA |
SUMMARY
Company Name : IBN ASSAD
TRADING & AGENCIES
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 4th
January 2009
Commercial
Registration Number : 40118,
Hodeidah
Invested Capital :
YR 1,500,000
Total Workforce :
6
Activities :
Distributors of stationery, school requisites, torches, lighting equipment,
agricultural equipment and novelties
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
IBN ASSAD TRADING & AGENCIES
ADDRESS
Registered & Physical
Address
Location : Al Tahreer Area
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 245253
Facsimile : (967-3) 217861
Mobile : (967-73) 3751822
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Hodeidah.
KEY
PRINCIPALS
Name Position
·
Anwar
Mohamed Ali Assad Proprietor
& General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 4th
January 2009
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 40118,
Hodeidah
Invested Capital : YR 1,500,000
Mr Anwar Mohamed Ali
Assad is the sole proprietor of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
stationery, school requisites, torches, lighting equipment,
agricultural equipment and novelties.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 6 employees.
FINANCIAL
DATA
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 317,000,000 YR 330,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
International
Bank of Yemen (IBY)
Al Meena Street
PO Box: 3377
Hodeidah
Tel: (967-3) 200929
Fax: (967-3) 204888
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Local sources
report that the subject’s operating history is clear with payment obligations met
in a generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.61 |
|
|
1 |
Rs.96.56 |
|
Euro |
1 |
Rs.69.18 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
|
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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.