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Report No. : |
352644 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ABDULLAH AL HAKMI GENERAL TRADING |
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Registered Office : |
Khat Al Dhabab Street, Ber Basha, Taiz |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
11504/4 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of general foodstuffs, textiles
and building materials. |
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No. of Employees : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 a 2006 reform program that was
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 aimed 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. Progress toward achieving 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.
Deteriorating security restricts economic growth and the provision of
government services.
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Source
: CIA |
Company Name :
ABDULLAH AL HAKMI GENERAL TRADING
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
1986
Commercial Registration Number :
11504/4
Invested Capital : YR 2,000,000
Total Workforce :
6
Activities :
Distributors of general foodstuffs, textiles and building materials
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Amra Abdullah Issa Salem Al Hamki, Assistant General Manager
ABDULLAH AL HAKMI GENERAL TRADING
Registered &
Physical Address
Street : Khat Al
Dhabab Street
Area : Ber Basha
Town : Taiz
Country : Yemen
Telephone : (967-4) 247827
Facsimile : (967-4) 247827
Mobile : (967-77)
7291850 / (967-73) 9958944 / 3496074 / (967-71) 4108283
Premises
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Taiz.
Branch Offices
Location Description
Al Bilad Street Office
premises
Sinan Al Olam
Taiz
Name Position
Abdullah Issa Salem Al Hakmi Proprietor
& General Manager
Amra Abdullah Issa Salem Al Hamki Assistant
General Manager
Mohamed Abdullah Issa Salem Al Hamki Sales
Manager
Date of Establishment : 1986
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 11504/4
Invested Capital : YR 2,000,000
Mr Abdullah Issa Salem Al Hakmi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of general foodstuffs, textiles
and building materials.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 6 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
92,110,000 YR 95,845,000
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 & Development (YBRD)
PO Box: 5243
Gamal Street
Taiz
Tel: (967-4) 240842 / 240844 / 258498
Fax: (967-4) 240915 / 240845
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.66.75 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.67 |
|
YER |
1 |
Rs.0.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
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.