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Report No. : |
352643 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AL GABALI TRADING
EST |
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Registered Office : |
Jamal Street, Taiz |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
20.09.2008 |
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Com. Reg. No.: |
5902, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
distribution of general foodstuffs, textiles and building materials. |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Yemen |
C2 |
C2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name : AL GABALI
TRADING EST
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 20th
September 2008
Commercial Registration
Number : 5902, Sana’a
File Number :
2008010766
Invested Capital : YR 1,000,000
Total Workforce : 8
Activities :
Distributors of general foodstuffs, textiles and building materials
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Raed Hayel
Abdo, Sales Manager
AL GABALI TRADING
EST
Location : Jamal Street
Town : Taiz
Country : Yemen
Telephone : (967-4) 359320
Facsimile : (967-4) 359350
Mobile : (967-77) 7342469 / 7355150 / 7181112
Email : raedsw@gmail.com
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Taiz.
Branch Office
(s)
Location Description
·
Al
Sitteen Street Showroom
premises
Al Thawra Area
Sana’a
Name Position
·
Nabil
Abdul Karim Abdullah Ali Al Gabali Proprietor
& General Manager
·
Raed
Hayel Abdo Sales
Manager
Date of Establishment : 20th
September 2008
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 5902, Sana’a
File No. : 2008010766
Invested Capital : YR 1,000,000
Mr Nabil Abdul
Karim Abdullah Ali Al Gabali is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuffs, textiles and building materials.
Import
Countries: India
International
Suppliers:
·
Jitandal India
·
Mahavir
Rice 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 31/12/13: Year Ending
31/12/14:
Total Sales YR 128,000,000 YR
132,400,000
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)
Gamal Street
PO Box: 5243
Taiz
Tel: (967-4)
240842 / 240844 / 258498
Fax: (967-4)
240915 / 240845
Acc No.
8402810295521004
No complaints regarding
subject’s payments have been reported.
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.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
: |
HEE |
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Report Prepared
by : |
NIT |
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.