|
Report No. : |
356537 |
|
Report Date : |
25.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL AZZANI STORES
FOR MEDICINES AND TRADE |
|
|
|
|
Registered Office : |
Crater Area, Masjid Aban Aden |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
Com. Reg. No.: |
8860, Aden |
|
|
|
|
Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged in
the import and distribution of pharmaceuticals and medicines. |
|
|
|
|
No. of Employee : |
12 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No complaints |
|
|
|
|
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 |
C2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 AZZANI STORES
FOR MEDICINES AND TRADE
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 1980
Commercial
Registration Number : 8860, Aden
Invested Capital : YR 500,000
Total Workforce : 12
Activities :
Distributors of pharmaceuticals and medicines.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Moosa Mohamed
Al Azzani, Proprietor & General Manager
AL AZZANI STORES
FOR MEDICINES AND TRADE
Location : Crater Area, Masjid Aban
Town : Aden
Country : Yemen
Telephone : (967-2) 252999
Facsimile : (967-2) 257181
Mobile : (967-77) 7259533 / 7381011
Email : alazzanimt@y.net.ye
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Aden.
Name Position
·
Moosa
Mohamed Al Azzani Proprietor & General
Manager
·
Ibrahim
Moosa Mohamed Al Azzani Assistant
General Manager
·
Amin
Saeed Obaidi Sales
Manager
Date of Establishment : 1980
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 8860, Aden
Invested Capital : YR 500,000
Mr Moosa Mohamed Al
Azzani is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
pharmaceuticals and medicines.
Import
Countries: Europe, India
and the United Arab Emirates
International
Suppliers:
·
Gulf
Inject United
Arab Emirates
·
Makur
Laboratories Ltd India
·
Aishwarya
Life Science India
·
VDH India
Operating Trend: Steady
Subject has a
workforce of 12 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 777,000,000 YR
784,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
International
Bank of Yemen (IBY)
Al Meedan Area
PO Box: 819
Aden
Tel: (967-2) 255795
Fax: (967-2) 252016
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
Rial |
1 |
Rs.0.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
AMT |
|
|
|
|
Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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.