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Report No. : |
333205 |
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Report Date : |
24.07.2015 |
IDENTIFICATION DETAILS
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Name : |
BAB SANA FOR
IMPORT AND TRADING |
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|
|
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Registered Office : |
Swaid Building, Zubairy Street, P O Box: 1119, Sana’a |
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Country : |
Yemen |
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Date of Incorporation : |
12.05.2010 |
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Legal Form : |
Sole Proprietorship |
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|
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Line of Business : |
Import and
Distribution of Readymade Garments and Textiles. |
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|
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No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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 |
Company Name : BAB SANA
FOR IMPORT AND TRADING
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 12th
May 2010
Invested Capital : YR 50,000
Total Workforce : 8
Activities :
Distributors of readymade garments and textiles.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Mohamed Lotfy Swaid, Proprietor & General Manager
BAB SANA FOR IMPORT
AND TRADING
Building : Swaid Building
Street : Zubairy Street
PO Box : 1119
Town : Sana’a
Country : Yemen
Telephone : (967-1) 214155 / 214153 / 537676 /
537474
Facsimile : (967-1) 537575
Mobile : (967-777) 465900 / 911784 /
(967-735) 112222
Email : babsana@gmail.com / omar.swaid@swaidexchange.com
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Sana’a.
Name Position
·
Mohamed
Lotfy Swaid Proprietor
& General Manager
·
Omar Lotfy
Swaid Assistant
General Manager
Date of Establishment : 12th
May 2010
Legal Form :
Sole Proprietorship
Invested Capital : YR 50,000
Mr Mohamed Lotfy
Swaid is the sole proprietor of the business.
·
Swaid
and Sons Exchange Co
Zubairy Street
Sana’a
Tel: (967-1) 214255
Activities: Engaged in the import and distribution of
readymade garments and textiles.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 8 employees.
Companies
registered in Yemen are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
International
Bank of Yemen (IBY)
Zubairy Street
PO Box: 4444
Sana’a
Tel: (967-1) 407154
Fax:
(967-1) 407155
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.63.71 |
|
|
1 |
Rs.99.57 |
|
Euro |
1 |
Rs.69.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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.