MIRA INFORM REPORT
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Report No. : |
309277 |
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Report Date : |
03.03.2015 |
IDENTIFICATION DETAILS
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Name : |
AWAD ABU BACKER AL SHAGGA STORES |
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Registered Office : |
Al Sabeel Street Crater 896 Aden |
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Country : |
Yemen |
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Date of Incorporation : |
1982 |
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Com. Reg. No.: |
1192, Aden |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Engaged in the wholesale
and retail of textiles as well as readymade garments |
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No. of Employee : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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. Petroleum
accounts for roughly 25% of GDP and 63% 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 2011. 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.
|
Source
: CIA |
SUMMARY
Company Name : AWAD ABU BACKER
AL SHAGGA STORES
Country of Origin : Yemen
Legal Form : Sole
Proprietorship
Registration Date : 1982
Commercial
Registration Number : 1192, Aden
Invested Capital :
YR 4,000,000
Total Workforce :
8
Activities :
Wholesale and retail of textiles as well as readymade garments
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Awad Abu
Backer Al Shagga, Assistant
General Manager
COMPANY
NAME
AWAD ABU BACKER AL SHAGGA
STORES
ADDRESS
Registered & Physical
Address
Street : Al Sabeel Street
Area : Crater
PO Box : 896
Town : Aden
Country : Yemen
Telephone : (967-2) 255456
Facsimile : (967-2) 259197
Mobile : (967-73) 3600161 / (967-77)
7486833 / 7255457
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Aden.
Branch Offices
Location Description
·
Souq Al Baz Office
premises
Aden
Tel: (967-2) 252675
KEY
PRINCIPALS
Name Position
·
Awad Abu Backer Al Shagga Proprietor
& General Manager
·
Mohamed Awad Abu Backer Al Shagga Assistant
General Manager
·
Osama Awad Abu Backer Al Shagga Commercial
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1982
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 1192, Aden
Invested Capital
: YR 4,000,000
Mr Awad Abu Backer
Al Shagga is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the wholesale and retail of
textiles as well as readymade garments.
Import
Countries: Europe and GCC
countries
Operating Trend: Steady
Subject has a
workforce of 8 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 175,000,000 YR 190,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Islamic
Bank of Yemen
Main Branch
Crater
Aden
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction May
2005
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US Dollars
GENERAL
COMMENTS
Established in
1982, subject is owned and managed by Mr Awad Abu Backer Al Shagga who is well respected in the local business
community.
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.82 |
|
|
1 |
Rs.95.27 |
|
Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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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 |
|
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.