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Report No. : |
320336 |
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Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
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Name : |
IBN AL KADRI
MEDICAL CORPORATION |
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Registered Office : |
Pharmaceuticals Street, Al Tahreer Square, Sana’a |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
2006 |
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Com. Reg. No.: |
6549, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
Distribution of Medicines, Pharmaceuticals and Cosmetics. |
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No. of Employees : |
33 |
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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Maximum Credit Limit : |
US$ 200,000 |
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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. 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, $570 million Extended Credit Facility for Yemen.
Declining security continues to hinder economic growth and the provision of
government services.
|
Source
: CIA |
Company Name : IBN AL
KADRI MEDICAL CORPORATION
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Start Date :
2006
Registration Date : 1st
January 2009
Commercial
Registration Number : 6549,
Sana’a
Invested Capital : YR 4,000,000
Total Workforce : 33
Activities :
Distributors of medicines, pharmaceuticals and cosmetics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit
Limit : US$ 200,000
IBN AL KADRI
MEDICAL CORPORATION
Street : Pharmaceuticals Street
Area : Al Tahreer Square
Town : Sana’a
Country : Yemen
Telephone : (967-1) 486457
Facsimile : (967-1) 486456
Mobile : (967-77) 7779277 / 3177461
Email : info@ibnalkadri.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Sana’a.
Branch Office
(s)
Location Description
·
Aden Office
premises
·
Hodeidah Office
premises
·
Taiz Office
premises
·
Dhamar Office
premises
Name Position
·
Moeen
Hussain Yahya Al Kadri Proprietor
& General Manager
·
Osama
Al Komayan Sales
Manager
Date of Establishment : 2006, however
subject was registered on 1st January 2009
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 6549, Sana’a
Invested Capital : YR 4,000,000
Mr Moeen Hussain
Yahya Al Kadri is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
medicines, pharmaceuticals and cosmetics.
Import
Countries: Turkey and Hong
Kong
International
Suppliers:
·
Sepe
Natural Turkey
·
Sanli
Ilac Sanayi AS Turkey
·
Marching
Pharmaceutical Ltd (MPL) Hong Kong
Operating Trend: Steady
Subject has a
workforce of 33 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 710,000,000 YR
725,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Yemen
Zubairy Street
PO Box 198309
Sana’a
Tel: (967-1) 284123
Fax: (967-1) 284128
No complaints
regarding subject’s payments have been reported.
Recommended
credit limit: US$ 200,000
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.