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Report No. : |
320334 |
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Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
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Name : |
RASAM PHARMA FOR MEDICINES & MEDICAL APPLIANCES |
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Registered Office : |
Saif Street, Sana’a |
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Country : |
Yemen |
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Year f Establishment : |
2007 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of pharmaceuticals, cosmetics,
medical appliances and dental products. |
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No. of Employee : |
12 |
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 : |
USD 125,000 |
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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) |
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Yemen |
C1 |
C1 |
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Risk Category |
ECGC
Classification |
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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, $570 million Extended Credit Facility for Yemen. Declining security continues to hinder economic growth and the provision of government services.
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Source
: CIA |
Company Name :
RASAM PHARMA FOR MEDICINES & MEDICAL APPLIANCES
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Registration Date :
2007
Invested Capital : YR 10,000,000
Total Workforce :
12
Activities :
Distributors of pharmaceuticals, cosmetics, medical appliances and dental products.
Financial Condition :
Fair
Payments :
Satisfactory
Operating Trend :
Steady
Recommended Credit Limit :
US$ 125,000
Person Interviewed :
Saif Mohamed Rasam, Assistant General Manager
RASAM PHARMA FOR MEDICINES & MEDICAL APPLIANCES
Location : Saif Street
Town : Sana’a
Country : Yemen
Telephone : (967-1) 278734
Facsimile : (967-1) 485272
Mobile : (967-77)
1584065
Email : rasampharma@yemen.net.ae / rasampharm@gmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Sana’a.
Name Position
· Rasam Ahmed Al
Shaer Proprietor
& General Manager
· Saif Mohamed Rasam Assistant
General Manager
Date of
Establishment : 2007
Legal Form : Sole
Proprietorship
Invested Capital : YR 10,000,000
Mr Rasam Ahmed Al Shaer is the sole proprietor of the business.
Activities: Engaged in the import and distribution of pharmaceuticals, cosmetics,
medical appliances and dental
products.
Import Countries: Egypt and the United Arab Emirates.
International Suppliers:
· Novartis Egypt
· Julphar United Arab Emirates
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
385,000,000 YR 392,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
United Bank Ltd
PO Box: 1295
Sana’a
Tel: (967-1) 272424 / 272425
Fax: (967-1) 274168
Satisfactory
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
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ASH |
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 |
-- |
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.