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Report No. : |
320537 |
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Report Date : |
22.05.2015 |
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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Year of Establishment : |
2006 |
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Com. Reg. No.: |
6549, Sana |
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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
and food supplement products. |
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No. of Employee : |
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 : |
USD 150,000 |
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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 |
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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, $570 million Extended Credit Facility for Yemen. Declining security continues to hinder economic growth and the provision of government services.
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Source
: CIA |
Company Name :
IBN AL KADRI MEDICAL CORPORATION
Country of Origin :
Yemen
Legal Form :
Sole Proprietorship
Start Date :
2006
Registration Date :
1st January 2009
Commercial Registration Number :
6549, Sana
Invested Capital :
YR 1,500,000
Total Workforce : 33
Activities :
Distributors of pharmaceuticals and food supplement products.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 150,000
IBN AL KADRI MEDICAL CORPORATION
Location :
Pharmaceuticals Street, 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
· Dhamer Office
premises
Name Position
· Moeen Hussain Yahya Al Kadri Proprietor
& General Manager
· Osama Al Komayan Sales
Manager
Date of
Establishment : 1st January
2009, however activities date back to 2006.
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 6549, Sana
Invested Capital : YR 1,500,000
Mr Moeen Hussain Yahya Al Kadri is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of pharmaceuticals and food
supplement products.
Import Countries: Turkey and Hong Kong
International Suppliers:
· Sepe Natural Turkey
· Sanli Ilac Sanayi
AS Turkey
· Marching
Pharmaceutical Ltd (MPL) Hong Kong
Subject has a workforce of 33 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.
Recommended
credit limit: US$ 150,000
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.70 |
|
|
1 |
Rs.98.92 |
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Euro |
1 |
Rs.70.67 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.