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MIRA INFORM REPORT
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Report No. : |
484754 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
AL JABAL DRUGS
& MEDICAL APPLIANCES |
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Registered Office : |
Nowakshot Street,
P O Box: 20031, Sana’a |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2017 |
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Date of Incorporation : |
19.04.1993 |
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Com. Reg. No.: |
10372, Sana’a |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Import and Distribution
of Drugs and Medical Appliances. |
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No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Yemen |
C2 |
C2 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
YEMEN - ECONOMIC OVERVIEW
Yemen is a low-income country that faces difficult long-term challenges to stabilizing and growing its economy, and the current conflict has only exacerbated those issues. The ongoing war has halted Yemen’s exports, pressured the currency’s exchange rate, accelerated inflation, severely limited food and fuel imports, and caused widespread damage to infrastructure. More than 80% of the population is in need of humanitarian assistance and over half are food insecure.
Prior to the start of the conflict in 2014, Yemen was highly dependent on declining oil and gas resources for revenue. Oil and gas earnings accounted for roughly 25% of GDP and 65% of government revenue. The Yemeni Government regularly faced annual budget shortfalls and tried to diversify the Yemeni economy through a reform program designed to bolster non-oil sectors of the economy and foreign investment. In July 2014, the government continued reform efforts by eliminating some fuel subsidies and in August 2014, the IMF approved a three-year, $570 million Extended Credit Facility for Yemen.
However, the conflict that began in 2014 stalled these reform efforts and ongoing fighting continues to accelerate the country’s economic decline. In September 2016, President HADI announced the move of the main branch of Central Bank of Yemen from Sanaa to Aden where his government could exert greater control over the central bank’s dwindling resources. Regardless of which group controls the main branch, the central bank system is struggling to function. Yemen’s Central Bank’s foreign reserves, which stood at roughly $5.2 billion prior to the conflict, have declined to negligible amounts. The Central Bank can no longer fully support imports of critical goods or the country’s exchange rate. The country also is facing a growing liquidity crisis and rising inflation. The private sector is hemorrhaging, with almost all businesses making substantial layoffs. Access to food and other critical commodities such as medical equipment is limited across the country due to security issues on the ground. The Social Welfare Fund, a cash transfer program for Yemen’s neediest, is no longer operational and has not made any disbursements since late 2014.
Yemen will require significant international assistance during and after the protracted conflict to stabilize its economy. Long-term challenges include a high population growth rate, high unemployment, declining water resources, and severe food scarcity.
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Source
: CIA |
SUMMARY
Company Name : AL JABAL
DRUGS & MEDICAL APPLIANCES
Country of Origin : Yemen
Legal Form :
Sole Proprietorship
Registration Date : 19th
April 1993
Commercial
Registration Number : 10372,
Sana’a
Invested Capital : YR
5,000,000
Total Workforce :
35
Activities :
Distributors of drugs and medical appliances
Financial Condition : Fair
Payments :
No Complaints
Operating Trend : Steady
Person Interviewed : Mohamed Al Jabal,
Finance Manager
COMPANY
NAME
AL JABAL DRUGS
& MEDICAL APPLIANCES
ADDRESS
Registered & Physical
Address
Location : Nowakshot Street
PO Box : 20031
Town : Sana’a
Country : Yemen
Telephone : (967-1) 532831
Facsimile : (967-1) 532847
Mobile : (967-73) 4335000
Email : yemen@aljabalgroup.net
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Sana’a.
KEY
PRINCIPALS
Name Position
· Khalil Ghaleb Ali Al Jabal Proprietor
·
Abbass Mohamed Al Jabal General
Manager
·
Mohamed Al Jabal Finance
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 19th
April 1993
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 10372,
Sana’a
Invested Capital : YR 5,000,000
Mr Khalil Ghaleb Ali
Al Jabal is the sole proprietor
of the business. The subject used to be owned by Saba Investment Ltd (99%) and
Mr Khalil
Ghaleb Ali Al Jabal (1%) until 2017 when Mr Khalil Ghaleb Ali Al Jabal bought the all the shares of the company.
AFFILIATED
COMPANIES
·
Al Mufadal Pharma
Sana’a
·
Dawa Pharma
Sana’a
·
Al Nakheel General Trading
Sana’a
OPERATIONS
Activities: Engaged in the import and distribution of
drugs and medical appliances.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 35 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Indian
Rupees (RS)
Year Ending
31/12/17:
Total Sales RS 292.9 Crore
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National
Bank of Yemen
Zubairy Street
PO Box: 198309
Sana’a
Tel: (967-1) 284123
Fax: (967-1) 284128
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
The subject and its
shareholders/owners have been searched in the following databases; Office of
Foreign Assets Control (OFAC), United Nations Security Council Sanctions, Australian
Sanctions List, US Consolidated Sanctions List, EU Financial Sanctions List and
UK Financial Sanctions List and nothing adverse could be found on the exact
names listed within the report.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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YER |
1 |
INR 0.25 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.