MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
AL SAEED TRADING COMPANY |
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Registered Office : |
Transport Road, P O Box – 5351, Taiz, |
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Country : |
Yemen |
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Date of Incorporation : |
1993 |
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Legal Form : |
Limited Liability Partnership. |
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Line of Business : |
Distributors of general foodstuff products. |
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 |
SUMMARY
Company Name : AL SAEED TRADING CO
Country of Origin : Yemen
Legal Form : Limited Liability Partnership
Registration Date : 1993
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
Total Workforce : 75
Line of Business : Distributors of general foodstuff products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
AL SAEED TRADING CO
ADDRESS
Registered & Physical Address
Location : Transport Road
PO Box : 5351
Town : Taiz
Country : Yemen
Telephone : (967-4) 232727
Facsimile : (967-4) 231642 / 223851
Email : info@alsaeedtrading.com
Premises
Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Central Business Area of Taiz.
KEY PRINCIPALS
Walid Ali Mohamed Saeed Managing Partner
Walid Hezam Zafer Export Manager
LEGAL FORM & OWNERS
Date of Establishment : 1993
Legal Form : Limited Liability Partnership
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
Name of Partner (s)
Walid Ali Mohamed Saeed
Hayel Saeed Anam Group
Note to the Legal
Form
A Limited Liability
Partnership is defined in the Company Law as a company incorporated with not
less than two, and no more than fifty partners, each responsible only for the
liabilities of the company to the extent of their share participation in the
capital of the company. Shares must not be issued in the form of negotiable
shares or papers. The legal concepts adopted by the Company Law refer to the
members of this type of company as “partners” and not as “shareholders”. This
type of company is quite similar to a private company limited by shares that
exists in English Law.
AFFILIATED COMPANIES
Subject is a member of the Hayel Saeed Anam group of companies which was founded by four brothers from a village outside Taiz back in 1938, the family business was consolidated in Aden during the British era and later transferred back to the home base in North Yemen in 1947.
The group is headed by Hayel Saeed Anam & Co Ltd which is now chaired by Ali Mohamed Hayel Saeed and his sons, Abdul Wassa, Abdul Gabar and Abdul Rahman who have become the most notable personalities in the group especially after the death of the founder and former chairman of the group, the late Hayel Saeed Anam who passed away in May 1990.
The Hayel Saeeds were the first family in Yemen to go into industry, and since 1970 some
YR 300,000,000 has been invested in ventures that include a biscuit factory, a sponge and plastics unit, mineral water factory, and a ghee and soap plant. Two more industrial plants opened in 1985, one capitalised at YR 50,000,000 that produces baby diapers, shampoos and face creams; and the other is capitalised at YR 75,000,000 and produces milk, yoghurt and cheese.
The Hayel Saeed Anam Group is rapidly becoming a fully integrated unit. The raw materials for the company’s industrial plants are carried in their own shipping line, Middle East Shipping Company Ltd, and goods are packed in their own carton packing plant and even their factories are constructed by Kirby Building Systems, for which the group is the Yemen agent; other agencies include Rothmans (cigarettes), Shell and Unilever.
The group is also well known for their progressive record on labour. They were the first to employ women in factories, a move which attracted considerable attention from local religious leaders. They have also established a technical training institute in Taiz for 100 students and also finance scholarships for others to study overseas.
The Hayel Saeed Anam Group of Companies includes the following concerns :
Hayel Saeed Anam & Co
Ltd Yemen
Middle East Trading Co (METCO) Yemen
National Company for Sponge
and Plastic Industry Ltd (NCSPI) Yemen
Yemen Company for Ghee and
Soap Industry Ltd (YCGSI) Yemen
National Dairy and Food
Company Ltd (NADFOOD) Yemen
General Industries and
Packages Ltd (GENPACK) Yemen
United Industries Company
Ltd (UI) Yemen
Yemen Company for Packaging
Industries Ltd Yemen
Yemen Company for Motor
Oils Industry Ltd Yemen
Mass Advertising Agency Ltd Yemen
Arwa Mineral Water Company
Ltd (ARWA) Yemen
Flora Natco Yemen
Middle East Shipping
Company Ltd Yemen
Yemen Travel Agencies Yemen
Yemen Gulf Trading &
Contracting Company Yemen
National Trading Company
(NATCO) Yemen
Arabia Felix Industries Ltd
(AFI) Yemen
United Insurance Co Ltd
(UIC) Yemen
Widyan Trading Co Ltd Yemen
Al Saeed Hospital Yemen
Al Saeed Sofitel Hotel Yemen
Aden Flour Mill Yemen
Yemen Company for Industry & Commerce Ltd (YCIC) Yemen
Hasco Shell Trading Co Yemen
Yemen Co for Agricultural
Development & Livestock (YCALD) Yemen
Yemen Refreshment &
Industry Co (SKI) Yemen
Pacific Inter-Link Sdn Bhd Malaysia
Stamrate Ltd United
Kingdom
Longulf Trading (UK) Ltd United
Kingdom
Quintin’s Snack Food Ltd United
Kingdom
Arma for Food Industries Egypt
Frimex Trading Co LLC Dubai,
UAE
National Biscuits &
Confectionery Co Ltd Saudi
Arabia
National Food Industries Co
Ltd Saudi
Arabia
United Carton Industries Co Saudi
Arabia
LINE OF BUSINESS
Operations : Engaged in the import and distribution of general foodstuff products, including biscuits and confectionery, dairy products, beverages, personal hygiene products, paper and stationery items, sponge and foam products, PVC pipes, wrapping and packaging materials.
Import Countries : Europe and GCC countries.
Subject has a workforce of 75 employees.
FINANCIAL HIGHLIGHTS
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.
BANKERS
Tadamon International Islamic Bank
Jamal Street
Taiz
Tel: (967-4) 252817
Fax: (967-4) 252811
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 150,000:
Established in 1993, subject is involved in the import and distribution of general foodstuff products, including biscuits and confectionery, dairy products, beverages, personal hygiene products, paper and stationery items, sponge and foam products, PVC pipes, wrapping and packaging materials.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.
Maximum suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)