MIRA
INFORM REPORT
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Report Date : |
27th
January, 2007 |
IDENTIFICATION
DETAILS
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Name : |
AL GHARASI INTERNATIONAL TRADING & COLD STORES CORP |
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Registered Office : |
Al
Gharasi Building, Zubeiry Street, PO Box: 1270, Sana’a, Yemen |
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Country : |
Yemen |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
75, Sana’a |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged
in the import and distribution 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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Status : |
Fair |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
AL GHARASI INTERNATIONAL TRADING & COLD STORES CORP |
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Country
of Origin |
Yemen |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
1976 |
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Commercial
Registration Number |
75, Sana’a |
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Invested
Capital |
YR 25,000,000 |
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Total
Workforce |
65 |
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Line
of Business |
Import & distribution of general foodstuff products. |
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Financial
Condition |
Good |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
AL
GHARASI INTERNATIONAL TRADING & COLD STORES CORP
ADDRESS
Registered & Physical Address
Building : Al Gharasi Building
Street : Zubeiry Street
PO Box : 1270
Town : Sana’a
Country : Yemen
Telephone : (967-1) 240104 / 240212 / 207181
Facsimile : (967-1) 263020
Email : info@algharasi.com
Premises
Subject
operates from a large suite of offices, warehousing and cold storage facilities
that are owned and located in the Central Business Area of Sana’a.
Branch Office (s)
Location Description
· Hodeidah Office
& Cold Store facilities
Tel :
(967-3) 231677 / 207092
Fax :
(967-3) 211562
· Taiz Office
& Cold Store facilities
Tel :
(967-4) 226925
Fax :
(967-4) 218404
· Aden Office
& Cold Store facilities
Tel :
(967-2) 257176
Fax :
(967-2) 257174
KEY PRINCIPALS
· Ahmed Musaed Al Gharasi Proprietor
· Salah Musaed Al Gharasi General
Manager
· Musaed Al Gharasi Assistant
General Manager
· Akram Al Gharasi Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1976
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Commercial Reg. No. : 75, Sana’a
Invested
Capital : YR 25,000,000
Mr Ahmed
Musaed Al Gharasi is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
Subject is a member of the Al Gharasi Group of Companies, which are well
established in the Yemen market with a Group turnover of approximately US$ 350
million.
· Al Gharasi Poultry & Eggs
Farm
· United Fish Exports Co
· National Plastic Industries Co
Ltd
· Yemen Food Industries Co Ltd
· Arwa Pharmed Appliance Stores
· SkyNet World Wide Express
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of general foodstuff products including frozen chicken,
frozen meat, diary products (UHT milk, evaporated milk, butter, cheese), tea,
pulses (broad beans, green peas, white beans etc.), tomato paste, jams, olives,
cooking oil, confectionery items, juices & soft drinks, fruits (apples,
pears, oranges), poultry / dairy feed, poultry vaccines, soya bean meal, yellow
corn, wheat, and sugar.
Subject
also trades in P.P.bags, polyester thread, plastic raw materials (HDPE, LLDPE,
LDPE), Printing Paper, Kraft Paper Cement Bags, Disposable Syringes, Automobile
Lubricants.
Al
Gharasi operates a network of cold storage facilities with the following
capacities:
Location Capacity
Sana'a 1,000
tonnes
Hodeidah 3,000 tonnes
Taiz 500 tonnes
Aden 1,500 tonnes
The company also owns over 30 reefer trucks
equipped with cold storage capabilities that operates the delivery of goods to
branches all over the country.
Import
Countries :
France, Denmark, New Zealand, Saudi Arabia, Kuwait, Lebanon, Brazil and the
United States of America
International
Suppliers :
· BSA (TILLY) France
· DOUXsnc France
· Nordex Food A/S Denmark
· PPCS New Zealand
· Al Rabie Saudi Dairy Co. Saudi Arabia
· Pepsi Cola Saudi Arabia
· Dovex Export Co United States of America
· Kuwait Oil Kuwait
· Gandour Lebanon
· Seara Brazil
· Halal Brazil
Operating
Trend : Steady
Subject
has a workforce of 65 employees. The total number of employees for the Al
Garasi Group is 280.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Yemeni Riyal (YR)
Year Ending
31/12/04: Year
Ending 31/12/05:
Total
Revenue YR 9,050,000,000 YR
9,130,000,000
Local
sources consider subject’s financial condition to be Good.
BANKERS
·
Calyon
Corporate and Investment Bank
Al Zubeiri Street
PO Box 651
Sana’a
Tel :
(967-1) 274370
Fax :
(967-1) 274501
·
Credit
Agricole Indosuez Bank
122 Leaden Hall
Street
London
SW1A 1LD
United
Kingdom
Tel : (44-20) 74952615
Fax : (44-20) 74091887
·
Credit
Agricole Indosuez Bank
PO Box: 651
Sana’a
Tel :
(967-1) 273359 / 274370/1/2
Fax :
(967-1) 274509
·
Yemen
Bank for Reconstruction and Development
PO
Box: 2793
Sana’a
Tel :
(967-1) 270892/6
Fax :
(967-1) 270897
·
Yemen
Kuwait Bank - For Trade and Investment
PO
Box: 987
Sana’a
Tel :
(967-1) 209451 / 202192
Fax :
(967-1) 206148
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of
transaction October
2003
Credit
amount 130,000
Amount
overdue 0
Payment
terms 60 days
Payment
Method Letters of
Credit
Paying
record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established
in 1976, Al Gharasi International Trading & Cold Stores Corp specialises in
the import and distribution of general foodstuff products, operating a network
of cold storage facilities throughout the country.
The
company is run in a professional manner and is a member of the well known Al
Gharasi Group of Companies, which has interests in a number of companies
throughout the country.
During
the course of this investigation nothing detrimental was uncovered regarding
the manner in which payment obligations are fulfilled. The operating history is
clear and the financial situation is satisfactory. As such we are of the
opinion that the subject is a fair trade risk.
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/normal. |
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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