MIRA INFORM REPORT

 

 

Report Date :

02.03.2007

 

 

IDENTIFICATION DETAILS

 

Name :

HANDHAL BROTHERS CO

 

 

Registered Office :

Taiz Street, P O Box 20969, Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2005

 

 

Date of Incorporation :

1970

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of canned foodstuffs, confectionery, baby foods, beverages, bread and biscuits.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

SUMMARY

 

Company Name                         : HANDHAL BROTHERS CO

Country of Origin                                    : Yemen

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1970

Issued Capital                                        : YR 2,500,000

Paid up Capital                                      : YR 2,500,000

Total Workforce                                     : 75

Line of Business                                    : Distributors of canned foodstuffs, confectionery, baby foods, beverages,

                                                              bread and biscuits.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

HANDHAL BROTHERS CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Taiz Street

PO Box             : 20969

Town                 : Sana’a

Country             : Yemen

Telephone         : (967-1) 248973 / 509755

Facsimile          : (967-1) 248903

Email                : hani_handhal1982@yahoo.com

 

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Sana’a.

 

 

Branch Office (s)

 

·       Subject has branch offices located in Taiz, Aden and Hodeidah.

 

 

KEY PRINCIPALS

 

·       Hamdy Ahmed Handhal                                                         Managing Partner

 

·       Yahya Ahmed Handhal                                                          Partner

 

·       Hani Yahya Ahmed Handhal                                                   General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1970

 

Legal Form                  : Limited Liability Partnership

 

Issued Capital              : YR 2,500,000

 

Paid up Capital            : YR 2,500,000

 

 

Name of Partner (s)

 

·       Hamdy Ahmed Handhal

 

·       Yahya Ahmed Handhal

 

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.

 

 

LINE OF BUSINESS

 

Operations : Engaged in the import and distribution of canned foodstuffs, confectionery, baby foods, beverages, bread and biscuits.

 

Import Countries : Europe and GCC countries.

 

Operating Trend : Steady

 

Subject has a workforce of 75 employees.

 

 

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 155,000,000                         YR 171,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Cooperative Agricultural Credit Bank

PO Box : 2850 & 2015

Sana’a

Tel : (967-1) 207817 / 207327

Fax : (967-1) 219236 / 203742

 

 

 

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 150,000:

 

Established in 1970, subject is involved in the import and distribution of canned foodstuffs, confectionery, baby foods, beverages, bread and biscuits.

 

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 and the above credit figure is deemed to be within subject’s financial means.

 

Maximum suggested credit figure: US$ 150,000

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average/normal.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions