MIRA
INFORM REPORT
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Report Date : |
21.02.2008 |
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 |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
75, Sana’a |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import & distribution of general foodstuff products. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL GHARASI INTERNATIONAL TRADING & COLD STORES CORP
Country of Origin : Yemen
Legal Form : Sole Proprietorship
Registration Date : 1976
Commercial Registration Number : 75, Sana’a
Invested Capital : YR 25,000,000
Total Workforce : 65
Line of Business : Import & distribution of general foodstuff products.
Financial Condition : Good
Payments : Nothing detrimental uncovered
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 31/12/06: Year
Ending 31/12/07:
Total Revenue YR
9,295,000,000 YR
9,470,000,000
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.
Maximum suggested credit figure: US$ 750,000
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%)