MIRA
INFORM REPORT
|
Report Date : |
05.07.2008 |
IDENTIFICATION
DETAILS
|
Correct Name : |
AL GARASH FOR TRADING |
|
|
|
|
Registered Office : |
Al Garash
Building, 74 Zubairy Street, PO Box
3160, Sana’a |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
1986 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Subject’s operations are performed through the following divisions: Consumer
Division, Pharma Division, Electrical / Steel Division, Spare Parts
Division, Al Huda Supermarket |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 1,000,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : AL GARASH FOR TRADING
Country of Origin : Yemen
Legal Form : Limited Liability Company
Registration Date : 1986
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Total Workforce : 250
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,000,000
COMPANY NAME
AL
GARASH FOR TRADING
ADDRESS
Registered & Physical Address
Building : Al Garash Building
Street : 74 Zubairy Street
PO Box : 3160
Town : Sana’a
Country : Yemen
Telephone : (967-1) 272781 / 272782
Facsimile : (967-1) 272784 / 271314
Email : info@algarash.com
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Sana’a.
Branch Office (s)
Subject operates branches in Taiz, Aden, Hodeidah and Mukalla
KEY PRINCIPALS
Name Position
·
Mohamed
Ahmed Abdullah Hizam Al Garash Managing
Director
·
Fahd
Ahmed Abdullah Hizam Al Garash Director
·
Maktoum
Ahmed Abdullah Hizam Al Garash Director
·
Dr
Nabil Mushtaq Pharma
Division Manager
·
Yahya
Al Shahri Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1986
Legal Form :
Limited Liability Company
Issued Capital : YR 1,500,000
Paid up Capital : YR 1,500,000
Name of Shareholder (s)
·
Mohamed
Ahmed Abdullah Hizam Al Garash
·
Fahd
Ahmed Abdullah Hizam Al Garash
·
Maktoum
Ahmed Abdullah Hizam Al Garash
OPERATIONS
Activities: Subject’s operations are performed through
the following divisions:
· Consumer Division
Engaged
in the import and distribution of foodstuff including healthy fruits,
vegetables, meats, grains and dairy.
·
Pharma Division
Engaged
in the import and distribution of pharmaceuticals.
·
Electrical / Steel Division
Engaged
in the import and distribution of electrical equipment and the fabrication of
steel products.
·
Spare Parts Division
Engaged
in the import and distribution of engineering drilling, construction welding and transportation equipment.
·
Al Huda Supermarket
Engaged as retailers of consumer
products and general foodstuff including dairy produce, deli, fresh meat and
household items.
Import
Countries: Saudi Arabia,
United Arab Emirates, Italy, Germany, Belgium, Cyprus and India
International Suppliers:
·
Abuljadayal Beverages Inc Saudi
Arabia
·
Sadafco Saudi
Arabia
·
CO-Op Islami United
Arab Emirates
·
Tomadini Italy
·
Oetker International Germany
·
Hexel AG Germany
·
Flen Pharma Belgium
·
Mitsa International Cyprus
·
Pari Rice India
·
Flamingo Pharma India
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Yemeni
Riyal (YR)
Year
Ending 31/12/06: Year Ending
31/12/07:
Total Sales YR 680,000,000 YR 700,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Yahya Al Shahri, Accounts
Manager.
BANKERS
·
Yemen
Commercial Bank
Al Rowaishan Building
Zubairy Street
PO Box: 19845
Sana’a
Tel: (967-1) 218591-7
Fax: (967-1) 209566
Email: info@ycbfirstbank.com
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.12 |
|
UK Pound |
1 |
Rs.85.08 |
|
Euro |
1 |
Rs.67.41 |
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. |
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%)