MIRA INFORM REPORT

 

 

Report Date :

28.02.2011

 

IDENTIFICATION DETAILS

 

Name :

AL ALIMI HODEIDAH COLD STORES CO. LTD

 

 

Registered Office :

Sana'a Street, Kilo 7, P.O. Box 3858, Hodeidah

 

 

Country :

Yemen

 

 

Year of Establishment :

1965

 

 

Com. Reg. No.:

51/2542

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Importers, Wholesalers and Retailers of a wide range of foodstuffs cheese, frozen food  including meat, chicken and fish, fresh and dry foods

 

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 :

YR 150,000,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

Litigation :

Clear

 

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Yemen

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

COmpany NAME

 

Al Alimi Hodeidah Cold Stores Co. Ltd

 

 

company ADDRESS

 

Street                           : Sana'a Street, Kilo 7

P.O. Box           : 3858

Town                 : Hodeidah

Country             : Yemen Republic

Telephone         : (967 3) 235 021 / 235 020 / 229 303 / Mobile (967 7) 7722 5100 (Amar Hamoud Ghaleb Al

Alimi)

Fax                   : (967 3) 235019

E-Mail               : alimihod@y.net.ye

 

 

SENIOR COMPANY PERSONNEL

 

   Name                                                Position

 

1. Hamoud Ghaleb Al Alimi                     Chairman / Managing Director

 

2. Hussein Al Alimi                                General Manager

 

3. Amar Hamoud Ghaleb Al Alimi            Financial Manager

 

4. Mahmoud Abdulhameed                     Chief Accountant

 

5. Abdulnasser Al Alimi                          Sales Manager

 

Total Employees : 100

 

 

PAYMENTS

 

No complaints have been heard regarding payments from local suppliers or banks.

 

Subject is one of the largest food importers in Yemen.

 

We consider it is acceptable to deal with subject for LARGE amounts

 

Opinion on maximum credit : YR 150,000,000

 

Trade risk assessment : Normal

 

PRINCIPAL BANKERS

 

NAME               : CREDIT AGRICOLE INDOSUEZ

Branch              : Al Qasr Al Gamhouri Street

P.O. Box           : 651

Town                 : Sana'a

Telephone         : (967 1) 272 801

Fax                   : (967 1) 274 161

 

Subject also has an account with:

 

1. Arab Bank PLC

   Sana'a Street

   PO Box 3812

   Hodeidah

   Telephone      : (967 3) 201 064

   Fax                : (967 3) 201 073

 

2. The Islamic Bank Of Yemen For Finance And Investment

   26 September Street

   PO Box 4765

   Hodeidah

   Telephone      : (967 3) 219 235

   Fax                : (967 3) 219 296

 

 

FINANCIAL INFORMATION

 

Private companies in Yemen Republic are not required to publish or

disclose balance sheets. However, the subject interviewed offered

the following information :

 

Sales Turnover    : YR  4,400,000,000 - 2003 - exact

               : YR  3,000,000,000 - 2005 - exact

               : YR  6,000,000,000 - 2006 - exact

               : YR  6,000,000,000 - 2007 - approx

               : YR  8,000,000,000 - 2008 - exact *

               : YR  9,000,000,000 - 2009 – exact

               : YR 11,000,000,000 – 2010 - exact

 

Net Profit     : not given but stated to be 20% of sales turnover

 

* Sharp increase in sales turnover in 2008 was attributed to favourable market conditions and dealing with new products.

 

Financial year ends 31 December.

 

LEGAL STATUS AND HISTORY

 

Date Started : 1965

 

History : Subject was established in 1965 as a small corner shop and expanded during the 1960's and 1970's and presently it is one of the largest food importers in Yemen.

 

C.R. No. : 51/2542 (valid)

 

Authorised Capital : YR 729,000,000

 

Paid up Capital : YR 729,000,000

 

 

Limited Liability Company with the following shareholders :

 

                                                                        Percentage

 

1. Hamoud Ghaleb Al Alimi                                 40%

   (Yemeni national)

 

2. Hussein Ghaleb Al Alimi                                 20%

   (brother of the above)

 

3. Amar Hamoud Ghaleb Al Alimi                        20%

   (son of Hamoud Ghaleb Al Alimi)

 

4. Other members of Hamoud Ghaleb Al Alimi      20%

 

 

ACTIVITIES

 

The Subject is involved in the following activities :

 

Trading as importers, wholesalers and retailers of a wide range of

foodstuffs cheese, frozen food  including meat, chicken and fish,

fresh and dry foods.

 

Principal Agencies Held :

 

- Doux chickens, France

- Unaco, France

- Ross Co, UK

- Cilitabco, France

 

Former Trade Reference :

 

Salopian Industries Metals Ltd

Battlefield 

Shrewsbury SY1 4AB

UK

 

Imports from France, UK, Denmark, France, India, Australia, Brazil and USA.

 

Subject does not export, all sales are domestic.

 

 

FACILITIES

 

The Company has the following facilities :

 

Owned premises comprising administrative offices and a large cold store with a capacity of 4,000 tonnes located at the heading address, as well as a supermarket in Hodeidah and two wholesale depots located elsewhere in Yemen (see 'Branch Offices' section below).

 

The company's cold store consists of 5 rooms with a capacity of 800 tonnes each.

 

 

BRANCH OFFICES

 

1. Taiz

   Telephone : (967 4) 228 653

 

2. Sana'a

   Telephone : (967 1) 248 837

   Fax       : (967 1) 248 839

 

3. Adan

 

 

SPECIAL NOTE

 

Interviewed : Mahmoud Abdulhameed (Chief Accountant).

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.37

UK Pound

1

Rs.73.25

Euro

1

Rs.62.68

 

 

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

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

 

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

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.