MIRA INFORM REPORT

 

 

Report Date :           

13.10.2011

 

IDENTIFICATION DETAILS

 

Name :

MAYAS FOR TRADING

 

 

Registered Office :

Jawalat No. 45, Taiz Street, P O Box 20168, Sana’a

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

26.11.1999

 

 

Com. Reg. No.:

99, Sana’a

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of pharmaceuticals, medicines and building materials

 

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 :

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Yemen

b2

b2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

 

 

 

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name                                     : MAYAS FOR TRADING

Country of Origin                                    : Yemen

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 26th November 1999

Commercial Registration Number            : 99, Sana’a

Chamber Membership Number                : 12811 & 23148

Invested Capital                                     : YR 5,000,000

Total Workforce                                     : 45

Activities                                               : Distributors of pharmaceuticals, medicines and building materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

Person Interviewed                                 : Baker Hussain Mayas, Sales Manager

 

COMPANY NAME

 

MAYAS FOR TRADING

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Jawalat No. 45

Street               : Taiz Street

PO Box             : 20168

Town                 : Sana’a

Country             : Yemen

Telephone         : (967-1) 249518

Facsimile          : (967-1) 248538

Email                : mayastrd@y.net.ye

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Taiz Street                                                                                        Office premises

Hada Area

Sana’a

Tel: (967-1) 624310

Fax: (967-1) 616854

 

·       Aden                                                                                                Office premises

Tel: (967-2) 391921

 

·       Taiz                                                                                                 Office premises

Tel: (967-4) 263871

 

·       Hodeidah                                                                                          Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Saleh Mayas                                                                     Proprietor & General Manager

 

·       Sultan Hussain Mayas                                                                       Assistant General Manager

 

·       Baker Hussain Mayas                                                                       Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 26th November 1999

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 99, Sana’a

 

Chamber Member No. : 12811 & 23148

 

Invested Capital           : YR 5,000,000

 

Mr Mohamed Saleh Mayas is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the distribution of pharmaceuticals health care products and medicines and import and

                 distribution of building materials.

 

Import Countries: Switzerland, Spain and India

 

International Suppliers:

 

·       Mapha          Switzerland

·       Tolarant        Spain

·       Pidilite          India

 

Operating Trend: Steady

 

Subject has a workforce of 45 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Yemeni Riyal (YR)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                YR 175,000,000             YR 183,500,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Arab Bank Limited

Zubairi Road

PO Box: 575 & 1301

Sana'a

Tel: (967-1) 276585 / 276593

Fax: (967-1) 276583

Acc No. 707092-411

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.24

UK Pound

1

Rs.76.80

Euro

1

Rs.67.17

 

 

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

----

NB

New Business

----

 

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.