MIRA INFORM
REPORT
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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
GENERAL INDUSTRIES & PACKAGES CO LTD
(GENPACK) |
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Registered Office : |
Airport Road, Al
Hoban Industrial Area, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1985 |
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Com. Reg. No.: |
681/41 |
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Legal Form : |
Yemen Shareholding Company |
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Line of Business : |
Subject operates through several divisions are as follows:- · Foodstuff Division · Carton Division · Cosmetic and Beauty Division · Printing Division |
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No. of Employees
: |
1,600 |
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$ 1,500,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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) |
|
|
b2 |
b2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : GENERAL INDUSTRIES & PACKAGES CO LTD (GENPACK)
Country of Origin :
Legal Form : Yemen Shareholding Company
Registration Date : 1985
Commercial Registration Number : 681/41
Issued Capital : YR 1,000,000,000
Paid up Capital : YR 1,000,000,000
Total Workforce : 1,600
Activities : Subject operates several divisions (see below for details)
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
Person Interviewed : Hassan Sharaa, Senior Finance Manager
GENERAL INDUSTRIES
& PACKAGES CO LTD (GENPACK)
Registered &
Physical Address
Street :
Area : Al Hoban Industrial Area
PO Box : 6328
Town : Taiz
Country :
Telephone : (967-4) 218027 / 218028
Facsimile : (967-4) 218024 / 218467 / 246013
Email : genpack@y.net.ye / faiz@genpackhsa.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Taiz.
Name Position
·
Ali
Mohamed Hayel Saeed Anam Chairman
·
Abdulrahman Hayel Saeed Anam Managing
Director
·
Faiz Hayel
Saeed Anam Director
·
Ahmed
Hayel Saeed Anam Director
·
Abdul Gabbar Hayel Saeed Anam Director
·
Adel
Abdul Ghani Finance
Manager
·
Mohamed
Basha Commercial
Manager
·
Sadiq Al Badani Production
Manager
·
Mohamed Basha Marketing
Manager
·
Hassan Sharaa Senior
Finance Manager
Date of Establishment : 1985
Legal Form :
Yemen Shareholding Company
Commercial Reg. No. : 681/41
Issued Capital : YR 1,000,000,000
Paid up Capital : YR 1,000,000,000
Name of Shareholder
(s)
·
Hayel Saeed Anam & Co Ltd
PO Box: 5927
Taiz
Tel: (967-4) 215168 / 215171 /
215172 / 227524 / 228577
Fax: (967-4) 219869 / 215169 /
212334
·
Ali
Mohamed Hayel Saeed Anam
·
Abdulrahman Hayel Saeed Anam
·
Faiz
Hayel Saeed Anam
·
Ahmed
Hayel Saeed Anam
·
Abdul Gabbar Hayel Saeed Anam
Subject is a member
of the Hayel Saeed Anam group of companies which was founded by four brothers
from a village outside Taiz back in 1938, the family business was consolidated
in
The group is headed
by Hayel Saeed Anam & Co Ltd which is
now chaired by Ali Mohamed Hayel Saeed and his sons, Abdul Wassa, Abdul
Gabar and Abdul Rahman who have become the most notable personalities in the
group especially after the death of the founder and former chairman of the
group, the late Hayel Saeed Anam who passed away in May 1990.
The Hayel Saeeds
were the first family in
YR 300,000,000 has
been invested in ventures that include a biscuit factory, a sponge and plastics
unit, mineral water factory, and a ghee and soap plant. Two more industrial
plants opened in 1985, one capitalised at YR 50,000,000 that produces baby
diapers, shampoos and face creams; and the other is capitalised at YR
75,000,000 and produces milk, yoghurt and cheese.
The Hayel Saeed
Anam Group is rapidly becoming a fully integrated unit. The raw materials for
the company’s industrial plants are carried in their own shipping line, Middle
East Shipping Company Ltd, and goods are packed in their own carton packing
plant and even their factories are constructed by Kirby Building Systems, for
which the group is the Yemen agent; other agencies include Rothmans
(cigarettes), Shell and Unilever.
The group is also
well known for their progressive record on labour. They were the first to
employ women in factories, a move which attracted considerable attention from
local religious leaders. They have also established a technical training
institute in Taiz for 100 students and also finance scholarships for others to
study overseas.
The Hayel Saeed
Anam Group of Companies includes the following concerns:
·
Yemen Company for Industry and Commerce Ltd (YCIC)
·
Middle
East Trading Co (METCO)
·
Yemen Company for Ghee and Soap Industry Ltd (YCGSI)
·
National Dairy and Food Company Ltd (NADFOOD)
·
National
Company For Sponge & Plastic Industry Ltd (NCSPI)
·
United Industries Company Ltd (UI)
·
Yemen Company for Packaging Industries Ltd
·
Yemen Company for Motor Oils Industry Ltd
·
Mass Advertising Agency Ltd
·
Arwa Mineral Water Company Ltd (ARWA)
·
Flora Natco
·
Middle East Shipping Company Ltd
·
·
·
National Trading Company (NATCO)
·
Arabia Felix Industries Ltd (AFI)
·
United Insurance Co Ltd (UIC)
·
Widyan
Trading Co Ltd
·
Al
·
Al
Saeed Sofitel Hotel
·
·
Al Saeed Trading Co
·
Hasco Shell Trading Co
·
Yemen Co for Agricultural Development & Livestock
(YCALD)
·
Yemen Refreshment & Industry Co (SKI)
·
Pacific Inter-Link Sdn Bhd
·
Stamrate Ltd
·
Longulf Trading (
·
Quintin’s Snack Food Ltd
·
Arma for Food Industries
·
Frimex Trading Co LLC
·
National Biscuits & Confectionery Co Ltd
·
National Food Industries Co Ltd
·
United Carton Industries Co
Activities: Subject’s operations are performed through
the following divisions:
·
Foodstuff Division
Engaged in the production of
light snacks, sweets, noodles, lollipops and chocolates.
·
Carton Division
This division is engaged in
the manufacture of egg carton trays.
·
Cosmetic and Beauty Division
Engaged in the manufacture of
cosmetic and beauty products, disposable nappies and sanitary towels.
·
Printing Division
Through this division the
Subject operates a printing press, specialising in commercial printing.
Import
Countries:
Subject has a
workforce of approximately 1,600 employees.
Financial
highlights provided by local sources are given below:
Currency: Yemeni
Riyal (YR)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales YR 11,000,000,000,000 YR 12,000,000,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Hassan Sharaa, Senior Finance Manager
·
Arab
Bank Plc
Jamal
PO Box: 5234
Taiz
Tel: (967-4) 231523
Fax: (967-4) 212347
No complaints
regarding subject’s payments have been reported.
Credit amount 35,000
Amount overdue 0
Payment terms 120
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
Established in
1985, General Industries & Packages Co Ltd (Genpack) is a member of the
well known and financially strong Hayel Saeed Anam Group of Companies which
through its diversified activities has become by far the largest business group
in
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.51.16 |
|
|
1 |
Rs.81.79 |
|
Euro |
1 |
Rs.68.34 |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.