MIRA INFORM REPORT

 

 

Report Date :

04.12.2012

 

IDENTIFICATION DETAILS

 

Name :

AL HADHA TRADING & GENERAL AGENCIES CO LTD

 

                      

Registered Office :

Al Zubairi Street, P O Box 257, Sana’a

 

 

Country :

Yemen

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

1102, Sana’a

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Distributors of general foodstuff products

 

 

No. of Employees :

75 employees

 

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

 

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 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Yemen

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Yemen - ECONOMIC OVERVIEW

 

Yemen is a low income country that is highly dependent on declining oil resources for revenue. Petroleum accounts for roughly 25% of GDP and 70% of government revenue. Yemen has tried to counter the effects of its declining oil resources by diversifying its economy through an economic reform program initiated in 2006 that is designed to bolster non-oil sectors of the economy and foreign investment. In October 2009, Yemen exported its first liquefied natural gas as part of this diversification effort. In January 2010, the international community established the Friends of Yemen group that aims to support Yemen's efforts toward economic and political reform, and in August 2010 the IMF approved a three-year $370 million program to further this effort. Despite these ambitious endeavors, Yemen continues to face difficult long term challenges, including declining water resources and a high population growth rate.

 

Source : CIA

 

sUMMARY

 

Company Name                         : AL HADHA TRADING & GENERAL AGENCIES CO LTD

Country of Origin                                    : Yemen

Legal Form                                            : Limited Liability Company

Registration Date                                   : 1986

Commercial Registration Number            : 1102, Sana’a

Issued Capital                                        : YR 20,000,000

Paid up Capital                                      : YR 20,000,000

Total Workforce                         : 75

Activities                                               : Distributors of general foodstuff products.

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

AL HADHA TRADING & GENERAL AGENCIES CO LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Al Zubairi Street

PO Box             : 257

Town                 : Sana’a

Country : Yemen

Telephone         : (967-1) 204551 / 214102 / 211161 / 211163 / 211166

Facsimile          : (967-1) 204552 / 211164

Email                : alhadha@alhadhagroup.com / sanaa@alhadha.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                              Description     

·       Aden                                                                                    Office premises

·       Hodeidah                                                                              Office premises 

 

 

KEY PRINCIPALS

 

     Name                                                                                  Position

·       Ahmed Hussain Al Hadha                                                      Managing Director

·       Dr Kassim Hussain Al Hadha                                     Director

·       Abdulla Hussain Al Hadha                                                      Director

·       Mohsin Hussain Al Hadha                                                      Director

·       Hassan Hussain Al Hadha                                                     Director

·       Mohamed Abdullah Al Hadha                                     General Manager

·       Bashir Al Hadha                                                                    Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment: 1986

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.  : 1102, Sana’a

 

Issued Capital              : YR 20,000,000

 

Paid up Capital            : YR 20,000,000

 

Name of Shareholder (s)                                             

·       Ahmed Hussain Al Hadha                                                     

·       Dr Kassim Hussain Al Hadha                                                

·       Abdulla Hussain Al Hadha                                                     

·       Mohsin Hussain Al Hadha                                                     

·       Hassan Hussain Al Hadha

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Al Hadha Group of Companies, which comprises the following concerns:

 

·       Al Hadha Jewellery

 

·       Yemen Gas Co

Sana’a

 

·       Al Hadha Sanitaryware Co

Sana’a

 

·       Al Hadha Hardware & Sanitary Products

 

·       Al Hadha Electronics & Office Equipment

 

·       Yemen Marketing Company

 

·       Al Hadha Exchange

Sana’a

 

·       Al Hadha Engineering Company

 

·       Yemen International Construction

Sana’a

 

·       Al Hadha Furniture Co

Sana’a

 

·       Al Hadha Exchange

Dubai

United Arab Emirates

 

·       Al Borkan Co For Roads Contracting

 

·       Atlas Shipping

 

·       Mohsen H Al Hadha Est

Jeddah

Saudi Arabia

 

·       Al-Hadha Trading Co LLC
(General Trading)

PO Box: 19564
Al Sailimia Tower, 8th floor
Dubai

United Arab Emirates

Tel: (971-4) 2249111 / 2249666
Fax: (971-4) 2249940 / 2249993

·       Al Khalij Export and Import Co

Khartoum

Sudan

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products, including: cereals, pulses, juices,

                 cheese, butter and other dairy products, honey, cooking oil and ghee.

 

Import Countries: United Arab Emirates, Saudi Arabia, Thailand, China, South Korea, United Kingdom, Germany and Denmark.

 

International Suppliers:

 

·       Kosan Crisplant                                                        Denmark

·       Degussa                                                                   Germany

·       Munradtec                                                                United Kingdom

·       Hyosung                                                                   South Korea

·       Yancheng For Agricultural Equipment             China

·       Intercontinent Commodities Co                                   Thailand

·       Savola Oil                                                                 Saudi Arabia

·       Bafrat Industrial Group                                               Saudi Arabia

·       Halwani Brothers                                                       Saudi Arabia

·       Abu Dhabi National Oil Co. (Adnoc)                            United Arab Emirates

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

Companies registered in Yemen are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

BANKERS

 

·       Yemen Bank for Reconstruction and Development (YBRO)

     26 September Street

     PO Box: 541

     Sana’a

     Tel: (967-1) 271621-6

     Fax: (967-1) 271684

     Email: ybrdho@y.net.ye & ybrdid@y.net.ye

 

·       Yemen Kuwait Bank for Trade & Investment

     Al Zubeiri Street

     PO Box: 541 & 987

     Sana’a

     Tel: (967-1) 209451 / 240783

     Fax: (967-1) 206148 / 240990

     Email: ykb@y.net.ye

 

·       Credit Agricole Indosuez Bank

     Al Kherbash Building

     Al Zubeiri Street

     PO Box: 651

     Sana'a

     Tel: (967-1) 274371-3 / 272801

     Fax: (967-1) 274501 / 274161

     Email: caindosyzye@y.net.ye

 

·       International Bank of Yemen

     PO Box: 4444

     Sana’a

     Tel: (967-1) 273273

     Fax: (967-1) 274127

 

·       Yemen Commercial Bank

PO Box: 19845

     Sana’a

     Tel: (967-1) 218591-7

     Fax: (967-1) 213662-3

       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.54.56

UK Pound

1

Rs.87.46

Euro

1

Rs.71.08

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.