MIRA INFORM REPORT

 

Report Date :

27.07.2012

 

IDENTIFICATION DETAILS

 

Name :

YEMEN DAIRY & JUICE INDUSTRIES YSC

 

 

Registered Office :

Hodeidah - Sana’a Road, Kilo 7 Hodeidah Industrial Estate PO Box 3337 Hodeidah

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1978

 

 

Com. Reg. No.:

3090, Hodeidah

 

 

Legal Form :

Joint Stock Company

 

 

Line of Business :

Producers and distributors of dairy products.

 

 

No. of Employees :

1,000

 

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

 

Status :

Good

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Yemen

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                         : YEMEN DAIRY & JUICE INDUSTRIES YSC

Country of Origin                                    : Yemen

Legal Form                                            : Joint Stock Company

Registration Date                                   : 1978

Commercial Registration Number            : 3090, Hodeidah

Issued Capital                                        : YR 1,175,000,000

Paid up Capital                                      : YR 1,175,000,000

Total Workforce                         : 1,000

Activities                                               : Producers and distributors of dairy products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Abdo Musaed, Finance Manager

 

 

 

COMPANY NAME

 

YEMEN DAIRY & JUICE INDUSTRIES YSC

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Hodeidah - Sana’a Road, Kilo 7

Area                 : Hodeidah Industrial Estate

 

PO Box : 3337

 

Town                 : Hodeidah

Country : Yemen

 

Telephone         : (967-3) 231341 / 231342 / 238170 / 219801 / 219802 / 219803 / 228801 / 228821 / 228362

Facsimile          : (967-3) 211532 / 231363 / 228817 / 228825 / 228813

Email                : yemani@y.net.ye

 

Premises

 

Subject operates from a large suite of offices and a factory covering an area of 5,900 square metres that are owned and located in the Industrial Area of Hodeidah.

 

Branch Offices

 

Location                                                                                                Description

 

·       Sana’a                                                                                             Office premises

Tel: (967-1) 208918

Fax: (967-1) 209507

 

·       Aden                                                                                                Office premises

Tel: (967-2) 243172

Fax: (967-2) 242322

 

·       Ibb                                                                                                   Office premises

Tel: (967-4) 408835

Fax: (967-4) 408836

 

·       Taiz                                                                                                 Office premises

Tel: (967-4) 243194

Fax: (967-4) 243193

 

·       Al Mukalla                                                                                        Office premises

Tel: (967-5) 301570

Fax: (967-5) 352221

 

·       Dhamar                                                                                            Office premises

Tel: (967-6) 502653

Fax: (967-6) 502897

 

·       Amran                                                                                              Office premises

Tel: (967-7) 612035

Fax: (967-7) 602399

 

·       Al Baidha                                                                                         Office premises

Tel: (967-6) 538035

Fax: (967-6) 538935

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdul Jalil Abdo Thabet                                                                     Managing Director

 

·       Abdul Salam Abdo Thabet                                                                  Director

 

·       Ali Abdo Thabet                                                                                Director

 

·       Abdul Gabbar Abdo Thabet                                                                Director

 

·       Abdullah Mohamed Thabet                                                                 Director

 

·       Nabil Ali Thabet                                                                                 General Manager

 

·       Abdo Musaed                                                                                   Finance Manager

 

·       Mohamed Alwan                                                                               Factory Manager

 

·       Tariq Noufal                                                                                      Marketing Manager

 

·       Jalal Thabet                                                                                      Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1978

 

Legal Form                  : Joint Stock Company

 

Commercial Reg. No.  : 3090, Hodeidah

 

Issued Capital              : YR 1,175,000,000

 

Paid up Capital            : YR 1,175,000,000

 

Name of Shareholder (s)

 

·       Abdul Jalil Abdo Thabet

 

·       Abdul Salam Abdo Thabet

 

·       Ali Abdo Thabet

 

·       Abdul Gabbar Abdo Thabet

 

·       Abdullah Mohamed Thabet

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Thabet Group of Companies, which consists of the following concerns:

 

·       Hodeidah Shipping & Transport Co Ltd

Sanaa Road

PO Box: 3337

Hodeidah

Tel: (967-3) 238130

Fax: (967-3) 211533

Email: hodship_1969@y.net.ye

 

·       Thabet Brothers & Co Ltd

PO Box: 3337

Hodeidah

Tel: (967-3) 372405 / 238270 / 238170

 

·       Red Sea Contracting & Construction Co Ltd (Redco)

PO Box: 3337

Hodeidah

Tel: (967-3) 231340

 

·       National Company for Vegetable Oils & Ghee Industries Ltd

     Hodeidah Industrial Estate

PO Box: 3337

Hodeidah

Tel: (967-3) 231348

Fax: (967-3) 231363

 

·       Yemen Stores for Fruit & Meat Ltd

PO Box: 3337

Hodeidah

Tel: (967-3) 231340

 

·       Yemen General Insurance Co

PO Box: 3337

Hodeidah

Tel: (967-3) 239126

 

·       Tehama Trading Company

Sanaa Road, Kilo 7

Hodeidah Industrial Area

PO Box: 4422 & 3337

Hodeidah

Tel: (967-3) 231348

Fax: (967-3) 231363

 

·       The Thabet Institute

 

·       Thabet Investment Co

 

·       Modern Co for Food Products

 

·       Al Maraee Yemen Company

 

·       International Carton Manufacturing Co

 

·       Yemeni British Lubricants Marketing Co

 

·       Shipping, Trading & Lighterage Co (Stalco)

Dubai

     United Arab Emirates

 

·       Thabet International Ltd

7 Swallow Street

London WIR 7HD

     United Kingdom

 

 

OPERATIONS

 

Activities: Engaged as producers and distributors of dairy products, including milk, flavoured milk, yoghurt, feta

     cheese, cheese spread, juices and tomato paste.

 

Import Countries: Germany and the United Kingdom

 

Export Countries: Djibouti, Senegal and Kenya

 

Brand Names: YEMANI

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,000 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                US$ 158,500,000                       US$ 163,000,000

 

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

 

The above figures were provided by Mr Abdo Musaed, Finance Manager

 

 

BANKERS

 

·       Yemen Bank For Reconstruction & Development (YBRD)

     PO Box: 3340

     Hodeidah

     Tel: (967-3) 205980 / 205867

     Fax: (967-3) 205870 / 205977

 

 

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.55.95

UK Pound

1

Rs.86.56

Euro

1

Rs.67.95

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.