MIRA INFORM REPORT

 

 

Report Date :           

13.03.2012

 

IDENTIFICATION DETAILS

 

Name :

YEMEN CO FOR GHEE & SOAP INDUSTRY

 

 

Registered Office :

Hazran Area, P O Box 5273, Taiz

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1975

 

 

Com. Reg. No.:

230/41

 

 

Legal Form :

Public Shareholding Company

 

 

Line of Business :

Production of vegetable ghee, cooking oils, margarine, detergent powder and soaps

 

 

No. of Employees :

1,200

 

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 – 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

Off-credit

 

D

 

sUMMARY

 

Company Name                                     : YEMEN CO FOR GHEE & SOAP INDUSTRY

Country of Origin                                    : Yemen

Legal Form                                            : Public Shareholding Company

Registration Date                                   : 1975

Commercial Registration Number            : 230/41

Issued Capital                                        : YR 1,500,000,000

Paid up Capital                                      : YR 1,500,000,000

Total Workforce                                     : 1,200

Activities                                               : Production of vegetable ghee, cooking oils, margarine, detergent

powder  and soaps

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Abdul Halim Saeed Thabet, Finance Manager

 

 

 

COMPANY NAME

 

YEMEN CO FOR GHEE & SOAP INDUSTRY

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Hazran Area

PO Box             : 5273

Town                 : Taiz

Country             : Yemen

Telephone         : (967-4) 247370

Facsimile          : (967-4) 247465 / 247365

Mobile               : (967-71) 1737331

Email                : ycgsi@y.net.ye

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Taiz.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hisham Ali Mohamed Saeed                                                              General Manager

 

·       Ali Saleh Aqlan                                                                                 Assistant General Manager

 

·       Rashad Hamoud                                                                               Planning Manager

 

·       Ahmed Abdul Qader                                                                          Commercial Manager

 

·       Mukhtar Mukhais                                                                              Export Manager

 

·       Abdul Basit Aqalan                                                                            Sales Manager

 

·       Adam Shalan                                                                                    Marketing Manager

 

·       Abdul Halim Saeed Thabet                                                                 Finance Manager

 

·       Najeeb Shamsan                                                                               Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1975

 

Legal Form                  : Public Shareholding Company

 

Commercial Reg. No.  : 230/41

 

Issued Capital              : YR 1,500,000,000

 

Paid up Capital            : YR 1,500,000,000

 

Name of Shareholder (s)                                                     Percentage

 

·       Hayel Saeed Anam & Co Ltd                                                  60%

PO Box: 5302

Taiz

Tel: (967-4) 212334

Fax: (967-4) 215171

 

·       Local businessmen and private invetors                                   40%

 

 

AFFILIATED COMPANIES

 

Subject belongs to the Hayel Saeed Anam Group of companies that consists of the following concerns:

 

·       Yemen Company For Flour Mills And Silos (YCFMS)

·       Middle East Trading Co Ltd

·       National Trading Company Ltd

·       National Products Marketing Co

·       United Marketing Company

·       Al Saeed Trading Co Ltd

·       Artex Trading Co Ltd

·       Widyan Trading Company Ltd

·       Trade and Technical Balqis Company

·       Yemen Company for Industry & Commerce Ltd

·       National Company for Sponge & Plastic Industry

·       Yemen Company for Ghee & Soap Industry

·       Arwa Mineral Water Company Ltd

·       General Industries and Packages Company

·       National Dairy & Food Company

·       Arabia Felix Industries Ltd

·       United Industries Company Ltd

·       Yemen Company for Packaging Material Industry

·       Yemen Lubricants Manufacturing Company Ltd

·       Hadramout Industrial Complex

·       Al Alam Industrial Company

·       Middle East Shipping Co Ltd

·       United Insurance Company

·       Mass Company for Artistic and Advertising Production

·       Technical and Administrative Training Center

·       Aden Recreation Commercial Complex

·       Al Saeed Specialized Hospital

·       Tadhamon International Islamic Bank

·       Al Saeed Foundation of Sciences and Culture

·       Mercure Hotel

·       Yemen Traveling Agency

·       Natco Al Razi Company Ltd

·       Al Saeed Company for Manufacturing Concrete & Contracting

·       Sofitel Taiz

·       Yemen Company for Agriculture and Livestock Development

·       Al Jazira Marine Resources Co Ltd

·       Al Saeed Investment Company

 

 

OPERATIONS

 

Activities: Engaged in the production of vegetable ghee, cooking oils, margarine, detergent powder and soaps.

 

     Subject gained ISO 9001 certification in 1997.

 

Import Countries: India and East Africa

 

Brand Names: CHEF, WARDA, CRYSTAL, & NASEEM

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,200 employees.

 

 

FINANCIAL DATA

 

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 44,800,000,000                    YR 49,000,000,000

 

Net Profit                                                  -                                YR   1,800,000,000

 

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

 

The above figures were provided by Mr Abdul Halim Saeed Thabet, Finance Manager

BANKERS

 

·       Yemen Commercial Bank

PO Box: 4122

Taiz

Tel: (967-4) 232821-4

Fax: (967-4) 231139

Email: ycbtaizcity@y.net.ye

 

 

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.49.94

UK Pound

1

Rs.78.25

Euro

1

Rs.65.39

 

 

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.