MIRA INFORM REPORT

 

 

Report Date :

06.11.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC)

 

 

Registered Office :

Bal Gais, Hadramout, P O Box 50391, Mukallah

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1992

 

 

Com. Reg. No.:

2561/151

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of general foodstuff products and grocery items

 

 

No. of Employees :

15 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 MEHDAR AND ASSOCIATES TRADING CO LTD (BMC)

Country of Origin                                    : Yemen

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1992

Commercial Registration Number            : 2561/151

Issued Capital                                        : YR 1,000,000

Paid up Capital                                      : YR 1,000,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuff products and grocery items.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Salim Al Suwaid, Sales Manager

 

 

 

COMPANY NAME

 

AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Bal Gais, Hadramout

PO Box             : 50391

Town                 : Mukallah

Country             : Yemen

Telephone         : (967-5) 352723 / 305420 / 354596 / 234596 / 307227

Facsimile          : (967-5) 354768 / 354341

Email                : bmc_almehdar@yahoo.com

 

Premises

Subject operates from a small suite of offices and a warehouse that are rented and located in the Central Business Area of Mukallah.

 

Branch Office (s)

 

     Location                                                                                          Description                             

 

·       Aden                                                                                                Showroom premises

Tel: (967-2) 249527

 

·       Sana’a                                                                                             Showroom premises

Tel: (967-1) 253383

 

·       Sion                                                                                                 Showroom premises

Tel: (967-5) 405700

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohsin Ali Al Mehdar                                                                                    Managing Partner

·       Hussain Mohamed Al Mehdar                                                             Partner

·       Mehdar Abdullah Al Mehdar                                                               General Manager

·       Mohamed Salim Al Suwaid                                                                Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1992

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 2561/151

 

Issued Capital              : YR 1,000,000

 

Paid up Capital            : YR 1,000,000

 

Name of Partner (s)

·       Mohsin Ali Al Mehdar

·       Hussain Mohamed Al Mehdar

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products and grocery items, specialising in rice & sugar.

 

Import Countries: Europe and the Far East.

 

Brand Names: MEZZA AL MEHDAR

 

Operating Trend: Steady

 

Subject has a workforce of 15 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 46,900,000                           YR 48,000,000

 

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

 

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

 

 

BANKERS

 

·       Central Bank of Yemen

Assalam Zone

PO Box: 8087

Mukallah

Tel: (967-5) 301124

Fax: (967-5) 303291

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1992, subject is involved in the import and distribution of general foodstuff products and grocery items.

 

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 company is deemed a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.08

UK Pound

1

Rs.86.69

Euro

1

Rs.69.37

 

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.