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Report Date : |
24.11.2012 |
IDENTIFICATION DETAILS
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Correct Name : |
AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC)
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Registered Office : |
Bal Gais,
Hadramout, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1992 |
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Com. Reg. No.: |
2561/151 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of general foodstuff products and grocery items |
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No. of Employees : |
15 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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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 |
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.
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Source : CIA |
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
AL MEHDAR AND
ASSOCIATES TRADING CO LTD (BMC)
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
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
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
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
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.
·
Central
Bank of Yemen
Assalam Zone
PO Box: 8087
Mukallah
Tel: (967-5) 301124
Fax: (967-5) 303291
No complaints
regarding subject’s payments have been reported.
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.55.34 |
|
UK Pound |
1 |
Rs.88.29 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
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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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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 |
---- |
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.