|
Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNITED DAIRY & FOOD INDUSTRIES LTD |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
26.11.1978 |
|
|
|
|
Com. Reg. No.: |
1821, Hodeidah |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Subject is engaged in the production and marketing of
dairy products, including ice cream, yoghurt, various varieties of milk and
juices. |
|
|
|
|
No. of Employees : |
400 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Yemen |
C1 |
C1 |
|
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. In 2012, the Friends of Yemen pledged over $7 billion in assistance to Yemen. The Yemeni Government also endorsed a Mutual Accountability Framework to facilitate the efficient implementation of donor aid. The unrest that began in early 2011 caused GDP to plunge more than 15% in 2011, and about 2% in 2012. Availability of basic services, including electricity, water, and fuel, has improved since the transition, but progress toward achieving more sustainable economic stability has been slow and uneven. Yemen continues to face difficult long-term challenges, including declining water resources, high unemployment, and a high population growth rate.
|
Source
: CIA |
Company Name :
UNITED DAIRY & FOOD INDUSTRIES LTD
Country of Origin :
Yemen
Legal Form :
Limited Liability Partnership
Registration Date :
26th November 1978
Commercial Registration Number :
1821, Hodeidah
Chamber Membership Number :
3645
Issued Capital :
YR 15,000,000
Paid up Capital :
YR 15,000,000
Total Workforce :
400
Activities :
Production and marketing of dairy products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
UNITED DAIRY &
FOOD INDUSTRIES LTD
Registered &
Physical Address
Location : Taiz Road,
Kilo 18
PO Box : 3800
Town : Hodeidah
Country : Yemen
Telephone : (967-3) 268767
/ 268222 / 268131 / 268133 / 245457 / 245825 / 311219 / 268166
Facsimile : (967-3) 268122
/ 211563 / 268132
Email : nana@y.net.ye
Premises
Subject operates from a large suite of offices and a factory covering an
area of 100,000 square metres that are owned and located in the Industrial Area
of Hodeidah.
Branch Office (s)
Location Description
Sana’a Office
premises
Tel: (967-1) 207362
Fax: (967-1) 406300
Name Position
Dr Mohamed Radman Ahmed Qassim Managing
Partner
Abdul Jalil Radman Ahmed Qassim Partner
Mohamed Faiz Maroof General
Manager
Abdul Karim Abdo Radhmam Assistant
General Manager
Yasser Al Shibani Accounts
Manager
Fouzi Abdul Malik Radhman Finance
Manager
Khalid Abdulrahim Radhman Production
Manager
Faisal Abdo Ali Production
Manager (Dairy & Juices)
Jamil Al Samiri Administration
& Human Resources Manager
Mohamed Abdul Malik Radhman Commercial
Manager
Date of Establishment : 26th November 1978
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 1821, Hodeidah
Chamber Member No. : 3645
Issued Capital : YR 15,000,000
Paid up Capital : YR 15,000,000
Name of Partner
(s)
Dr Mohamed Radman Ahmed Qassim
Abdul Jalil Radman Ahmed Qassim
Members of the Radman Ahmed Qassim family
Abdul Jalil Radman Group
PO Box: 3800
Hodeidah
Tel: (967-3) 245113
Abdul Galil
Radman for Trading & Ind Co Ltd
Reco Electronics
Yemen Stores
For Drugs and Medical Supplies
United Co For Sponge & Plastic Industries Ltd
United Co for
Manufacturing Carton & Packing Materials Ltd
Activities: Engaged in the production
and marketing of dairy products, including ice cream, yoghurt, various
varieties of milk and juices.
Subject
was awarded ISO 9002 certification in June 1999.
Import Countries: Egypt,
Oman, Germany and the United Kingdom
International Suppliers:
Tamo Press Co SAE Egypt
Brand Names: NANA,
AL AMIR, AL RABEH, RAWGH and SARAH
Operating Trend: Steady
Subject has a workforce of approximately 400 employees.
Financial highlights provided by local sources are given below:
Currency: United States Dollars (US$)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales US$
16,850,000 US$ 17,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Yemen
PO Box: 5
Sana’a
Tel: (967-1) 253484
Fax: (967-1) 255004
No complaints regarding subject’s payments have been reported.
Date of transaction July
2003 April
2006
Credit amount 65,000 35,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Pounds
Sterling
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.61.87 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.