MIRA INFORM REPORT

Report Date :

12.02.2014

IDENTIFICATION DETAILS

Name :	AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC)

Registered Office :	Bal Gais, Hadramout, P O Box 50391, Mukallah

Country :	Yemen

Financials (as on) :	31.12.2012

Year of Establishments:	1992

Com. Reg. No.:	2561/151

Legal Form :	Limited Liability Partnership

Line of Business :	Engaged in the import and distribution of general foodstuff products and grocery items, specialising in rice and sugar

No. of Employees :	15

RATING & COMMENTS

MIRA’s Rating :

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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Yemen

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

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

Mobile : (967-77) 7382901

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

· Taiz Showroom premises

KEY PRINCIPALS

Name Position

· Mohsin Ali Al Mehdar Managing Partner

· Hussain Mohamed Al Mehdar Partner

· Mehdar Abdullah Al Mehdar General Manager

· Mohamed Hesham Al Mehdar Finance Manager

· Yasser Ghassan Accountant

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

AFFILIATED COMPANIES

· Manarat Al Wadi General Trading Co Ltd

· Balhamdh & Mehdat Yemeni Power Co (BMY)

· Al Mehdar Exchange Co

· Hamdramout Ready Mix Concrete

· Al Burak Express for Transport Co Ltd

· 4B Company for Oil Services and Minerals Ltd

· Al Rwishan & Al Mehdar Co for Marketing

OPERATIONS

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

Import Countries: Europe and the Far East.

International Suppliers:

· Mandra India

Brand Names: MEZZA AL MEHDAR, AL MAZRA AL KHADRA, AL DOW and NASHAT NASA

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

Total Sales YR 48,000,000 YR 49,300,000

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.62.44
UK Pound	1	Rs.102.48
Euro	1	Rs.84.28

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.