MIRA INFORM REPORT

 

 

Report Date :

09.01.2014

 

IDENTIFICATION DETAILS

 

Name :

AL KHAIR FOR TRADING EST

 

 

Registered Office :

Al Maala Dakka Aden

 

 

Country :

Yemen

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

2000

 

 

Com. Reg. No.:

2004, Aden

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Import and distribution of general foodstuff products and supermarket items.

 

 

No. of Employees :

15

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

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

 

SUMMARY

 

Company Name                                     : AL KHAIR FOR TRADING EST

Country of Origin                                    : Yemen

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 2000

Commercial Registration Number            : 2004, Aden

Invested Capital                                     : YR 1,500,000

Total Workforce                                     : 15

Activities                                               : Distributors of general foodstuff products and supermarket items.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed Saleh Abdullah, Sales Manager

 

COMPANY NAME

 

AL KHAIR FOR TRADING EST

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : Al Maala Dakka

Town                 : Aden

Country             : Yemen

 

Telephone         : (967-2) 248160

Facsimile          : (967-2) 248161

Mobile               : (967-77) 250398 / 760115

Email                : alkhair@y.net.ye / alkhair.ye@yemennet.net

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Sana’a                                                                                             Showroom premises

Tel: (967-1) 330958

 

·       Mukalla                                                                                            Showroom premises

Tel: (967-5) 325330

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Saleh Abdullah Saeed Ba Jaber                                                          Proprietor & General Manager

 

·       Mohamed Salem Ba Mokhayar                                                           Commercial Manager

 

·       Mohamed Saleh Abdullah                                                                  Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2000

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 2004, Aden

 

Invested Capital           : YR 1,500,000

 

Mr Saleh Abdullah Saeed Ba Jaber is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Khair Trading Est

Jeddah

Saudi Arabia

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of general foodstuff products and supermarket items.

 

Import Countries: Europe and India

 

International Suppliers:

 

·       Mahavir Rice Mill                   India

·       Maskan Overseas                 India

·       Bahrat Industries                   India

 

Brand Names: ALKHAIR and ALDEERA

 

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 54,000,000                           YR 56,350,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Yemen

PO Box: 5

Aden

Tel: (967-2) 252481

Fax: (967-2) 252974

 

 

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 business is considered to be a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.24

UK Pound

1

Rs.102.17

Euro

1

Rs.84.82

 

 

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.