MIRA INFORM REPORT

Report Date :

30.09.2014

IDENTIFICATION DETAILS

Name :	AL HADHA TRADING & GENERAL AGENCIES CO LTD

Registered Office :	Al Hadha Building, Al Zubairi Street, 257 Sana’a

Country :	Yemen

Date of Incorporation :	1986

Com. Reg. No.:	1102, Sana’a

Legal Form :	Limited Liability Company

Line of Business :	Engaged in the import and distribution of general foodstuff products, including: cereals, pulses, juices, cheese, butter and other dairy products, honey, cooking oil and ghee.

No. of Employees :	75

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 – June 1, 2014

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

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 63% of government revenue. Yemen has tried to counter the effects of its declining oil resources and continuing attacks on its oil pipelines 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 nearly $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 almost 11% in 2011. 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, severe food scarcity, and a high population growth rate

Source : CIA

SUMMARY

Company Name : AL HADHA TRADING & GENERAL AGENCIES CO LTD

Country of Origin : Yemen

Legal Form : Limited Liability Company

Registration Date : 1986

Commercial Registration Number : 1102, Sana’a

Issued Capital : YR 20,000,000

Paid up Capital : YR 20,000,000

Total Workforce : 75

Activities : Distributors of general foodstuff products.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Person Interviewed : Bashir Al Salwi, Commercial Manager

COMPANY NAME

AL HADHA TRADING & GENERAL AGENCIES CO LTD

ADDRESS

Registered & Physical Address

Building : Al Hadha Building

Location : Al Zubairi Street

PO Box : 257

Town : Sana’a

Country : Yemen

Telephone : (967-1) 204551 / 214102 / 211161 / 211163 / 211166 / 211164 / 204443

Facsimile : (967-1) 204552 / 211164

Mobile : (967-777) 351690 / 774707

Email : alhadha@alhadhagroup.com / sanaa@al-hadha.com / alhadhatrading@al-hadha.com

Premises

Subject operates from a medium sized suite of offices and a warehouse that are owned and located in the Central Business Area of Sana’a.

Branch Office (s)

Location Description

· Aden Office premises

· Hodeidah Office premises

KEY PRINCIPALS

Name Position

· Ahmed Hussain Al Hadha Managing Director

· Dr Kassim Hussain Al Hadha Director

· Abdulla Hussain Al Hadha Director

· Mohsin Hussain Al Hadha Director

· Hassan Hussain Al Hadha Director

· Mohamed Abdullah Al Hadha General Manager

· Bashir Al Salwi Commercial Manager

· Mohamed Abdulkarim Obaid Sales Manager

· Mohamed Atwan Marketing Manager

LEGAL FORM & OWNERS

Date of Establishment : 1986

Legal Form : Limited Liability Company

Commercial Reg. No. : 1102, Sana’a

Issued Capital : YR 20,000,000

Paid up Capital : YR 20,000,000

Name of Shareholder (s)

· Ahmed Hussain Al Hadha

· Dr Kassim Hussain Al Hadha

· Abdulla Hussain Al Hadha

· Mohsin Hussain Al Hadha

· Hassan Hussain Al Hadha

AFFILIATED COMPANIES

Subject is a member of the Al Hadha Group of Companies, which comprises the following concerns:

· Al Hadha Jewellery

· Yemen Gas Co

Sana’a

· Al Hadha Sanitaryware Co

Sana’a

· Al Hadha Hardware & Sanitary Products

· Al Hadha Electronics & Office Equipment

· Yemen Marketing Company

· Al Hadha Exchange

Sana’a

· Al Hadha Engineering Company

· Yemen International Construction

Sana’a

· Al Hadha Furniture Co

Sana’a

· Al Hadha Exchange

Dubai

United Arab Emirates

· Al Borkan Co For Roads Contracting

· Atlas Shipping

· Mohsen H Al Hadha Est

Jeddah

Saudi Arabia

· Al-Hadha Trading Co LLC
(General Trading)

PO Box: 19564
Al Sailimia Tower, 8th floor
Dubai

United Arab Emirates

Tel: (971-4) 2249111 / 2249666
Fax: (971-4) 2249940 / 2249993

· Al Khalij Export and Import Co

Khartoum

Sudan

OPERATIONS

Activities: Engaged in the import and distribution of general foodstuff products, including: cereals, pulses, juices,

cheese, butter and other dairy products, honey, cooking oil and ghee.

Import Countries: United Arab Emirates, Saudi Arabia, Thailand, China, South Korea, United Kingdom, Germany,

Denmark, India and Pakistan.

International Suppliers:

· Kosan Crisplant Denmark

· Degussa Germany

· Munradtec United Kingdom

· Hyosung South Korea

· Yancheng For Agricultural Equipment China

· Intercontinent Commodities Co Thailand

· Savola Oil Saudi Arabia

· Bafrat Industrial Group Saudi Arabia

· Halwani Brothers Saudi Arabia

· Abu Dhabi National Oil Co. (Adnoc) United Arab Emirates

· D D Export India

· White Pearl Co Pakistan

· R B Rice Pakistan

Subject has a workforce of 75 employees.

FINANCIAL DATA

Companies registered in Yemen are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

· Yemen Bank for Reconstruction and Development (YBRO)

26 September Street

PO Box: 541

Sana’a

Tel: (967-1) 271621-6

Fax: (967-1) 271684

Email: ybrdho@y.net.ye & ybrdid@y.net.ye

· Yemen Kuwait Bank for Trade & Investment

Al Zubeiri Street

PO Box: 541 & 987

Sana’a

Tel: (967-1) 209451 / 240783

Fax: (967-1) 206148 / 240990

Email: ykb@y.net.ye

· Credit Agricole Indosuez Bank

Al Kherbash Building

Al Zubeiri Street

PO Box: 651

Sana'a

Tel: (967-1) 274371-3 / 272801

Fax: (967-1) 274501 / 274161

Email: caindosyzye@y.net.ye

· International Bank of Yemen

PO Box: 4444

Sana’a

Tel: (967-1) 273273

Fax: (967-1) 274127

· Yemen Commercial Bank

PO Box: 19845

Sana’a

Tel: (967-1) 218591-7

Fax: (967-1) 213662-3

Email: info@ycbfirstbank.com

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 company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.42
UK Pound	1	Rs.99.72
Euro	1	Rs.77.93

INFORMATION DETAILS

Analysis Done by :	DIV

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
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.