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Report No. : |
356581 |
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Report Date : |
24.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC) |
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Registered Office : |
Bal Gais, Hadramout, PO Box 50391, Mukallah |
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Country : |
Yemen |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
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 : |
Engaged in the import and distribution of general foodstuff products
and grocery items, specializing in rice and sugar. |
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No. of Employees : |
15 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Yemen |
C1 |
C1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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. Oil and gas revenues account for roughly
25% of GDP and 65% 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 a 2006 reform program that was
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 aimed 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
that year. Progress toward achieving 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. The Yemeni Government regularly faces annual budget shortfalls. In
July 2014, the government eliminated some fuel subsidies that accounted for
approximately 25% of government spending in 2013; and in August 2014, the IMF
approved a three-year, $570 million Extended Credit Facility for Yemen.
Deteriorating security restricts economic growth and the provision of
government services.
|
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 :
Hassan Al Bar, Purchasing Officer
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
Mobile : (967-77) 7382901
Email : bmc_almehdar@yahoo.com
/ info@bmc-ye.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
Name Position
Mohsin Ali Al Mehdar Managing
Partner
Hussain Mohamed Al Mehdar Partner
Mehdar Abdullah Al Mehdar General
Manager
Mohamed Hesham Al Tayeb Sales
Manager
Mohamed Mohsin Al Mehdar Purchasing
Manager
Hassan Al Bar Purchasing
Officer
Yasser Ghassan Accountant
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
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
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:
Al Gyas Export Pvt Ltd 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
highlights provided by local sources are given below:
Currency: Yemeni
Riyal (YR)
Year
Ending 31/12/14:
Total Sales YR
500,860,000
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.
Please note that the correct name of the subject is “Al Mehdar And
Associates Trading Co Ltd (BMC)” and not “BMC Al Mehdar & Assts Trading Co
Ltd”.
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.66.20 |
|
|
1 |
Rs.98.30 |
|
Euro |
1 |
Rs.72.41 |
|
YR |
1 |
Rs.0.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
AMR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
|
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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 |
|
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.