|
Report No. : |
320135 |
|
Report Date : |
02.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL MEHDAR AND ASSOCIATES TRADING CO LTD (BMC) |
|
|
|
|
Registered Office : |
Bal Gais, Hadramout, PO Box No. 50391, Mukallah |
|
|
|
|
Country : |
Yemen |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Year of Incorporation : |
1992 |
|
|
|
|
Com. Reg. No.: |
2561/151 |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Subject is 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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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. 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 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 that year. 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. 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. Declining security continues to hinder 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)
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
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
·
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.
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.63.58 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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.