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Report No. : |
338545 |
|
Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL HADHA TRADING & GENERAL AGENCIES CO LTD |
|
|
|
|
Registered Office : |
Al Hadha Building, Al Zubairi Street, PO Box : 257, Sana’a |
|
|
|
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Country : |
Yemen |
|
|
|
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Year of Establishment : |
1986 |
|
|
|
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Com. Reg. No.: |
1102, Sana’a |
|
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|
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Legal Form : |
Limited Liability Company |
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|
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Line of Business : |
Subject is
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 : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
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|
|
|
Payment Behaviour : |
Unknown |
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|
|
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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 |
C2 |
|
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 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 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 :
Unknown
Person Interviewed : Bashir Al Salwi, Commercial Manager
AL HADHA TRADING & GENERAL AGENCIES CO
LTD
Building : Al Hadha Building
Location : Al Zubairi Street
PO Box : 257
Town : Sana’a
Country : Yemen
Telephone : (967-1) 204551 / 214102 / 211160 /
211161 / 211163 / 211166 / 211164 / 204443
Facsimile : (967-1) 204552 / 211164 / 406625
Mobile : (967-777) 351690 / 774707
Email : alhadha@alhadhagroup.com / sanaa@al-hadha.com
/ alhadhatrading@al-hadha.com
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
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
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
·
Ahmed
Hussain Al Hadha
·
Dr
Kassim Hussain Al Hadha
·
Abdulla
Hussain Al Hadha
·
Mohsin
Hussain Al Hadha
·
Hassan
Hussain Al Hadha
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
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.
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.
·
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
Unknown
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.66.40 |
|
UK Pound |
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
|
|
|
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.