MIRA INFORM REPORT
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Report Date : |
11th May 2006 |
IDENTIFICATION DETAILS
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Name : |
MARTEX FOR READY MADE
CLOTHES |
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Registered Office : |
Arab El Abaida,
Takseem El Togareyen El Khanka,
Kaliubeya Cairo,
Egypt |
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Date of Incorporation : |
1991 |
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Legal Form : |
Egyptian
Joint Stock Company |
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Line of Business : |
Manufacture
and export of readymade garments. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
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Company Name |
MARTEX FOR READY MADE CLOTHES |
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Also Known As |
MARTEX FASHION |
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Country of Origin |
Egypt |
|
Legal Form |
Egyptian Joint Stock Company |
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Registration Date |
1991 |
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Issued Capital |
£E 250,000 |
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Paid up Capital |
£E 250,000 |
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Total Workforce |
55 |
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Line of Business |
Manufacture and export of readymade garments. |
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Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
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Operating Trend |
Steady |
COMPANY NAME
MARTEX FOR READY MADE CLOTHES
ALSO KNOWN AS
MARTEX FASHION
ADDRESS
Registered & Physical Address
Location : Arab El Abaida, Takseem El Togareyen
Area : El Khanka, Kaliubeya
Town : Cairo
Country : Egypt
Telephone : (20-2) 4341560 / 4631100
Facsimile : (20-2) 4633421
Email : marian-helmy@martexfashion.com
Premises
Subject operates from a medium sized suite of offices and a factory that are owned and located in the Industrial Area of Cairo.
KEY PRINCIPALS
Tarek Abd El Fattah El Henedy Managing Director
Abu El Nasr Mohamed Khalifa Director
Marian Helmy Marketing Manager
Wael Mohamed Salem Administration Manager
LEGAL FORM & OWNERS
Date of Establishment : 1991
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock
Company)
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of Shareholder (s)
Tarek Abd El Fattah El Henedy
Abu El Nasr Mohamed Khalifa
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe Anonyme
Egyptienne - SAE – should not be less than £E 500,000 if
shares are offered to the public and £E 250,000 if not. If shares are offered
to the public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in the
manufacture and export of readymade cotton and blended cotton garments for men,
ladies & children.
Import Countries : India
Export Countries : Germany,
France, United Kingdom, and the Republic of Ireland.
Operating Trend : Steady
Subject has a workforce of 55 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year Ending 31/12/03: Year Ending 31/12/04:
Total Revenue £E 9,370,000 £E 10,600,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Faisal Islamic Bank of Egypt
1113 Corniche El Nil Street
Cairo
Tel : (20-2) 2753165
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Martex For Ready Made Clothes is well established in the local
market and is engaged in the manufacture and export
of readymade garments.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 150,000
RATING EXPLANATIONS
RATING
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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 |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively below average/normal. |
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 |