MIRA
INFORM REPORT
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Report Date : |
12.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
GOLDEN TOUCH CO |
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Registered Office : |
151
El Hegaz Street, Misr El
Kadimah, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1995 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged
in the processing of all kinds of metal working, such as refrigerator
shelves. |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : GOLDEN TOUCH CO
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 1995
Partners Capital : £E 500,000
Total Workforce : 25
Line of Business : Processing of all kinds of metal working
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GOLDEN TOUCH CO
ADDRESS
Registered & Physical Address
Street : 151
El Hegaz Street
Area : Misr El Kadimah
Town : Cairo
Country : Egypt
Telephone : (20-2) 6369791
/ 6374377
Facsimile : (20-2) 6369791
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Cairo.
Branch Office (s)
Location Description
·
Guesr
El Suez Industrial Zone Owned
workshop premises
El Salam City
Cairo
Tel: (20-2) 6982522
KEY PRINCIPALS
·
Hesham
Zamzam Managing
Partner
·
Hassan
Abu Zeid Partner
LEGAL FORM &
OWNERS
Date of Establishment : 1995
Legal Form :
Sharikat Tadhamun (General
Partnership)
Partners Capital : £E 500,000
Name of Partner (s)
·
Hesham
Zamzam
·
Hassan
Abu Zeid
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding
the English translation of its name, this type of company should not be
compared to the partnership concept under English Law. A Sharikat Tadhamun is
considered a company and has the attributes of a corporation similar to that of
a partnership under Scottish Law or to the “Societe en Nom Collectif” under
French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations : Engaged in the
processing of all kinds of metal working, such as refrigerator shelves.
Import Countries
: India and Europe
Operating Trend
: Steady
Subject has a
workforce of 25 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 7,290,000 £E 8,100,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Arab African
Bank
5, El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 3545094
Fax: (20-2) 3558493
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
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$ 100,000
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 |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)