MIRA
INFORM REPORT
|
Report Date : |
06.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
ROOVAN JUTE
INDUSTRIES |
|
|
|
|
Registered Office : |
Harbey Street,
Damietta |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
8th September 2004 |
|
|
|
|
Com. Reg. No.: |
55627, Damietta |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Engaged in the
manufacture of jute webbing for bags and upholstery. |
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 |
|
Maximum Credit Limit : |
US$ 100,000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : ROOVAN JUTE INDUSTRIES
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 8th September 2004
Commercial Registration Number : 55627, Damietta
Invested Capital : £E 25,000
Total Workforce : 23
Line of Business : Manufacturers of jute webbing for bags and upholstery.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
ROOVAN JUTE
INDUSTRIES
ADDRESS
Registered & Physical Address
Location : Harbey Street
Town : Damietta
Country : Egypt
Telephone : (20-57) 378545 / 3461827
Facsimile : (20-57) 337479
Email : domyat@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are leased and located
in the Industrial Area of Damietta.
KEY PRINCIPALS
·
Mohamed
Mohamed El Kazaz Proprietor
& General Manager
LEGAL FORM & OWNERS
Date of Establishment : 8th
September 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 55627,
Damietta
Invested Capital
: £E 25,000
Mr Mohamed Mohamed El
Kazaz is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the manufacture of jute webbing
for bags and upholstery.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 23 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pound (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 5,700,000 £E 6,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Housing &
Development Bank
12 Syria Street
Mohandessin
Cairo
Tel : (20-2) 3492013
Fax
: (20-2) 3499652
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
business 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
|
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)