MIRA
INFORM REPORT
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Report Date : |
13th
February, 2007 |
IDENTIFICATION
DETAILS
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Name : |
TARGET FOR READY MADE GARMENTS |
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Registered Office : |
445 Canal El Mahmoudya Street, El Nozha
Industrial Zone, Alexandria, Egypt. |
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Country : |
Egypt |
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Date of Incorporation : |
2004 |
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Legal Form : |
Mouassasa
Khassa (Sole Proprietorship) |
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Line of Business : |
Engaged in the manufacture and exporter of cotton ready made
garments for ladies, including T-Shirts, tracksuits, and pyjamas. |
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$
150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
SUMMARY
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Company
Name |
TARGET FOR READY MADE GARMENTS |
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Country
of Origin |
Egypt |
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Legal
Form |
Sole Proprietorship |
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Registration
Date |
2004 |
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Invested
Capital |
£E 1,500,000 |
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Total
Workforce |
120 |
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Line
of Business |
Manufacture and
exporter of cotton ready made garments |
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Financial
Condition |
Fair |
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Payments |
Nothing detrimental uncovered |
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Operating
Trend |
Steady |
COMPANY NAME
TARGET FOR READY MADE GARMENTS
ADDRESS
Registered & Physical Address
Street : 445
Canal El Mahmoudya Street
Area : El
Nozha Industrial Zone
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4298331
Facsimile : (20-3) 4205910
Premises
Subject
operates from a medium sized suite of offices and a factory that are rented and
located in the Industrial Area of Alexandria.
KEY PRINCIPALS
· Ahmed Mohamed Ibrahim Proprietor
& General Manager
· El Sayed Abd El Latif
Abd El Shafie Assistant General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2004
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested
Capital : £E 1,500,000
Mr Ahmed Mohamed Ibrahim 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 and exporter of cotton ready
made garments for ladies, including T-Shirts, tracksuits, and pyjamas
Import
Countries :
India
Export
Countries :
France
Operating
Trend : Steady
Subject
has a workforce of approximately 120 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
12,290,000 £E
14,500,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Arab
Bank
224 El Horreya Road
Alexandria
Tel: (20-3) 5931602
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$ 150,000
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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