MIRA
INFORM REPORT
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Report Date : |
08.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MEGALEC
IMPORT & EXPORT |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1992 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged as
commercial agents in the field of electric equipment, including electric keys,
lighting equipment, chandeliers, and wall lamps. |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MEGALEC IMPORT & EXPORT
Country of Origin :
Legal Form : General Partnership
Registration Date : 1992
Partners Capital : £E 100,000
Total Workforce : 9
Line of Business : Commercial agents in the field of electric equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MEGALEC
IMPORT & EXPORT
ADDRESS
Registered & Physical Address
Location : 8 Eglise Debbane Street
PO Box : 604
Town :
Country : Egypt
Telephone : (20-3) 5857129 / 5820231 / 5853188 / 5857736
Facsimile : (20-3) 5832085
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Alexandria.
Branch Office (s)
Location Description
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14 Wadi
El Nil Street Rented showroom premises
Mohandessin, Giza
Cairo
Tel: (20-2) 3042457
KEY PRINCIPALS
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Michele
Ahed Managing
Partner
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Jihan
Michele Ahed Partner
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Nader
Michele Ahed Partner
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Robert
Ahed General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1992
Legal Form :
Sharikat Tadhamun (General
Partnership)
Partners Capital : £E 100,000
Name of Partner (s)
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Michele
Ahed
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Jihan
Michele Ahed
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Nader
Michele Ahed
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 as commercial agents in the field
of electric equipment, including electric keys, lighting equipment,
chandeliers, and wall lamps.
Import Countries
: Italy, United Kingdom,
Netherlands, France, and India.
Brand Names : BTICIHO
Operating Trend
: Steady
Subject has a
workforce of 9 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 4,900,000 £E 5,180,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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ABN
Amro Bank NV
Main Branch
Alexandria
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Credit
Agricole Egypt
14 Salah Salem Street
Alexandria
Tel: (20-3) 4820550
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HSBC
Bank Egypt
47 El Sultan Hussain Street
Alexandria
Tel: (20-3) 4872949
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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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%)