MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
AL MAJDI PLASTIC
FACTORY |
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Registered Office : |
New Industrial
Area, |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
24th February 2004 |
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Com. Reg. No.: |
28206, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the production
of plastic products, including chairs, tables, cups and trays. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : AL MAJDI PLASTIC FACTORY
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 24th February 2004
Commercial Registration Number :
28206,
Invested Capital : SDG 1,000,000
Total Workforce : 75
Line of Business : Producers of plastic products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MAJDI PLASTIC
FACTORY
ADDRESS
Registered & Physical Address
Location : New Industrial Area
PO Box : 820
Town :
Country : Sudan
Telephone : (249-187) 573914
Facsimile : (249-187) 552515
Mobile : (249-912) 302367 / 302167
Email : almajdi2005@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Omdurman.
KEY PRINCIPALS
·
Emad
Othman Ahmed Al Imam Proprietor
& General Manager
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Hani
Yacoub Assistant
General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 24th
February 2004
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 28206, Khartoum
Invested Capital
: SDG 1,000,000
Mr Emad Othman
Ahmed Al Imam 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 production of plastic
products, including chairs, tables, cups and trays.
Import Countries
: Europe and the Far East.
Brand Names : AL MAJDI
Operating Trend
: Steady
Subject has a workforce
of 75 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Sudanese
Pounds (SDG)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue SDG 12,200,000 SDG 12,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Export
Development Bank
UN Square
Khartoum
Account No. 10341
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El
Nilein Bank
Central Station Branch
Omdurman
Account No. 185279
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 3,500,000:
According to local sources subject is making steady progress in the local business market and nothing detrimental has been reported regarding the manner in which payments are fulfilled. As such the business is considered to be a fair trade risk.
The above credit
figure is higher than transactions previously seen and a measure of caution
would be prudent given the magnitude of the transaction.
Maximum suggested
credit figure: US$ 500,000
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. |
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%)