MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
BELLA DONNA KNITTING & READY MADE GARMENTS |
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Registered Office : |
116 Kerdassa Road, El Mariotia, PO Box 1655, El Ataba, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
21.11.1989 |
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Com. Reg. No.: |
84406, Cairo |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Production of
Knitwear Products |
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$ 750,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : BELLA DONNA KNITTING
& READY MADE GARMENTS
Also Known As : BELLA
DONNA
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 21st
November 1989
Commercial
Registration Number : 84406,
Cairo
Invested Capital : £E
1,700,000
Total Workforce : 300
Line of Business : Production
of knitwear products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
BELLA DONNA KNITTING & READY MADE GARMENTS
ALSO KNOWN AS
BELLA DONNA
ADDRESS
Registered & Physical Address
Street : 116 Kerdassa
Road
Area : El Mariotia
PO Box : 1655, El Ataba
Town : Cairo
Country : Egypt
Telephone : (20-2) 33833770
/ 33875024
Facsimile : (20-2)
33835655
Email : beladona@soficom.com.eg
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
· 16 Gaafar Street Office
& factory premises
Taawen El
Haram Area, Pyramids
Cairo
Tel :
(20-2) 33833273
Fax :
(20-2) 33833273
· Simiramis Hotel Showroom
premises
Corniche El Nil Street
Cairo
Tel : (20-2)
33557171
· Mohandessin Showroom
premises
Giza
Cairo
Tel :
(20-2) 6718893
· Alexandria Showroom
premises
Tel : (20-3)
4836076
KEY PRINCIPALS
Name Position
· Fouad Hodrog Proprietor
& General Manager
· Gazzim Hodrog Assistant
General Manager
· Hussan Abdul Hadi Production
Manager
· Ezzat Ragab Financial
Manager
· Ms Amal Abdul
Zaher Administration
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 21st
November 1989
Legal Form : Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg.
No. : 84406, Cairo
Invested Capital : £E 1,700,000
Mr Fouad Hodrog 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.
AFFILIATED COMPANIES
· Bella Moda
Industrial Zone
No. 1
Giza
Sixth of October
City
Tel : (20-11)
331203
· Tricot Orient
Beirut
Lebanon
LINE OF BUSINESS
Operations : Subject is engaged in the manufacture, wholesale
and retail of a variety of
clothing and knitwear in such fibres as wool, angora, alpaca, mohair,
merinos
wool and mixed wool fibres. The product range includes : pullovers,
cardigans,
polo shirts, jumpers and leggings.
Subject manufactures products for the following European
companies :
- Carbon France
- Antonli France
- Micha Denmark
Import Countries : The United Kingdom, France, Spain, Italy and
Turkey.
International Suppliers :
· Himisa Spain
· Dizi Italy
· Folco Italy
· Lanros Italy
Export Countries : France, Italy, Denmark, the United States of
America and the Middle
East.
Brand Names : BELLA DONA
Operating Trend : Steady
Subject has a workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue £E
49,000,000 £E
54,500,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box : 1825
Cairo
Tel : (20-2) 3416150
Fax : (20-2) 3420265
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction March
2000
Credit amount 200,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Bella Donna is Egypt’s largest producer of knitwear products, producing
knitwear under its own brand of “Bella Donna” as well as for several European
companies. The business has been trading for over 10 years and has gained a
reputation for quality knitwear products.
According to local sources, subject meets its payment obligations in a
timely manner and is considered to be a fair trade risk. As such the above
credit figure is deemed admissible.
Maximum suggested credit figure: US$ 750,000
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%)