MIRA INFORM REPORT

 

 

Report Date :

07.01.2011

 

IDENTIFICATION DETAILS

 

Name :

MELMAR KNITWEAR CO

 

 

Registered Office :

50 Hod El Medawarat Street, Ezbat El Gohary, Tariq Bahtim El Qadim, Shoubra El Kheima, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1994

 

 

Com. Reg. No.:

284702, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of readymade garments

 

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$ 300,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

Litigation :

Clear

 

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

 

ECGC Country Risk Classification List – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

SUMMARY

 

Company Name                                     : MELMAR KNITWEAR CO

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1994

Commercial Registration Number            : 284702, Cairo

Issued Capital                                        : £E 3,600,000

Paid up Capital                                      : £E 3,600,000

Total Workforce                                     : 600

Activities                                               : Manufacture and export of readymade garments

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 300,000

 

COMPANY NAME

 

MELMAR KNITWEAR CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 50 Hod El Medawarat Street

Area                 : Ezbat El Gohary, Tariq Bahtim El Qadim, Shoubra El Kheima

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 42211410 / 42226946 / 42205377 / 42229390 / 42215218

Facsimile          : (20-2) 42205377 / 42226946

Email                : info@melmar.com.eg

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Youssef Mahboub Youssef Wassef                                                     Chairman

 

·       Eleza Mahboub Youssef Wassef                                                        Vice Chairman

 

·       Tamer Thabet                                                                                    General Manager

 

·       Ehab Nasre                                                                                      Finance Manager

 

·       Khalil George Nader                                                                          Administration Manager

 

·       Sherif Nagi                                                                                        Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 284702, Cairo

 

Authorised Capital       : £E 10,000,000

 

Issued Capital              : £E   3,600,000

 

Paid up Capital            : £E   3,600,000

 

Name of Shareholder (s)

 

·       Youssef Mahboub Youssef Wassef

 

·       Eleza Mahboub Youssef Wassef

 

·       Melisia Youssef Mahboub Youssef

 

·       Mark Youssef Mahboub Youssef

 

·       Lizabeath Gebrail Gargrian

 

 

AFFILIATED COMPANIES

 

·       Fabulous Sportswear

15th May Street

Tariq Bahtim El Qadim

Shoubra El Kheima

Cairo

Tel: (20-2) 44709792 / 44725547

Fax: (20-2) 44709792

 

 

OPERATIONS

 

Activities                      : Engaged in the manufacture and export of readymade garments made from cotton for ladies and gents.

 

Import Countries          : Germany, Singapore and India

 

Export Countries          : Saudi Arabia, United States of America, Canada and Europe

 

Brand Names               : FABULOUS

 

Subject has a workforce of approximately 600 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

       Mohandessin

       Cairo 11111

       Tel: (20-2) 33619005 / 33385877

       Fax: (20-2) 33385940 / 33385938

 

·       Credit Agricole Egypt

2 D/4 El Nasr Street

New Maadi

Cairo

Tel: (20-2) 25172743

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.31

UK Pound

1

Rs.70.26

Euro

1

Rs.59.56

 

 

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

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

----

NB

New Business

----

 

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%)

 

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.