MIRA INFORM REPORT
|
Report Date : |
20.10.2011 |
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 clothing items |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 : 620
Activities : Manufacture and export of clothing items.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 300,000
Person Interviewed : Mina Karm, Financial Controller
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 Saad Thabet General
Manager
·
Ehab Nasre Finance
Manager
·
Khalil George Nader Administration
Manager
·
Sherif Nagi Export
Manager
·
Rami
Heshmat Commercial
Manager
·
Mina
Karm Financial
Controller
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
50 Hod El Medawarat
Shoubra El Kheima
Cairo
Tel: (20-2) 42211410 / 42226946
·
Fabulous
Knitwear Co
Beni Suef
Tel: (20-82) 2323298
Fax: (20-82) 2323298
OPERATIONS
Activities: Engaged in the
manufacture and export of clothing items made from cotton for ladies and gents.
Production Capacity: 500,000 pieces per month
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 620 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
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the company is deemed a fair trade risk and the above
credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
|
UK Pound |
1 |
Rs.77.49 |
|
Euro |
1 |
Rs.67.96 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.