MIRA INFORM REPORT

 

 

Report Date :

02.06.2012

 

IDENTIFICATION DETAILS

 

Name :

EW ABRAHAMS & SONS LTD

 

 

Registered Office :

35 Hagley Park Rd Kingston 10 Jamaica

 

 

Country :

Jamaica

 

 

Date of Incorporation :

1950's

 

 

Com. Reg. No.:

5545

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Import / Distributor of Hair Care, perfumes, personal items, skin care.

 

 

No. of Employees :

70

 

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Jamaica

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

GEOPOLITICS – JAMAICA

 

POLITICAL DATA

ECONOMIC DATA

Form of Government: Commonwealth Realm - Parliamentary system


Economic Risk: High

Currency: 100 JMD = 1.17 USD

Branch Situation:Stable

 

 

IDENTIFICATION

 

Legal Name:

EW Abrahams & Sons Ltd

 

 

Legal Address

35 Hagley Park Rd Kingston 10 Jamaica

Operative Address

35 Hagley Park Rd Kingston 10 Jamaica

Telephone:

(876) 926-1585 / 926-1586 / 968-6938

Registration Number :

5545

Fax:

(876) 929-4484

Legal Form:

Limited Liability Company

Email:

info@ewabrahams.com

Registered in:

Jamaica

Website:

http://www.ewabrahams.com/

Date Created:

1950's

Manager:

Michael A. Abrahams - Managing Director

Date Incorporated:

1953

Staff:

70

Stock:

N.A.

 

 

Value:

N.A.

Activity:

Import / Distributor

 

 

BANKS

 

Name of the Bank

Republic Bank

 

 

BUSINESS

 

HISTORY

 

Edgar And Gloria Abrahams late founders began with a partner in the business which traded under the name, Abrahams & Walton. Years later in 1953, this business was to become incorporated under its current name E.W.Abrahams & Sons Limited.

PRINCIPAL ACTIVITY

 

Importation and distribution.

Products/Services description:

 

Hair Care, perfumes, personal items, skin care.

Sales are:

 

Wholesale

Brands:

 

LADI NOLA

Clients:

 

Retailers, Hair and beauty salons, etc.

Suppliers:

 

COTY U.S.

Operations area:

 

National, Local

The company imports from USA, India, Brazil and Europe.

The company exports to Caribean

The subject employs 70 employees

PAYMENTS

 

made on a 65 days basis - monitored over the last 12 months

LOCATION

Headquarters

 

35 Hagley Park Rd Kingston 10 Jamaica

The property is:

 

Owned

Comments on location:

 

The sole location is at the same time headquarters and warehouse.

 

 

Shareholders - Manager - Related Companies

 

Listed at the stock exchange:

 

NO

Shareholders Parent Company(ies):

 

The company is privately held and Mr. Michael A. Abrahams is the major shareholder of the company.

Management:

 

Michael A. Abrahams, Managing Director

Donald Deans, Sales Manager

 

 

Financials - COMMERCIAL TRENDS AND FORECAST

 

 

As a private company the subject does not publish any financial statements.

 

We have contacted Mr. Michael A. Abrahams who provided us with the following data:

 

Currency

DATE

 

USD

2011

 

Turnover

5,000,000

 

The cash flow is

Normal

 

 

 

Currency

DATE

USD

2009

Turnover

4,300,000

Operating Income

155,000

Net Income

94,000

Net worth

650,000

Bank liabilities

65,000

The cash flow is

normal

 

 

Comments on the financial data: For 2012 Mr. Michael A. Abrahams, indicated us he is expecting an increase of 15% for 2012 sales.

Legal Fillings

 The sources consulted record no detrimental legal or labor court information.

 

 

Rating

 

Local credit bureau gave a Normal credit rate.

 

The company is in Good Standing. This means that all local and federal taxes were paid on due date.

 Final Opinion

 

The company has 57 years of experience with no legal changes since its incorporation. They currently have the support of 70, working with one location in Jamaica which works as warehouse, this company also manufacture some products and export them around the Caribean.

 

We did not find negative data or legal record against the company, and based on our research plus the chat with the company we beleive a credit line could be considered for USD 80,000 

 

 

SUMMARY

 


FINANCIAL SUMMARY


DEBT COLLECTIONS AND PAYMENTS

Profitability

N.A.

Public Records

NO

Indebtedness

N.A.

Payments

REGULAR

Cash

NORMAL

 

 

 

 

APPENDIX

 

Person Interviewed

 

Mr, Michael A. Abrahams

Comments

 

Mr. Abrahams, confirmed and provided us most of the information for this report.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.91

UK Pound

1

Rs.86.03

Euro

1

Rs.69.12

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.