|
Report Date : |
24.09.2013 |
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 |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1994 |
|
|
|
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Com. Reg. No.: |
284702, Cairo |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture and export of clothing items. |
|
|
|
|
No. of Employees : |
600 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent,
Egypt is bisected by the highly fertile Nile valley, where most economic
activity takes place. Egypt's economy was highly centralized during the rule of
former President Gamal Abdel NASSER but opened up considerably under former
Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008
aggressively pursued economic reforms to attract foreign investment and
facilitate GDP growth. Despite the relatively high levels of economic growth in
recent years, living conditions for the average Egyptian remained poor and
contributed to public discontent. After unrest erupted in January 2011, the
Egyptian Government backtracked on economic reforms, drastically increasing
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
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 clothing items.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MELMAR KNITWEAR CO
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.
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
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
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
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
Operating Trend: Steady
Subject has a workforce of approximately 600 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
15,816,153 £E
17,513,064
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
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
No complaints regarding subject’s payments have been reported.
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.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.