MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
CITY TEXTILE COMPANY |
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Registered Office : |
El Obour
Industrial Zone, Block No. 13036, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
15.06.2005 |
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Com. Reg. No.: |
15191, Obour |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of Clothing |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : CITY TEXTILE COMPANY
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 15th June 2005
Commercial Registration Number : 15191, Obour
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Total Workforce : 70
Activities : Manufacture of clothing
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 100,000
COMPANY NAME
CITY TEXTILE
COMPANY
ADDRESS
Registered & Physical Address
Location : El Obour Industrial Zone, Block
No. 13036
Town : Cairo
Country : Egypt
Telephone : (20-2) 46105031
Facsimile : (20-2) 46105032
Mobile : (20-16) 7833089
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Cairo.
KEY PRINCIPALS
Name Position
·
Ibrahim
Ali Abu El Alaa Managing
Partner
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Shaaban
Ali Abu El Alaa Partner
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Sayed
Ali Abu El Alaa Partner
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Ahmed
El Shimi General
Manager
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Nader
Sayed Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 15th
June 2005
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 15191, Obour
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Name of Shareholder (s)
·
Ibrahim
Ali Abu El Alaa
·
Shaaban
Ali Abu El Alaa
·
Sayed
Ali Abu El Alaa
OPERATIONS
Activities: Engaged in the manufacture of clothing
specialising in T-shirts. Production began in early 2008.
Subject has a
workforce of 70 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
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Misr
International Bank (MIBANK)
14, Alfy Street
PO Box : 631
Cairo
Tel : (20-2) 5931002
Fax : (20-2) 5912306
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
City Textile
Company is a relatively new business with commercial operations commencing in
early 2008. It is engaged in the manufacture of clothing specialising in
T-shirts.
According to local sources subject is making steady progress
in the local business market and nothing detrimental has been reported
regarding the manner in which payments are fulfilled. As such the business is
considered to be a fair trade risk and the above credit figure is deemed
admissible.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.16 |
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UK Pound |
1 |
Rs.85.51 |
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Euro |
1 |
Rs.67.95 |
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%)