MIRA INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SOFFAR BROTHERS FOR TRADING &
MANUFACTURING |
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Registered Office : |
Radi Office No. 205, Moharam Bey, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
01.06.1994 |
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Com. Reg. No.: |
3604, Alexandria |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers and distributors of yarn and cotton products |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Egypt |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : SOFFAR BROTHERS FOR TRADING & MANUFACTURING
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1st June 1994
Commercial Registration Number : 3604, Alexandria
Issued Capital : £E 100,000
Paid up Capital : £E 100,000
Total Workforce : 60
Activities : Manufacturers and distributors of yarn and cotton products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
Person Interviewed : Mohamed Ismail Soffar, Managing Partner
COMPANY NAME
SOFFAR BROTHERS FOR TRADING &
MANUFACTURING
company ADDRESS
Registered &
Physical Address
Building : Radi Office No. 205
Area : Moharam Bey
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3808332
Facsimile : (20-3) 3808332
Mobile : (20-10) 6503333 / (20-12)
1369090
Email : mohamedsofar@hotmail.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
KEY PRINCIPALS
Name Position
·
Mohamed Ismail Soffar Managing
Partner
·
Ismail Soffar Partner
·
Ramdan Ahmed Saad General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1st
June 1994
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 3604,
Alexandria
Issued Capital : £E 100,000
Paid up Capital : £E 100,000
Name of
Shareholder (s)
·
Mohamed Ismail Soffar
·
Ismail Soffar
OPERATIONS
Activities: Engaged in the manufacture and distribution
of yarn and cotton products.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 60 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales £E 18,400,000 £E 18,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
BNP
Paribas Egypt
Smouha Branch
3 Fourteen May Street
Alexandria
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
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UK Pound |
1 |
Rs.76.72 |
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Euro |
1 |
Rs.65.85 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.