MIRA INFORM REPORT

 

 

Report Date :           

06.04.2012

 

IDENTIFICATION DETAILS

 

Name :

NEWTRAC TRADING LTD

 

 

Registered Office :

25 Omar Lotfy Street, Camp Cesar, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

29.03.1995

 

 

Com. Reg. No.:

137867, Alexandria

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Distributors of cotton products and textiles

 

 

No. of Employees :

22

 

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$ 650,000

 

 

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                                     : NEWTRAC TRADING LTD

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 29th March 1995

Commercial Registration Number            : 137867, Alexandria

Issued Capital                                        : £E 1,500,000

Paid up Capital                                      : £E 1,500,000

Total Workforce                                     : 22

Activities                                               : Distributors of cotton products and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 650,000

 

COMPANY NAME

 

NEWTRAC TRADING LTD

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 25 Omar Lotfy Street, Camp Cesar

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 5973278 / 5904549

Facsimile          : (20-3) 5973078

Email                : pashba@newtrac.com / newtrac@newtrac.com

 

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       22 El Emam Ali Street                                                                       Office premises

Heliopolis

Cairo

Tel: (20-2) 22901975 / 24191613

Fax: (20-2) 24174767

 

·       2nd Industrial Area, Block 9, Unit 9                                                      Warehouse premises

Borg El Arab El Gidida

Alexandria

Tel: (20-3) 4592604

 

·       2 Mohamed Ahmed Afif Street                                                            Office premises

El Hegaz Square

Heliopolis

Cairo

Tel: (20-2) 26396251 / 26392267

Fax: (20-2) 26396251

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Patrick Youssef Ashba                                                                      Managing Partner

·       Antoine Krikor Ashba                                                             Partner

·       Gaby Latouf                                                                                      Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 29th March 1995

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 137867, Alexandria

 

Issued Capital              : £E 1,500,000

 

Paid up Capital            : £E 1,500,000

 

Name of Shareholder (s)

·       Patrick Youssef Ashba

·       Antoine Krikor Ashba

 

 

AFFILIATED COMPANIES

 

·       Intraconsult

·       Ashtecs

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of cotton products and textiles, as well as dyes, retarding agents for  textile dyeing, thickeners and thinners for textile fabric printing, textile spinning and twisting machinery.

 

Import Countries : United States of America, United Kingdom, Belgium, Switzerland, Germany, Japan, Thailand

      and South Korea.

 

Agencies Held:

 

·       Sumitomo

·       Pulcra

·       Itochu

·       Atul

·       LJ

·       Bersa

·       Tubetex

·       Monforts

 

International Suppliers:

 

·       Genencor                                         United States of America

·       Spectrachem                                    United States of America

·       Tubular Textile Machinery Inc United States of America

·       Coates Lorilleux                                United Kingdom

·       Kisco                                               South Korea

 

Operating Trend: Steady

 

Subject has a workforce of 22 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                £E 9,100,000                             £E 10,800,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       American Express Bank

PO Box: 803

Alexandria

Tel: (20-3) 4950912

Fax: (20-3) 4950917

 

·       Commercial International Bank

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

 

 

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.51.05

UK Pound

1

Rs.81.09

Euro

1

Rs.67.39

 

 

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.