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Report Date : |
01.08.2012 |
IDENTIFICATION DETAILS
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Name : |
FARAG TEXTILE (FARAGTEX) |
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Registered Office : |
1 Tohotmos Street,
3rd Industrial Zone, Plot 1/6, Sharkeya, P O Box 11769, Tenth of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
2001 |
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Com. Reg. No.: |
2245 |
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Legal Form : |
General Partnership |
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Line of Business : |
Production of textiles, printing and preparing service for polyester, as well as the import of spinning machines |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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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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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name : FARAG TEXTILE (FARAGTEX)
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 2001
Commercial Registration Number : 2245
Partners Capital : £E 7,200,000
Total Workforce : 350
Activities :
Production of textiles, printing and
preparing service for polyester, as
well as the import of spinning machines.
Financial Condition : Fair
Payments : Steady
FARAG TEXTILE
(FARAGTEX)
Registered &
Physical Address
Street : 1 Tohotmos Street
Area : 3rd Industrial
Zone, Plot 1/6, Sharkeya
PO Box : 11769
Town : Tenth of Ramadan City
Country : Egypt
Telephone : (20-15) 412544 / 412545 / 412546 /
412547
Facsimile : (20-15) 412544 / 412102
Mobile : (20-12) 3900022
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of the Tenth of Ramadan City.
Name Position
·
Mohamed Mahmoud Farag Managing
Partner
·
Hesham Mahmoud Farag Partner
·
Suliman
Assal Finance
Manager
·
Ibrahim
Moustafa Production
Manager
·
Said Hammad Maintenance
Manager
·
Mohamed
Mansour Administration
Manager
·
Ahmed
Abd El Moneim Accounts
Manager
Date of Establishment : 2001
Legal Form :
General Partnership
Commercial Reg. No. : 2245
Tax
Card No. : 413-103-205
Partners Capital : £E 7,200,000
Name of Partner
(s)
·
Mohamed Mahmoud Farag
·
Hesham Mahmoud Farag
Activities: Engaged in the production of textiles, printing and
preparing service for polyester, as well as the import of spinning machines.
Import
Countries: India, China,
Taiwan, East Asia and Indonesia
Brand Names: FARAG TEX
Operating Trend: Steady
Subject has a
workforce of approximately 350 employees.
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 65,403,000 £E 66,701,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
Sharkeya Branch
Tenth of Ramadan City
Tel: (20-15) 360833 / 360744 / 344144
·
Misr
International Bank (MIBANK)
Main Branch
Tenth of Ramadan City
Tel: (20-15) 378435
Fax: (20-15) 378327
·
Societe
Arab International de Banque
PO Box: 124
Cairo
Tel: (20-2) 33499464 / 33603489
Fax: (20-2) 33603497 / 33603487
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.81 |
|
UK Pound |
1 |
Rs.87.67 |
|
Euro |
1 |
Rs.68.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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.