|
Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
THE NATIONAL FOR
TEXTILE |
|
|
|
|
Registered Office : |
El Gawhara Street,
New Borg El Arab City, 2nd Industrial Zone, Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1997 |
|
|
|
|
Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Processing,
dyeing and finishing of textiles. |
|
|
|
|
No. of Employees : |
150 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source : CIA |
Company Name : THE
NATIONAL FOR TEXTILE
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 1997
Invested Capital : £E
1,800,000
Total Workforce : 150
Activities :
Processing, dyeing and finishing of textiles.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
THE NATIONAL FOR
TEXTILE
Registered & Physical Address
Street : El Gawhara Street
Area : New Borg El Arab City, 2nd
Industrial Zone
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4592972 / 4594093
Facsimile : (20-3) 4592088
Mobile : (20-122) 6188008
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Alexandria.
Name Position
Hussam Najeeb
Eddine Abdul Ghani Proprietor
& General Manager
Najeeb Hussam
Najeeb Eddine Abdul Ghani Assistant
General Manager
Ahmed Hassan Commercial
Manager
Date of
Establishment : 1997
Legal Form : Sole Proprietorship
Invested Capital
: £E 1,800,000
Mr Hussam Najeeb
Eddine Abdul Ghani is the sole proprietor of the business.
Activities: Engaged
in the processing, dyeing and finishing of textiles.
Import
Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce
of approximately 150 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales £E 17,600,000 £E 18,110,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
Bank of Alexandria
19 Salah Salem
Street
El Gomrok, Mansheya
Alexandria
Tel: (20-3) 4827995
No complaints
regarding subject’s payments have been reported.
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.46 |
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.