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Report Date : |
26.10.2012 |
IDENTIFICATION DETAILS
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Name : |
KORANY BROTHERS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.02.1994 |
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Com. Reg. No.: |
281595, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of textiles and readymade garments. |
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No. of Employees : |
8 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 : KORANY BROTHERS
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 22nd February 1994
Commercial Registration Number : 281595, Cairo
Tax Card Number : 249-498-510
Partners Capital : £E 100,000
Total Workforce : 8
Activities : Distributors of textiles and readymade garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KORANY BROTHERS
Location : 71 Al Azhar
Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 25100480
/ 25125242
Facsimile : (20-2)
27861770
Mobile : (20-100)
3374321
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Cairo.
Name Position
· Mohamed Korany Ali Managing
Partner
· Fathy Korany Ali Partner
· Moukhtar Yassin Sales
Manager
Date of
Establishment : 22nd
February 1994
Legal Form : General
Partnership
Commercial Reg.
No. : 281595, Cairo
Tax Card No. : 249-498-510
Partners Capital : £E 100,000
· Mohamed Korany Ali
· Fathy Korany Ali
· Tex World for
Import & Export
90 Al Azhar Street
Cairo
Tel: (20-2)
25115890 / 25903405
Fax: (20-2) 25100480
Activities: Engaged in the import and distribution of textiles and readymade
garments.
Import Countries: China and India.
Operating Trend: Steady
Subject has a workforce of 8 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
7,600,000 £E
8,100,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Societe Generale Bank
5 Champollion
Street
Cairo
Tel: (20-2)
27707000
Fax: (20-2)
27707099
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.63 |
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1 |
Rs.86.17 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
-- |
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.