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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL
TEXTILE |
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Registered Office : |
Industrial Zone
C6, Plot IA, Sharkeya, 10th |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
18.04.2002 |
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Com. Reg. No.: |
115 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Manufacturers of mixed
polyester fabrics |
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No. of Employees : |
115 |
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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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) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 : INTERNATIONAL TEXTILE
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 18th
April 2002
Commercial
Registration Number : 115
Tax Card Number : 205-057-373
Invested Capital : £E 10,000,000
Total Workforce : 75
Activities :
Manufacturers of mixed polyester fabrics.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ihab El
Laithy, Financial Controller
INTERNATIONAL
TEXTILE
Location : Industrial Zone C6, Plot IA
Area : Sharkeya
Town : 10th Ramadan City
Country : Egypt
Telephone : (20-15) 355724
Facsimile : (20-15) 355724
Mobile : (20-122) 2104239
Email : int_sayed@hotmail.com
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of the 10th Ramadan City.
Name Position
·
Sayed
Mahmoud Attia El Barhamtoshi Proprietor
& General Manager
·
Hebatullah Sayed Mahmoud Attia El Barhamtoshi Assistant
General Manager
·
Ihab El
Laithy Financial
Controller
Date of Establishment : 18th
April 2002
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 115
Tax
Card No. : 205-057-373
Invested Capital
: £E 10,000,000
Mr Sayed Mahmoud
Attia El Barhamtoshi is the sole proprietor of the business.
Activities: Engaged in the manufacture of mixed
polyester fabrics.
Import
Countries: India and Italy.
Operating Trend: Steady
Subject has a
workforce of 75 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 13,625,000 £E 14,190,000
Local sources
consider subject’s financial condition to be Fair.
·
National
Bank of Egypt
Sharkeya Branch
Tenth of Ramadan City
Tel: (20-15) 360833 / 360744 / 344144
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.72 |
|
|
1 |
Rs.88.60 |
|
Euro |
1 |
Rs.71.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
|
-- |
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.