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Report Date : |
18.09.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW GENATEX FOR TEXTILE DYEING, PRINTING & FINISHING |
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Registered Office : |
2nd Industrial Zone,
Sharkeya, Part 5, East 10th of |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1994 |
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Com. Reg. No.: |
190990 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Dyeing, printing and finishing of fabrics, cotton textiles and polyester. |
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No. of Employees : |
300 |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 : NEW GENATEX FOR TEXTILE DYEING, PRINTING & FINISHING
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1994
Commercial Registration Number : 190990
Issued Capital : £E 75,000
Paid up Capital : £E 75,000
Total Workforce : 300
Activities : Dyeing, printing and finishing of fabrics, cotton textiles and polyester.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
NEW GENATEX FOR TEXTILE DYEING, PRINTING & FINISHING
Location : 2nd
Industrial Zone, Sharkeya, Part 5, East
Town : 10th of Ramadan City
Country : Egypt
Telephone : (20-15) 412727 / 413535
Facsimile : (20-15) 412323 / 413535
Mobile : (20-12) 2427203
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of the 10th of Ramadan
City.
Name Position
· Dr Adel Zaki
Guirguis Managing
Partner
· Maged Shehata Partner
· Mosaad Ismail Commercial
Manager
Date of
Establishment : 1994
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 190990
Issued Capital : £E 75,000
Paid up Capital : £E 75,000
· Dr Adel Zaki
Guirguis
· Maged Shehata
Activities: Engaged in the dyeing, printing and finishing of fabrics, cotton textiles and polyester.
Import Countries: India
Operating Trend: Steady
Subject has a workforce of approximately 300 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
16,200,000 £E
16,650,000
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
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 company 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.53.97 |
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1 |
Rs.87.52 |
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Euro |
1 |
Rs.70.84 |
INFORMATION DETAILS
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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 |
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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.