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Report Date : |
14.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SKY LINE |
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|
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Registered Office : |
23rd
July Street, Aby El Fedaa, Port Said |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1995 |
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Legal Form : |
General
Partnership |
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Line of Business : |
Engaged in the
import and distribution of readymade garments, textiles and socks |
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No. of Employees : |
8 |
RATING & COMMENTS
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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 |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013
|
Source : CIA |
Company Name : SKY LINE
Country of Origin : Egypt
Legal Form :
General Partnership
Registration Date : 1995
Issued Capital : £E
50,000
Paid up Capital : £E
50,000
Total Workforce : 8
Activities :
Distributors of readymade garments, textiles and socks
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
SKY LINE
Street : 23rd July Street
Area : Aby El Fedaa
Town : Port Said
Country : Egypt
Telephone : (20-66) 333130
Facsimile : (20-66) 323240
Mobile : (20-122) 3177407
Please note that
the address Taloon & Banna Street, Port Said Free Zone, Port Said is used
by the subject’s affiliated company, Ashraf Yahya Mansoor and Partners.
Subject operates from
a small suite of offices that are rented and located in the Free Zone Area of
Port Said.
Name Position
·
Ashraf
Yahya Mansoor Managing
Partner
·
Sarah
Ashraf Yahya Mansoor Partner
Date of Establishment : 1995
Legal Form :
General Partnership
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
·
Ashraf
Yahya Mansoor
·
Sarah
Ashraf Yahya Mansoor
·
Ashraf
Yahya Mansoor and Partners
Taloon and Banna Street
Port Said Free Zone
Port Said
Activities: Engaged in the import and distribution of
readymade garments, textiles and socks.
Import
Countries: Europe and the
Far East
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 31/12/11: Year
Ending 31/12/12:
Total Sales £E 6,050,000 £E 6,210,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank For Development
Port Said Branch 3 Mohamed Mahmoud and Al
Refaey Street
Al Shark District
Port Said
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.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
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 |
|
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.