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Report Date : |
03.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EL BANA TEX LINEN YARN AND FABRICS |
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Registered Office : |
End of El Galaa Street, Gharbeya, Tanta 31752 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment : |
2006 |
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Com. Reg. No.: |
17812, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of yarns and linens |
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No. of Employees : |
350 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 :
EL BANA TEX LINEN YARN AND FABRICS
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
2006
Commercial Registration Number :
17812, Cairo
Tax Card Number :
706-090-462
Invested Capital :
£E 4,000,000
Total Workforce :
350
Activities :
Manufacturers of yarns and linens
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EL BANA TEX LINEN YARN AND FABRICS
Street : End of El
Galaa Street
Area : Gharbeya
Town : Tanta 31752
Country : Egypt
Telephone : (20-40) 3070970
Facsimile : (20-40)
3297407
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Tanta.
Name Position
· Ahmed Moustafa El
Bana Proprietor
& General Manager
· Ahmed Abu El Naga Commercial
Manager
· Mokhtar Rady Financial
Manager
· Hany Shokr Production
Manager
Date of
Establishment : 2006
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 17812, Cairo
Tax Card No. : 706-090-462
Invested Capital : £E 4,000,000
Mr Ahmed Moustafa El Bana is the sole proprietor of the business.
Activities: Engaged in the manufacture of yarns and linens.
Import Countries: France, Belgium, Italy, Netherlands, Turkey and China.
Export Countries: Italy, France, Belgium, Macedonia and Greece.
Brand Names: EL BANA TEX
Operating Trend: Steady
Subject has a workforce of approximately 350 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
17,361,268 £E
21,805,036
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Misr International Bank (MIBANK)
42 El Geish Street
Tanta
Tel: (20-40)
3330514 / 3334664
Fax: (20-40)
3330525
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.56.49 |
|
UK Pound |
1 |
Rs.86.00 |
|
Euro |
1 |
Rs.73.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.