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Report Date : |
22.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AL EMAN FOR TEXTILES & WOOLS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1945 |
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Com. Reg. No.: |
251150, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesalers and retailers of textiles and wools |
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No. of Employees : |
40 |
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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 : AL EMAN FOR TEXTILES & WOOLS
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1945
Commercial Registration Number :
251150,
Invested Capital : £E 20,000
Total Workforce : 40
Activities : Wholesalers and retailers of textiles and wools.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rabee Farhat, Sales Manager
AL EMAN FOR
TEXTILES & WOOLS
Registered &
Physical Address
Street : 3/5 Bebras Street
Area : El Hamzawi Al
Kabir, Al Azhar
Town : Cairo
Country : Egypt
Telephone : (20-2) 25115029
Facsimile : (20-2) 25127570
Mobile : (20-100) 5067030 /
(20-122) 2108611
Email : al-eman-co@yahoo.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
104 Azhar Street Showroom
premises
Cairo
Tel: (20-2)
25913349
Fax: (20-2)
25121018
·
34 El Trasnah Club Street Showroom
premises
Cairo
·
El Mohandessin Showroom
premises
Cairo
Name Position
·
Ahmed Mohamed Amin Aref Proprietor
·
Rabee Farhat Sales
Manager
Date of Establishment : 1945
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 251150, Cairo
Invested Capital
: £E 20,000
Mr Ahmed Mohamed
Amin Aref is the sole proprietor
of the business.
Activities: Engaged in the wholesale and retail of
textiles and wools.
Import
Countries: India
International Suppliers:
·
Sangam Textile India
·
BSL Textile India
· Banswar India
Operating Trend: Steady
Subject has a
workforce of 40 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 8,410,000 £E 8,765,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC
Bank
41 Kasr El Nile Street
Cairo
Tel: (20-2) 23930731
Fax: (20-2) 23930872
No complaints
regarding subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.35 |
|
UK Pound |
1 |
Rs.92.11 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
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.