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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
PRINTEX DYEING (MOHAMED MOUSTAFA NAHHAS & CO) |
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Registered Office : |
Misr & |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
62165 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the provision of dyeing and printing services for linens |
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No. of Employees : |
500 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 : PRINTEX DYEING (MOHAMED MOUSTAFA NAHHAS & CO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Commercial Registration Number : 62165, 10th of Ramadan City
Industry Registration Number : 92590
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 500
Activities : Providers of dyeing and printing services for linens
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
PRINTEX DYEING (MOHAMED MOUSTAFA NAHHAS & CO)
Street : Misr & Sudan Street, 10th Floor
Area : 2nd
Industrial Zone B2, Part 7N
PO Box : 1091
Town : 10th
of Ramadan City
Country : Egypt
Telephone : (20-15) 361950
Facsimile : (20-15) 361900
Subject operates from a large suite of offices that are rented and
located in the Industrial Area of 10th of Ramadan City.
Name Position
· Mohamed Moustafa Nahhas Managing
Director
· Ibrahim Atallah Financial
Manager
· Ahmed Marzouk Export
Manager
Date of
Establishment : 1986
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 62165, 10th of Ramadan City
Industry Reg. No. : 92590
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
· Mohamed Moustafa Nahhas 51%
· Local businessmen
and private investors 49%
Activities: Engaged in the provision of dyeing and printing services for linens.
Import Countries: Pakistan, Turkey, Syria and Suriname.
Operating Trend: Steady
Subject has a workforce of approximately 500 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
35,700,000 £E
40,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5, El Saraya El Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax: (20-2) 33558493
·
Banque Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2)
33919779
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
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 |
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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.