MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	NEW TABARK CO

Registered Office :	Brgham Road, Kilo 23, Masged Deaf Allah Street Alexandria

Country :	Egypt

Financials (as on) :	31.12.2013

Date of Incorporation :	1995

Com. Reg. No.:	147494, Alexandria

Legal Form :	Limited Liability Partnership

Line of Business :	Subject is engaged in the import of yarns and manufacture of trico and fabrics

No. of Employees :	45

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No complaints
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

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

SUMMARY

Company Name : NEW TABARK CO

Also Known As : NEW TABARK TRICO CO

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1995

Commercial Registration Number : 147494, Alexandria

Issued Capital : £E 1,000,000

Paid up Capital : £E 1,000,000

Total Workforce : 45

Activities : Import of yarns and manufacture of trico and fabrics

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Maanawy Ahmed Ibrahim, Managing Partner

COMPANY NAME

NEW TABARK CO

ALSO KNOWN AS

NEW TABARK TRICO CO

ADDRESS

Registered & Physical Address

Location : Brgham Road, Kilo 23, Masged Deaf Allah Street

Town : Alexandria

Country : Egypt

Telephone : (20-3) 4700802

Facsimile : (20-3) 4700703

Mobile : (20-120) 0333666

Email : maanawyibrahim@hotmail.com

Premises

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Alexandria.

KEY PRINCIPALS

Name Position

· Maanawy Ahmed Ibrahim Managing Partner

· Adel Ahmed Ahmed Partner

· Salama Ahmed Ahmed Partner

LEGAL FORM & OWNERS

Date of Establishment : 1995

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 147494, Alexandria

Issued Capital : £E 1,000,000

Paid up Capital : £E 1,000,000

Name of Partner (s)

· Maanawy Ahmed Ibrahim

· Adel Ahmed Ahmed

· Salama Ahmed Ahmed

OPERATIONS

Activities: Engaged in the import of yarns and manufacture of trico and fabrics.

Import Countries: Europe and the Far East

Operating Trend: Steady

Subject has a workforce of 45 employees.

FINANCIAL DATA

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 13,275,000 £E 13,440,000

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Alexandria International Bank SAE

29 El Nabi Daniel Street

Alexandria

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

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
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%)

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