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Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
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Name : |
EL NAGGAR FOR READY MADE CLOTHES WEAVING, PRINTING, DYEING AND FINISHING CO |
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Registered Office : |
Plot 201 &
202, 5th Industrial Zone, Sadat City, Menoufeya |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
6361, Menoufeya |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
weaving, printing and dyeing of clothing. |
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No of Employees : |
157 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 growth.
Poor living conditions combined with limited job opportunities for the average
Egyptian contribute 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, pushing up unemployment levels,
and economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
|
Source : CIA |
Company Name : EL NAGGAR FOR READY MADE CLOTHES WEAVING, PRINTING,
DYEING AND FINISHING CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 21st April 2004
Commercial Registration Number : 6361, Menoufeya
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Total Workforce : 157
Activities : Weaving, printing and dyeing of clothing
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shareef Hamza, Administration Officer
EL NAGGAR FOR READY MADE CLOTHES WEAVING,
PRINTING, DYEING AND FINISHING CO
Registered &
Physical Address
Location : Plot 201 & 202, 5th Industrial
Zone
Area : Sadat City
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2610605 / 2611331
Facsimile : (20-48) 2610605
Mobile : (20-120) 4000383
Email : naggartex@gmail.com
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Menoufeya.
Branch Offices
Location Description
·
Alexandria Office
premises
Name Position
·
Ahmed
Hussain Bakr El Naggar Managing
Partner
·
Fatima
Khamis Partner
·
Farooq
Tawiq General
Manager
·
Salah
Abdullatif El Laithy Finance
Manager
·
Shareef
Hamza Administration
Officer
Date of Establishment : 21st
April 2004
Legal Form :
Limited Liability
Partnership
Commercial
Reg. No. : 6361, Menoufeya
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Name of Partner (s)
·
Ahmed
Hussain Bakr El Naggar
·
Fatima
Khamis
Activities: Engaged in the weaving, printing and dyeing
of clothing.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 157 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 Revenue £E 26,825,000 £E 27,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
du Caire
El Gaish Street
Menoufeya
Tel: (20-48) 3660145
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.60.28 |
|
|
1 |
Rs.102.77 |
|
Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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.