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Report Date : |
15.03.2014 |
IDENTIFICATION DETAILS
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Name : |
NEW TREND TRADING COMPANY |
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Registered Office : |
5 Kamal Hassan Ali Street, Sheraton, Heliopolis, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.2003 |
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Com. Reg. No.: |
354089, Cairo |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of
primary and auxiliary chemicals for textiles and dyeing. |
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No. of Employees : |
8 |
RATING & COMMENTS
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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, pushing up unemployment levels, and economic growth is likely to
remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign
exchange reserves and depended on foreign assistance to finance imports and
prevent further devaluation of the Egyptian pound, fearing higher inflation
from a weaker currency.
|
Source
: CIA |
Company Name :
NEW TREND TRADING COMPANY
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1st February 2003
Commercial Registration Number :
354089, Cairo
Issued Capital :
£E 50,000
Paid up Capital :
£E 50,000
Total Workforce :
8
Activities :
Distributors of primary and auxiliary chemicals for textiles and dyeing.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NEW TREND TRADING
COMPANY
Registered &
Physical Address
Street : 5 Kamal Hassan Ali Street
Area : Sheraton, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22696566
Facsimile : (20-2) 22696577
Mobile : (20-122)
1138804 / 1706020 / 1138804
Email : secretary@newtrend.com
/ newtrend.chem@link.net
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Cairo.
Name Position
Atif Boshara Habib Managing
Partner
Hussam Yousef Partner
Nancy Samy Financial
Controller
Marie Nabil Administration
Executive
Date of Establishment : 1st February 2003
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 354089, Cairo
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Name of
Shareholder (s)
Atif Boshara Habib
Hussam Yousef
Activities: Engaged in the import and
distribution of primary and auxiliary chemicals for textiles and dyeing.
Import Countries: Europe
and the Far East.
International Suppliers:
Textile Colour Switzerland
Meera Dyestuff India
Operating Trend: Steady
Subject has a workforce of 8 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
8,235,000 £E
8,710,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab African International Bank
5 El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 33545094
Fax: (20-2) 33558493
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.61.52 |
|
|
1 |
Rs.102.22 |
|
Euro |
1 |
Rs.85.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.