MIRA INFORM REPORT

 

 

Report Date :

22.03.2014

 

IDENTIFICATION DETAILS

 

Name :

TEX WORLD FOR IMPORT & EXPORT

 

 

Registered Office :

90 Al Azhar Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

10.02.2005

 

 

Com. Reg. No.:

2330, Cairo

 

 

Legal Form :

General Partnership

 

 

Line of Business :

wholesaler and retailer of textiles, fabrics and readymade garments.

 

 

No. of Employees

09

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

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 – december 01, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

Egypt

B1

B1

 

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

 

Concern Name                                      : TEX WORLD FOR IMPORT & EXPORT

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Registration Date                                  : 10th February 2005

Commercial Registration Number           : 2330, Cairo

Partners Capital                         : £E 200,000

Total Workforce                                     : 9

Activities                                               : Wholesalers and retailers of textiles, fabrics and readymade garments.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Khalid Hassan, Sales Executive

 

CONCERN NAME

 

TEX WORLD FOR IMPORT & EXPORT

 

 

concern ADDRESS

 

Registered & Physical Address

Location           : 90 Al Azhar Street

Town                : Cairo

Country : Egypt

Telephone         : (20-2) 25100480 / 25125242

Facsimile          : (20-2) 25100480

Mobile              : (20-10) 3374321

Email                : texworld2009@yahoo.com

 

Please note that 71 Al Azhar Street, Cairo is the address of the subject’s affiliated concern Korany Brothers (see below). Subject is located at 90 Al Azhar Street, Cairo.

 

Premises

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

·       Mohamed Korany Ali                                                                                    Managing Partner

·       Fathy Korany Ali                                                                               Partner

·       Atef Korany                                                                                      Commercial Manager

·       Moukhtar Yassin                                                                               Sales Manager

·       Khalid Hassan                                                                                  Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 10th February 2005

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 2330, Cairo

 

Partners Capital           : £E 200,000

 

Name of Partner (s)

·       Mohamed Korany Ali

·       Fathy Korany Ali

 

 

AFFILIATED COMPANIES

 

·       Korany Brothers

71 Al Azhar Street

Cairo

Tel: (20-2) 25100480 / 25125242

Fax: (20-2) 27861770

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of textiles, fabrics and readymade garments.

 

Import Countries: China and India

 

International Suppliers:

 

·       Bansawara Syntex                India

·       Sidishal                                India

 

Operating Trend: Steady

 

Subject has a workforce of 9 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 8,675,000                             £E 9,000,000

 

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

 

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

 

 

BANKERS

 

·       National Societe Generale Bank

5 Champollion Street

Cairo

Tel: (20-2) 27707000

Fax: (20-2) 27707099

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 concern is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

        Rs.61.05

UK Pound

1

Rs.100.80

Euro

1

Rs.84.18

 

 

INFORMATION DETAILS

 

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

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.