|
Report Date : |
24.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
WORLD TEX |
|
|
|
|
Registered Office : |
93 El Azhal Street, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
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Date of Incorporation : |
2013 |
|
|
|
|
Legal Form : |
Sole
Proprietorship |
|
|
|
|
Line of Business : |
Subject is engaged
in the import and distribution of textiles and fabrics. |
|
|
|
|
No. of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
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 |
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, 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 : WORLD
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 2013
Invested Capital : £E 10,000
Total Workforce : 2
Activities :
Distributors of textiles and fabrics.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Emad Mohamed
Morgan, Proprietor & General Manager
WORLD TEX
Registered & Physical Address
Location : 93 El Azhal Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 25115580
Facsimile : (20-2) 25115580
Mobile : (20-100) 0333320 / (20-11)
29620026
Email : emad-morgan@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
Emad Mohamed Morgan Proprietor
& General Manager
Bashir Mohamed Sales
Manager
Date of
Establishment : 2013
Legal Form : Sole Proprietorship
Invested Capital
: £E
10,000
Mr Emad Mohamed
Morgan is the sole proprietor of the business.
Activities: Engaged
in the import and distribution of textiles and fabrics.
Import
Countries: Europe and the Far East.
Subject has a
workforce of 2 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
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.
In view of
subject’s infancy, extensive payment and financial are not available, therefore
dealings are recommended to be on secured terms, and a close monitoring of
subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.84.18 |
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 |
|
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.