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Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
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Name : |
NEWTRAC TRADING LTD |
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Registered Office : |
25 Omar Lotfy Street, Camp Cesar Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
29.03.1995 |
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Reg. No.: |
137867, Alexandria |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of cotton products and textiles. |
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No. of Employees : |
22 |
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 |
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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 |
|
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 :
NEWTRAC TRADING LTD
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
29th March 1995
Commercial Registration Number :
137867, Alexandria
Issued Capital :
£E 1,500,000
Paid up Capital :
£E 1,500,000
Total Workforce :
22
Activities :
Distributors of cotton products and textiles.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NEWTRAC TRADING LTD
Registered &
Physical Address
Location : 25 Omar Lotfy
Street, Camp Cesar
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5973278
/ 5904549
Facsimile : (20-3) 5973078
Email : pashba@newtrac.com
/ newtrac@newtrac.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
22 El Emam Ali Street Office
premises
Heliopolis
Cairo
Tel: (20-2) 22901975 / 24191613
Fax: (20-2) 24174767
2nd Industrial Area, Block 9, Unit 9 Warehouse premises
Borg El Arab El Gidida
Alexandria
Tel: (20-3) 4592604
2 Mohamed Ahmed Afif Street Office
premises
El Hegaz Square
Heliopolis
Cairo
Tel: (20-2) 26396251 / 26392267
Fax: (20-2) 26396251
Name Position
Patrick Youssef Ashba Managing
Partner
Antoine Krikor Ashba Partner
Gaby Latouf Finance
Manager
Date of Establishment : 29th
March 1995
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 137867,
Alexandria
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Name of Shareholder
(s)
Patrick Youssef Ashba
Antoine Krikor Ashba
Intraconsult
Ashtecs
Activities: Engaged in the import and distribution of cotton products and textiles,
as well as dyes, retarding agents for textile dyeing, thickeners and thinners
for textile fabric printing, textile spinning and twisting machinery.
Import Countries: United States of America, United Kingdom, Belgium,
Switzerland, Germany, Japan, Thailand
and South Korea.
Agencies Held:
Sumitomo
Pulcra
Itochu
Atul
LJ
Bersa
Tubetex
Monforts
International Suppliers:
Genencor United
States of America
Spectrachem United
States of America
Tubular Textile Machinery Inc United
States of America
Coates Lorilleux United
Kingdom
Kisco South
Korea
Operating Trend: Steady
Subject has a workforce of 22 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
11,425,000 £E 11,700,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
American Express Bank
PO Box: 803
Alexandria
Tel: (20-3) 4950912
Fax: (20-3) 4950917
Commercial International Bank
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
No complaints regarding subject’s payments have been reported.
According to local sources, subject enjoys a good reputation for the
quality of its products with nothing detrimental uncovered regarding the manner
in which operations are conducted. As such the business is considered to be a
fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared by
: |
SDA |
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.