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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
RIZK MOHSEN EL SROUGY AND PARTNERS |
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Registered Office : |
Damro Road Mahelat Elburg Mehalla El Kobra |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1963 |
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Com. Reg. No.: |
31591, Gharbeya |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of bath towels and bed linen |
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No. of Employees : |
85 |
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 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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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 |
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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
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Source
: CIA |
Company Name : RIZK MOHSEN EL SROUGY AND PARTNERS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1st January 1963
Commercial Registration Number : 31591, Gharbeya
Tax Card Number : 915-182-100
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Total Workforce : 85
Activities : Manufacturers of bath towels and bed linen
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shareef Mohsen El Srougy, Partner
RIZK MOHSEN EL SROUGY AND PARTNERS
Street : Damro Road
Area : Mahelat
Elburg
Town : Mehalla El
Kobra
Country : Egypt
Telephone : (20-40) 2249544
/ 2363832
Facsimile : (20-40)
2360931
Mobile : (20-12)
22334187 / 83001200
Email : info@elsrougy.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Mehalla El Kobra.
Name Position
· Rizk Mohsen El
Srougy Managing
Partner
· Shareef Mohsen El
Srougy Partner
· Mohamed Radi El
Srougy Partner
· Mostafa Rizk El
Srougy Partner
Date of
Establishment : 1st
January 1963
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 31591, Gharbeya
Tax Card No. : 915-182-100
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
· Rizk Mohsen El
Srougy
· Shareef Mohsen El
Srougy
· Mohamed Radi El
Srougy
· Mostafa Rizk El
Srougy
Activities: Engaged in the manufacture of bath towels and bed linen.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 85 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
7,180,000 £E
7,500,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Shareef Mohsen El Srougy, Partner
·
Egyptian International Bank
Gharbeya 31591
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.60.04 |
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|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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>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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.