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Report Date : |
30.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AL SARATEX FOR
TRADING & SUPPLYING |
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|
|
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Registered Office : |
University Mall
Street, 2nd Floor, Office No. 14, Mehwar Khadmat El Hai El Sabeem,
Sadat City 32897 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.03.2008 |
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Com. Reg. No.: |
9515, Sadat City |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of used textile machinery and related spare parts. |
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No. of Employees : |
5 |
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 |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
|
|
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 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.
|
Source
: CIA |
Company Name : AL SARATEX
FOR TRADING & SUPPLYING
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 1st
March 2008
Commercial
Registration Number : 9515,
Sadat City
Tax Card Number : 212-396-765
Invested Capital : £E 75,000
Total Workforce : 5
Activities :
Distributors of used textile machinery and related spare parts.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sherif Ibrahim
Abdul Aleem Al Shafie, Proprietor & General Manager
AL SARATEX FOR
TRADING & SUPPLYING
Registered & Physical Address
Street : University Mall Street, 2nd
Floor, Office No. 14
Area : Mehwar Khadmat El Hai El
Sabeem
Town : Sadat City 32897
Country : Egypt
Telephone : (20-48) 2602453 / 2601963
Facsimile : (20-48) 2602453
Mobile : (20-111) 2753777 / 0207323
Email : alsaratex@gmail.com / info@alsaratextiles.com
Premises
Subject operates from
a small suite of offices that are rented and located in the Central Business
Area of Sadat City.
Name Position
Sherif Ibrahim
Abdul Aleem Al Shafie Proprietor
& General Manager
Eid Abdul Fattah Financial
Controller
Zeinab Mohamed Sales
Manager
Date of
Establishment : 1st March 2008
History : Subject began in 2008 as a Limited
Liability Partnership between Mr Sherif Ibrahim Abdul Aleem Al Shafie and Mr
Sherif Bashar. In 2011, Mr Sherif Bashar withdrew from the company and Mr
Sherif Ibrahim Abdul Aleem Al Shafie re-registered as a Sole Proprietorship.
Legal Form : Sole Proprietorship
Commercial Reg. No. : 9515, Sadat
City
Tax Card No. :
212-396-765
Invested Capital
: £E 75,000
Mr Sherif Ibrahim
Abdul Aleem Al Shafie is the sole proprietor of the business.
Activities: Engaged
in the import and distribution of used textile machinery and related spare
parts.
Import
Countries: Switzerland, India and Japan
International
Suppliers:
Murata Japan
Rieter Switzerland
Schlafhorst Switzerland
Soman Lal Shah India
Murali Kapra
Textile India
Deer Engineering India
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E 10,875,000 £E 11,040,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
Commercial
International Bank (CIB)
Main Branch
District No. 11
Sadat City
Tel: (20-48) 603083
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.32 |
|
|
1 |
Rs.99.00 |
|
Euro |
1 |
Rs.78.14 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
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 |
|
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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 |
|
|
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.