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Report Date : |
19.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ABO KAMAR WEAVING COMPANY |
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Registered Office : |
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Country : |
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Date of Incorporation : |
01.01.1967 |
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Com. Reg. No.: |
61695, Al Mahla El Kobra |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the manufacture, weaving and dying of towels, table
cloth and napkins |
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No. of Employees |
135 |
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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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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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 :
ABO KAMAR WEAVING COMPANY
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Start Date : 1942
Registration Date : 1st January 1967
Commercial Registration Number : 61695, Al Mahla El Kobra
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 135
Activities : Manufacture, weaving and dying of towels, table cloths and napkins
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ABO KAMAR WEAVING COMPANY
Location : 47 Abdulrahman
Fawzy Street
Town : El Mehalla
El Kobra
Country : Egypt
Telephone : (20-40) 2440803
/ 2440672
Facsimile : (20-40)
2440644
Mobile : (20-122)
2158350
Email : info@abokamar-eg.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of El Mehalla El Kobra.
Name Position
· Noman Mohamed
Yousef Abo Kamar Managing Partner
· Mohamed Mohamed
Yousef Abo Kamar Partner
· Ibrahim Asaal Financial
Controller
· Mahmoud Hamdy Export
Manager
Date of
Establishment : 1942, however
subject was registered on 1st January 1967
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 61695, Al Mahla
El Kobra
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Noman Mohamed
Yousef Abo Kamar
· Mohamed Mohamed
Yousef Abo Kamar
Activities: Engaged in the manufacture, weaving and dying of towels, table cloth
and napkins.
Production
Capacity: kitchen towels - 5 million pcs/year
table cloths and napkins - 3 million m2 / year
Import Countries: India
International
Suppliers:
·
El Nahar Yarn India
Export Countries: Canada, France, Germany,
Italy, Netherlands, Spain, Australia, USA and Belgium
Subject has a workforce of 135 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
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.
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
|
1 |
Rs.99.55 |
|
Euro |
1 |
Rs.78.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.