MIRA INFORM REPORT

 

 

Report No. :

317046

Report Date :

16.04.2015

 

IDENTIFICATION DETAILS

 

Name :

BORG EL ARAB FOR DYEING SAE

 

 

Registered Office :

Plot No. 3-10A and 3-10B, Block No. 21, 4th Street, 3rd Industrial Zone, New Borg El Arab City, Alexandria

 

 

Country :

Egypt

 

 

Date of Incorporation :

18.04.2005

 

 

Com. Reg. No.:

52

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of Yarns and Dyeing Products.

 

 

No. of Employees :

125

 

 

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

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Egypt

B2

B2

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill.

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : BORG EL ARAB FOR DYEING SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 18th April 2005

Commercial Registration Number           : 52

Issued Capital                                       : £E 19,000,000

Paid up Capital                                     : £E 19,000,000

Total Workforce                         : 125

Activities                                               : Manufacturers of yarns and dyeing products

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

BORG EL ARAB FOR DYEING SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Plot No. 3-10A and 3-10B, Block No. 21

Street               : 4th Street

Area                 : 3rd Industrial Zone, New Borg El Arab City

 

Town                : Alexandria

Country : Egypt

 

Telephone         : (20-3) 4592169

Facsimile          : (20-3) 4592169

 

Please note that subject’s address is Plot No. 3-10A and 3-10B and not Plot No. 19, 20, 21.

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Alexandria.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Wagdy Anwar Abdel Rahman Raslan                                                 Chairman

·       Fayez Wagdy Anwar Abdel Rahman Raslan                                       Managing Director

·       Anwar Wagdy Anwar Abdell Rahman Raslan                                      Director

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 18th April 2005

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 52

 

Issued Capital              : £E 19,000,000

 

Paid up Capital            : £E 19,000,000

 

Name of Shareholder (s)

 

·       Wagdy Anwar Abdel Rahman Raslan

·       Fayez Wagdy Anwar Abdel Rahman Raslan

·       Anwar Wagdy Anwar Abdell Rahman Raslan

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of yarns and dyeing products.

 

Subject has a workforce of approximately 125 employees.

 

 

FINANCIAL DATA

 

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.

 

 

BANKERS

 

·       Banque Misr

El Hanoville Street

Agami        

Alexandria

Tel: (20-3) 4302697

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.62.40

UK Pound

1

Rs.92.15

Euro

1

Rs.66.48

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.