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Report No. : |
318017 |
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Report Date : |
23.04.2015 |
IDENTIFICATION DETAILS
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Name : |
AL SONIA TEX FOR TEXTILE |
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Registered Office : |
1st Industrial Zone, Piece 2, 10 & 11, Block No. 13022,
El Obour City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
23.12.2007 |
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Com. Reg. No.: |
29240 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the production and distribution of cotton
textiles. |
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No. of Employees : |
150 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Egypt |
B2 |
B2 |
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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 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.
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Source
: CIA |
Company Name : AL SONIA TEX FOR TEXTILE
Also Known As : AHMED IBRAHIM MAHMOUD HASSAN EL GEEZAWY AND
PARTNERS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 23rd December 2007
Commercial Registration Number : 29240
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Total Workforce : 150
Activities : Production and distribution of cotton textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL SONIA TEX FOR TEXTILE
ALSO KNOWN AS: AHMED IBRAHIM
MAHMOUD HASSAN EL GEEZAWY AND PARTNERS
Location : 1st
Industrial Zone, Piece 2, 10 & 11, Block No. 13022, El Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 44814013
/ 44814014 / 44814015
Facsimile : (20-2) 44814016
Subject operates from a large suite of offices and a factory that are rented
and located in the Industrial Area of Cairo.
Name Position
· Ahmed Ibrahim
Mahmoud Hassan El Geezawy Managing
Partner
· Mohamed Ibrahim
Mahmoud Hassan El Geezawy Partner
· Fatma Ahmed
Mohamed El Geezawy Partner
· Maha Ibrahim
Mahmoud Hassan El Geezawy Partner
· Hend Ibrahim
Mahmoud Hassan El Geezawy Partner
· Mervat Ibrahim
Mahmoud Hassan El Geezawy Partner
· Safaa Ibrahim
Mahmoud Hassan El Geezawy Partner
· Mona Abd El Aziz Finance
Manager
· Hussein El Nmesy Human
Resources Manager
· Hala Abd El Mohsen Company
Secretary
Date of
Establishment : 23rd
December 2007
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 29240
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
· Ahmed Ibrahim
Mahmoud Hassan El Geezawy 30%
· Mohamed Ibrahim
Mahmoud Hassan El Geezawy 30%
· Fatma Ahmed
Mohamed El Geezawy
8%
· Maha Ibrahim
Mahmoud Hassan El Geezawy 8%
· Hend Ibrahim
Mahmoud Hassan El Geezawy 8%
· Mervat Ibrahim
Mahmoud Hassan El Geezawy 8%
· Safaa Ibrahim
Mahmoud Hassan El Geezawy
8%
Activities: Engaged in the production and distribution of cotton textiles.
Import Countries: Germany and China.
Local Clients:
· Golden Man House
· New Board Company
· Black Line
· El Gizawy Company
Operating Trend: Steady
Subject has a workforce of 150 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E 17,500,000 £E 21,250,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
QNB Al Ahli
Plot
No. 34, 35
El
Obour City
Cairo
·
Commercial International Bank
Misr Ismailia Desert Road
Golf City
El Obour City
Cairo
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.82 |
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|
1 |
Rs.93.85 |
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Euro |
1 |
Rs.67.57 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
VNT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.