MIRA INFORM REPORT

Report No. :	343864
Report Date :	09.10.2015

IDENTIFICATION DETAILS

Name :	EL BANA TEX LINEN YARN AND FABRICS

Registered Office :	End of El Galaa Street Farouk Bridge, Agriculture Road, Gharbeya Tanta 31752

Country :	Egypt

Date of Incorporation :	2006

Com. Reg. No.:	17812, Cairo

Legal Form :	Sole Proprietorship

Line of Business :	Subject is engaged in the manufacture of yarns and linens.

No. of Employee :	350

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

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. Egypt's current Constitution passed in a referendum that took place in January 2014.

Source : CIA

SUMMARY

Company Name : EL BANA TEX LINEN YARN AND FABRICS

Country of Origin : Egypt

Legal Form : Sole Proprietorship

Registration Date : 2006

Commercial Registration Number : 17812, Cairo

Tax Card Number : 706-090-462

Invested Capital : £E 4,000,000

Total Workforce : 350

Activities : Manufacturers of yarns and linens

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

EL BANA TEX LINEN YARN AND FABRICS

ADDRESS

Registered & Physical Address

Street : End of El Galaa Street

Area : Farouk Bridge, Agriculture Road, Gharbeya

Town : Tanta 31752

Country : Egypt

Telephone : (20-40) 3070970 / 3294077 / 3299701

Facsimile : (20-40) 3297407

Mobile : (20-112) 2999222 / (20-110) 339911

Email : sales@elbanatex.com / mossad.bana@hotmail.com

Premises

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Tanta.

KEY PRINCIPALS

Name Position

· Ahmed Moustafa El Bana Proprietor & General Manager

· Ahmed Salamah Commercial Manager

· Hany Shokr Production Manager

· Abdul Fattah Helmi Financial Controller

LEGAL FORM & OWNERS

Date of Establishment : 2006

Legal Form : Sole Proprietorship

Commercial Reg. No. : 17812, Cairo

Tax Card No. : 706-090-462

Invested Capital : £E 4,000,000

Mr Ahmed Moustafa El Bana is the sole proprietor of the business.

OPERATIONS

Activities: Engaged in the manufacture of yarns and linens.

Import Countries: France, Belgium, Italy, Germany, Spain, Netherlands, Turkey and China.

Export Countries: Italy, France, Belgium, Macedonia and Greece.

Brand Names: EL BANA TEX

Operating Trend: Steady

Subject has a workforce of approximately 350 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pound (£E)

Year Ending 31/12/13: Year Ending 31/12/14:

Total Sales £E 23,117,038 £E 24,769,557

Local sources consider subject’s financial condition to be Fair.

The above financial figures are based on estimations by our local sources.

BANKERS

· Misr International Bank (MIBANK)

42 El Geish Street

Tanta

Tel: (20-40) 3330514 / 3334664

Fax: (20-40) 3330525

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.16
UK Pound	1	Rs.99.78
Euro	1	Rs.73.33

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	ANK

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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