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Report No. : |
345502 |
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Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
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Name : |
STARTEX TEXTILE DYEING AND FINISHING COMPANY SAE |
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Registered Office : |
3rd Industrial Zone A1, Plot 37/1, Sharkeya, 10th of |
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Country : |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
22.09.1991 |
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Com. Reg. No.: |
67744 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of polyester fabric and textiles. |
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No. of Employees : |
450 |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 |
Company Name :
STARTEX TEXTILE DYEING AND FINISHING COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
22nd September 1991
Commercial Registration Number :
67744
Authorised Capital :
£E 50,000,000
Issued Capital :
£E 20,000,000
Paid up Capital :
£E 20,000,000
Total Workforce :
450
Activities :
Manufacturers of polyester fabric and textiles
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
STARTEX TEXTILE DYEING AND FINISHING COMPANY SAE
Registered &
Physical Address
Location : 3rd
Industrial Zone A1, Plot 37/1, Sharkeya
Town : 10th
of Ramadan City
Country : Egypt
Telephone : (20-15) 410178
/ 410179
Facsimile : (20-15) 410180
Email : export@startexeg.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of 10th of Ramadan City.
Name Position
Mohammad El Shahat Mahmoud Shokeir Chairman
Said El Shahat Mahmoud Shokeir Vice
Chairman
Tarek Mohamed Ramadan Finance
Manager
Ashraf Abd El Wahab Mohammad Export
Manager
Date of Establishment : 22nd
September 1991
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 67744
Authorised Capital : £E 50,000,000
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of
Shareholder (s)
Percentage
Mohammad El Shahat Mahmoud Shokeir 51%
Said El Shahat Mahmoud Shokeir 40%
Local businessmen and private investors 9%
Activities: Engaged in the manufacture of polyester fabric and textiles.
Production
Capacity: 60,000,000 metres per year.
Import Countries: Italy, Turkey and the United Kingdom
Operating Trend: Steady
Subject has a workforce of approximately 450 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
110,000,000 £E
120,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
ABC Egypt Bank
Main Branch
Nasr City
Cairo
Tel: (20-2) 5745488
Banque Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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 |
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US Dollar |
1 |
Rs.65.15 |
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1 |
Rs.100.54 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
TPT |
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.