MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
GIZA SPINNING & WEAVING SAE |
|
|
|
|
Registered Office : |
162
Gowhar El Kaid Street, Darrasa, El Azhar, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2006 |
|
|
|
|
Date of Incorporation : |
1990 |
|
|
|
|
Com. Reg. No.: |
2255, Giza |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the manufacture and export of ready made garments. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 900,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : GIZA SPINNING & WEAVING SAE
Also Known As : GIZA SPINNING MILLS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1990
Commercial Registration Number : 2255, Giza
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 2,500
Line of Business : Manufacture and export of ready made garments and home furnishings
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY
NAME
GIZA SPINNING & WEAVING SAE
ALSO KNOWN AS
GIZA SPINNING MILLS SAE
ADDRESS
Registered & Physical Address
Street : 162
Gowhar El Kaid Street
Area : Darrasa,
El Azhar
Town : Cairo
Country : Egypt
Telephone : (20-2) 5929632
Facsimile : (20-2) 5929632
Email : marzouk@gizaspin.com
Premises
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Cairo.
Branch
Office (s)
Location Description
·
Kafr
Hakim Owned
factory covering an
Embaba,
Giza area
of 85,000 square
Tel: (20-18)
500210/11/12/13/14/15 metres
Fax: (20-18)
500216
KEY
PRINCIPALS
·
Mohamed Ghazal Marzouk Chairman
·
Fadel Ghazal Marzouk Managing
Director
·
Sherif Ghazal Marzouk Director
·
Mahmoud Ghazal Marzouk Director
·
Hassan Ismail Hassan Finance
Manager
·
Fathi Abu Mousa Sales
Manager
·
Ahmed Rabie Production
Manager
·
Mohamed Habib Administration
Manager
LEGAL FORM
& OWNERS
Date of Establishment : 1990
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 2255,
Giza
Tax Card No. : 100/66/577
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of
Shareholder (s)
·
Mohamed Ghazal Marzouk
·
Fadel Ghazal Marzouk
·
Sherif Ghazal Marzouk
·
Mahmoud Ghazal Marzouk
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are
offered to the public and £E 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF
BUSINESS
Operations : Engaged in the manufacture and
export of ready made garments, including trousers and T-shirts, as well as home
textiles and soft furnishings.
Subject also offers printing and dyeing services.
The company is ISO 9002 accredited.
Production
Capacity: 45,000 units per
annum
Import Countries
: India and Asia.
Export Countries
: United States
of America, Canada, Russia, Hong Kong, India, Turkey, and Germany.
Brand Names : NOK NOK
Operating Trend
: Steady
Subject has a
workforce of approximately 2,500 employees.
FINANCIAL
HIGHLIGHTS
Financial
highlights provided by outside sources are given below:
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 167,290,000 £E 175,800,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
·
Egyptian
American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box : 1825
Cairo
Tel : (20-2) 3416150
Fax : (20-2) 3420265
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel : (20-2) 3619005 / 3385877
Fax : (20-2) 3385940 / 3385938
· Bank of Alexandria
Heliopolis Branch
Cairo
Tel: (20-2)
6332958 / 6351980 / 2417294
Fax: (20-2)
6381604
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction May 2006
Credit amount 5,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL
COMMENTS
Opinion on the credit figure of US$
150,000:
Giza Spinning & Weaving SAE is well
established in the local market and specialises in the manufacture
and export of ready made garments, including trousers and T-shirts, as well as
home textiles and soft furnishings. It exports approximately 80% of its
production.
The company is run
in a professional manner and is owned by members of the Marzouk
family, who are trusted members of the local business community.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk and the above credit figure is within subject’s
financial means.
Maximum suggested
credit figure: US$ 900,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)