MIRA
INFORM REPORT
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Report Date : |
17.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
SOTIR INDUSTRY CO |
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Registered Office : |
13 El Makrezy Street, Manshyat El Bakry, Heliopolis, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
1960 |
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Com. Reg. No.: |
4005, 10th
of Ramadan City |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Manufacture of
Plastic and Woven Sacks and Bags. |
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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Maximum Credit Limit : |
US$ 350,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : SOTIR INDUSTRY CO
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1960,
however subject was registered in 2001
Commercial
Registration Number : 4005, 10th
of Ramadan City
Issued Capital : £E
500,000
Paid up Capital : £E
500,000
Total Workforce : 500
Activities :
Manufacture of plastic and woven sacks and bags.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Recommended Credit
Limit : US$ 350,000
COMPANY NAME
SOTIR INDUSTRY CO
ADDRESS
Registered & Physical Address
Street : 13 El
Makrezy Street
Area : Manshyat El
Bakry, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22588559 / 22587006 / 24555215
Facsimile : (20-2) 24545005
Email : fanousp@hotmail.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
· Industrial Zone
A6, Plot No. 4 Factory
premises
10th
of Ramadan City
Tel:
(20-15) 413059
Fax:
(20-15) 413069
KEY PRINCIPALS
Name Position
· Farooq Fanous
Sulaiman Managing
Partner
· Medhat Farooq
Fanous Sulaiman Partner
· Magdi Farooq Fanous
Sulaiman Partner
· Iman Mohamed Administration
Manager
· Ms Nancy Ramsis Office
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1960, however
subject was registered in 2001.
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 4005, 10th of Ramadan City
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder (s)
· Farooq Fanous
Sulaiman
· Medhat Farooq
Fanous Sulaiman
· Magdi Farooq Fanous
Sulaiman
AFFILIATED COMPANIES
·
Sotir Construction & Trade
13 El
Makrizi Street
Manshiet
El Bakri, Heliopolis
Cairo
Tel:
(20-2) 2588559 / 2587006 / 2598200 / 2599300
Fax:
(20-2) 2579248
· Fanous Textile
13 El
Makrizi Street
Manshiet
El Bakri, Heliopolis
Cairo
Tel:
(20-2) 2588559 / 2599300 / 2598200
Fax:
(20-2) 2579248
· Fanous Plastic
13 El
Makrizi Street
Manshiet
El Bakri, Heliopolis
Cairo
Tel:
(20-2) 2599300 / 2598200
Fax:
(20-2) 2579248
OPERATIONS
Activities: Engaged in the manufacture of plastic and woven sacks and bags.
Import Countries: Europe and the Far East.
Subject has a workforce of approximately 500 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
·
National Societe Generale Bank SAE
10 Talaat Harb
Street
Cairo
Tel :
(20-2) 5749376
Fax :
(20-2) 5776249
·
Banque du Caire SAE
19 Adly Street
Cairo
Tel:
(20-2) 3926915
Fax:
(20-2) 3951713
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction February
2005
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
Established in 1960, subject is involved in the manufacture of plastic
and woven sacks and bags.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the above credit figure is considered
to be within subject’s financial means.
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)