MIRA
INFORM REPORT
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Report Date : |
16.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL SHAMSI FOR READY MADE GARMENTS |
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Registered Office : |
18
Kassarat El Baladia Street, El Zawia El Hamra, Hadayek El Qobba, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Year of Establishment : |
1999 |
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Com. Reg. No.: |
1230 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Export of Cotton
Shirts and Pyjamas |
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$ 500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : AL SHAMSI FOR READY MADE GARMENTS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration Number : 1230
Issued Capital : £E 4,520,000
Paid up Capital : £E 4,520,000
Total Workforce : 250
Activities : Manufacture and export of cotton shirts and pyjamas
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
AL SHAMSI FOR READY MADE GARMENTS
ADDRESS
Registered & Physical Address
Street : 18 Kassarat
El Baladia Street
Area : El
Zawia El Hamra, Hadayek El Qobba
Town : Cairo
Country : Egypt
Telephone : (20-2) 24259740
Facsimile : (20-2) 24259710
Premises
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Cairo.
Branch Office
(s)
Location Description
·
B1 Industrial
Zone Factory
premises
Sharkeya
Tenth of Ramadan
City
Tel: (20-15)
367089 / 372293 / 372294
KEY PRINCIPALS
Name Position
·
Ammar
Maher Abd El Malek Bakry Shamsi Chairman
·
Mohamed
Maher Abd El Malek Bakri Shamsi Director
·
Mohamed
Yasser Abd El Malek Bakri Shamsi Director
·
Hanaa
Saad El Din El Zaeem Director
·
Salah
Hussein General
Manager
·
Ahmed
Abd El Megid Administration
Manager
·
Mahitab
Mohamed Office
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1999
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 1230
Industrial Reg. No. : 192890
Tax Card No. : 476
Authorised
Capital : £E 25,000,000
Issued Capital : £E
4,520,000
Paid up Capital : £E 4,520,000
Name of Shareholder (s) Percentage
·
Seta
Textiles 99%
·
Ammar
Maher Abd El Malek Bakry Shamsi ]
]
·
Mohamed
Maher Abd El Malek Bakri Shamsi ] 1%
]
·
Mohamed
Yasser Abd El Malek Bakri Shamsi ]
OPERATIONS
Activities: Engaged in the
manufacture and export of cotton shirts and pyjamas for men and for 3rd parties
and
private
labelling such as Dalydress, Levi's & Vangard.
Import
Countries: India and Europe
Export
Countries: France, Germany, Italy, Spain, Switzerland, United Kingdom,
Turkey, United States of America, Canada, Saudi Arabia, and Kuwait
Operating Trend: Steady
Subject has a
workforce of approximately 250 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 54,000,000 £E 57,850,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 23619005 / 23385877
Fax: (20-2) 23385940 /
23385938
·
Arab Banking
Corporation
PO Box 781
Cairo
Tel: (20-2) 25745488 / 25780417
Fax: (20-2) 25780416
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
company is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.33 |
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UK Pound |
1 |
Rs.73.92 |
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Euro |
1 |
Rs.66.69 |
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%)