MIRA
INFORM REPORT
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Report Date : |
12.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ZAAFARANIA GARMENTS AND KNITTING SAE |
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Registered Office : |
24 Ismail El Laithy Street Dar El Salam, Maadi Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1958 |
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Com. Reg. No.: |
27277, South Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Production of knitwear and underwear. |
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 : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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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 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Egypt |
A2 |
A2 |
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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 |
SUMMARY
Company Name : ZAAFARANIA GARMENTS AND KNITTING SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1958
Commercial Registration Number : 27277, South Cairo
Tax Card Number : 200-111-310
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 300
Activities : Production of knitwear and underwear.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
COMPANY NAME
ZAAFARANIA GARMENTS AND KNITTING SAE
ADDRESS
Registered & Physical Address
Street : 24 Ismail El
Laithy Street
Area : Dar El
Salam, Maadi
Town : Cairo
Country : Egypt
Telephone : (20-2) 23200558
/ 23203835 / 23203836
Facsimile : (20-2)
23200357
Mobile : (20-10)
22459530
Email : info@zaafarania.com
Premises
Subject operates from a large suite of offices and a factory that are owned
and located in the Suburban Business Area of Cairo.
KEY PRINCIPALS
Name Position
· Ahmed Mohamed
Khalil Zaafarania Managing
Director
· Khaled Mohamed
Khalil Zaafarania Director
· Yehia Mohamed
Khalil Zaafarania Director
· Giovara Mohamed
Khalil Zaafarania Director
· Ahmed Youssef Finance
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1958
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 27277, South Cairo
Tax Card No. : 200-111-310
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder (s) Percentage
· Ahmed Mohamed
Khalil Zaafarania 25%
· Khaled Mohamed
Khalil Zaafarania 25%
· Yehia Mohamed
Khalil Zaafarania 25%
· Giovara Mohamed
Khalil Zaafarania 25%
OPERATIONS
Activities: Engaged in the production of knitwear and underwear.
Production Capacity: 250,000 pieces per month
Import Countries: India, Turkey and France.
Export Countries: Germany, Denmark and the United States of America.
Brand Names: ZAAFARANIA
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales £E
12,527,143 £E
16,939,365
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.27 |
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|
1 |
Rs.73.34 |
|
Euro |
1 |
Rs.64.58 |
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.