MIRA INFORM REPORT

 

 

Report Date :

10.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SOCIETE MISR HELWAN POUR LE FILATURE ET LE TISSAGE

 

 

Formerly Known As :

MISR HELWAN FOR SPINNING & WEAVING

 

 

Registered Office :

El Harir Street Kafr El Lou PO Box 19 Helwan

 

 

Country :

Egypt

 

 

Year of Establishment :

1927

 

 

Legal Form :

Public Shareholding Company

 

 

Line of Business :

Spinning and weaving of textiles

 

 

No. of Employees :

4,000

 

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$ 2,500,000

Status :

Good

Payment Behaviour :

No Complaints

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

 

 

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name                         : SOCIETE MISR HELWAN POUR LE FILATURE ET LE TISSAGE

Also Known As                                      : MISR HELWAN FOR SPINNING & WEAVING

Country of Origin                                    : Egypt

Legal Form                                            : Public Shareholding Company

Registration Date                                   : 1927

Issued Capital                                        : £E 50,000,000

Paid up Capital                                      : £E 50,000,000

Total Workforce                                     : 4,000

Activities                                               : Spinning and weaving of textiles

Financial Condition                                 : Undetermined

Payments                                             : Nothing detrimental uncovered

Recommended Credit Limit                     : US$ 2,500,000

Person Interviewed                                 : Wafa Hussain, Chief Executive Officer

COMPANY NAME

 

SOCIETE MISR HELWAN POUR LE FILATURE ET LE TISSAGE

 

ALSO KNOWN AS: MISR HELWAN FOR SPINNING & WEAVING

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : El Harir Street

Area                 : Kafr El Lou

 

PO Box             : 19

 

Town                 : Helwan

Country             : Egypt

 

Telephone         : (20-2) 25562138 / 25564885

Facsimile          : (20-2) 25562718

 
Premises

 

Subject operates from a suite of offices and a factory that are rented and located in the Industrial Area of Helwan.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       68 El Azhr Street                                                                              Office premises

Cairo

Tel: (20-2) 27736292

 

·       9, 26th July Street                                                                              Office premises

Down Town

Cairo

 

·       Alexandria                                                                                        Office premises

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Moheb Salah Eddine                                                          Chairman

 

·       Wafa Hussain                                                                                   Chief Executive Officer

 

·       Baheej Mohamed                                                                              Purchasing Manager

 

·       Jamal Radwan                                                                                  Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1927

 

Legal Form                  : Public Shareholding Company

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                Percentage

 

·       Ministry of Investment                                                100%

 

 

OPERATIONS

 

Activities: Engaged in the spinning and weaving of textiles.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 4,000 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

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.28

UK Pound

1

Rs.81.55

Euro

1

Rs.69.60

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.