MIRA INFORM REPORT

 

 

Report Date :

15.12.2011

 

IDENTIFICATION DETAILS

 

Name :

SAMOTEX TEXTILES INDUSTRIES CO SAE

 

 

Registered Office :

El Mansoura Road El Mahalla El Kobra

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

7475, Mahalla

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of terry textiles.

 

 

No. of Employees :

850

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 850,000

Status :

Satisfactory

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                                     : SAMOTEX TEXTILES INDUSTRIES CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1996

Commercial Registration Number            : 7475, Mahalla

Tax Card Number                                   : 200-111-175

Issued Capital                                        : £E 20,000,000

Paid up Capital                                      : £E 20,000,000

Total Workforce                                     : 850

Activities                                               : Manufacture and export of terry textiles.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 850,000

 

COMPANY NAME

 

SAMOTEX TEXTILES INDUSTRIES CO SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : El Mansoura Road

 

Town                 : El Mahalla El Kobra

Country             : Egypt

 

Telephone         : (20-40) 2223233 / 2213623

Facsimile          : (20-40) 2225052

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of El Mahalla El Kobra.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Moustafa Mohamed Rashad El Samouly                                             Chairman

 

·       Mahmoud Mohamed Rashad El Samouly                                            Vice Chairman

 

·       Mohamed Ali Hussein                                                                        Director

 

·       Mohamed Samy El Alfy                                                                     Director

 

·       Hesham Sultan                                                                                 Financial Manager                                                    

·       Ramadan El Bassiouny El Refaie                                                       Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 7475, Mahalla

 

Tax Card No.               : 200-111-175

 

Issued Capital              : £E 20,000,000

 

Paid up Capital            : £E 20,000,000

 

Name of Shareholder (s)                                  Percentage

 

·       Nadia Mohamed Rashad                                            28.12%

 

·       Mohamed Mohamed Rashad El Samouly                    14.92%

 

·       Soad Mohamed Rashad El Samouly                           14.70%

 

·       Hoda Mohamed Rashad                                             14.70%

 

·       Moustafa Mohamed Rashad El Samouly                     12.22%

 

·       Mahmoud Mohamed Rashad El Samouly                    12.22%

 

·       Omneya Ali Hussein                                                    3.12%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of terry textiles, including bath robes and kitchen towels.

 

                 Subject is ISO 9001:2000 accredited.

 

Import Countries: India, Syria, Pakistan and Germany.

 

Export Countries: United States of America, Australia, United Kingdom, France, Germany, Italy, Spain, Ireland,

                              Greece and the Netherlands.

 

Brand Names: SAMOTEX

 

Operating Trend: Steady

 

Subject has a workforce of approximately 850 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 70,000,000                           £E 94,000,000

 

Local sources consider subject’s financial condition to be Good.

 

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) 3619005 / 3385877

       Fax: (20-2) 3385940 / 3385938

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 3029069 / 3029070

Fax: (20-2) 3029068

 

·       National Bank of Egypt

Abdel Hai Khalil Street

El Mahalla El Kobra

Gharbeya

Tel: (20-40) 2230565 / 2245127

Fax: (20-40) 2234065

 

 

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.53.58

UK Pound

1

Rs.82.97

Euro

1

Rs.69.89

 

 

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.