MIRA INFORM REPORT

 

 

Report Date :           

19.12.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

GOLDENTEX WOOL CO SAE

 

 

Registered Office :

38 Abbass El Akkad Street, Nasr City, P O Box 1772, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1984

 

 

Com. Reg. No.:

224913, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of wool and blended wool fabrics for garments

 

 

No. of Employees :

975 persons

 

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$ 1,000,000

 

 

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 30th, 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                                     : GOLDENTEX WOOL CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1984

Commercial Registration Number            : 224913, Cairo

Industrial Registration Number                 : 19986

Tax Card Number                                   : 100-259-340

Issued Capital                                        : £E 129,848,750

Paid up Capital                                      : £E 129,848,750

Total Workforce                                     : 975

Activities                                               : Manufacture and export of wool and blended wool fabrics for garments

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

COMPANY NAME

 

GOLDENTEX WOOL CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 38 Abbass El Akkad Street

Area                 : Nasr City

PO Box             : 1772

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22753461 / 22754534 / 22754334 / 24563800

Facsimile          : (20-2) 22752505 / 25754455 / 24563899

Mobile               : (20-15) 410697

 

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

 

·       2A Industrial Zone, Plot 2/3                                                                Factory premises

El Moshir Ahmed Ismail Street

     Sharkeya

     10th of Ramadan City

     Tel: (20-15) 410694 / 410696 / 410698

     Fax: (20-15) 5754455

 

·       40 Kasr El Nil Street                                                                          Office premises

Cairo

     Tel: (20-2) 23956390 / 23927586 / 23915769

     Fax: (20-2) 23915769

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ashraf Ahmed Abd El Maksoud Arafa                                     Chairman

 

·       Dr Alaa Ahmed Abd El Maksoud Arafa                                                Vice Chairman

 

·       Abd El Maksoud Abd El Alim Abd Arafa                                              Director

 

·       Mohamed Abd El Sattar Arafa                                                            Director

 

·       Samaa Abd El Gawad Ragab                                                 Director

 

·       Sherine Ahmed Arafa                                                             Director

 

·       Laila Ahmed Nabawi El Kawass                                                         Director

 

·       Mahmoud Salah Arafa                                                                       Director

 

·       Moustafa Abd El Maksoud Abd El Alim Arafa                                      Director

 

·       Abd El Moneim Habib                                                                        Director

 

·       Soheir Mohamed                                                                               Director

 

·       Ali Moustafa El Hosary                                                                      Director

 

·       Fouad Hussein El Wardany                                                                Director

 

·       Yaser Abadeer                                                                                  General Manager

 

·       Ayman Mohamed Said El Alfy                                                            Finance Manager

 

·       Mohamed Saleh                                                                                Marketing Manager

 

·       Sarh Guzzetti                                                                                   Export Manager

 

·       Wahid Bassyouny                                                                             Administration Manager

 

·       Abd El Hamid Zedan Mohamed                                                          Accounting Manager

 

·       Mohamed Saleh                                                                                Commercial Manager

 

·       Hesham Aziz                                                                                    Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1984

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 224913, Cairo

 

Industrial Reg. No.       : 19986

 

Tax Card No.               : 100-259-340

 

Authorised Capital       : £E 150,000,000

 

Issued Capital              : £E 129,848,750

 

Paid up Capital            : £E 129,848,750

 

Name of Shareholder (s)                                              Percentage

 

·       Al Arafa for Investment & Consultancies                         42.50%

 

·       Banque du Caire                                                          11.14%

 

·       Ahli United Bank                                                          11.00%

 

·       Members of the Arafa Family                                         35.36%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of wool and blended wool fabrics for garments.

 

                 Subject is ISO 9001 & 14002 accredited.

 

Production Capacity:   1,700 tonnes of yarn per annum

                                    3.6 million meters of fabrics per annum

 

Import Countries: Germany, United Kingdom, South Africa and GCC Countries.

 

Export Countries: United Kingdom, Germany, Italy, Thailand, Singapore, Tunisia, Jordan, Syria, Saudi Arabia, Libya, India, Morocco and the United State of America

 

Brand Names: GOLDENTEX, S.SELKA and HEILD

 

Operating Trend: Steady

 

Subject has a workforce of approximately 975 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 104,767,961                         £E 124,778,594

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Bank of Alexandria

     Tenth of Ramadan

     Tel: (20-15) 375113 / 364921

     Fax: (20-15) 369119

 

·       Commercial International Bank (CIB)

City Centre, Plot No. 8

Tenth of Ramadan City

Tel: (20-15) 367294

Fax: (20-15) 367915

 

·       National Bank of Egypt

24, Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Misr International Bank (MIBANK)

14, Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 35931002

     Fax: (20-2) 35912306

 

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.81

UK Pound

1

Rs.82.00

Euro

1

Rs.68.81

 

 

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.