MIRA INFORM REPORT

 

 

Report Date :           

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN TEXTILES FOR DYEING & FINISHING

 

 

Registered Office :

3 Nadi El Plastic Street, Shubra El Kheima, Kaliubeya, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

 31.12.2010

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

42158, Kaliubeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of clothing items

 

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 :

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : EGYPTIAN TEXTILES FOR DYEING & FINISHING

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1989

Commercial Registration Number            : 42158, Kaliubeya

Industrial Registration Number                 : 2248

Tax Card Number                                   : 810-011-100

Issued Capital                                        : £E 28,000,000

Paid up Capital                                      : £E 28,000,000

Total Workforce                                     : 2,000

Activities                                               : Manufacture and export of clothing items.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

COMPANY NAME

 

EGYPTIAN TEXTILES FOR DYEING & FINISHING

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 3 Nadi El Plastic Street

Area                 : Shubra El Kheima, Kaliubeya

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 42208283 / 42208284 / 42208285 / 44721390 / 26844948

Facsimile          : (20-2) 42208286 / 26484946

 

Premises

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

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Samir Samy Riad                                                                              Chairman

 

·       Ashraf Samir Riad                                                                             Managing Director

 

·       Said Samy Riad                                                                                Director

 

·       Adel Mohamed Heikal                                                                        Director

 

·       Adel Gab Allah                                                                                  General Manager

 

·       Abd El Ghany Ibrahim                                                                        Finance Manager

 

·       Mariam Nesseem                                                                              Export Manager

 

·       Ayman Senyout                                                                                Purchasing Manager

 

·       Samira Makram                                                                                Administration Manager

 

·       Micheal Sirallah                                                                                IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1989

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 42158, Kaliubeya

 

Industrial Reg. No.       : 2248

 

Tax Card No.               : 810-011-100

 

Authorised Capital       : £E 40,000,000

 

Issued Capital              : £E 28,000,000

 

Paid up Capital            : £E 28,000,000

 

Name of Shareholder (s)

 

·       Samir Samy Riad

 

·       Ashraf Samir Riad

 

·       Said Samy Riad

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of clothing items, including trousers, shirts, T-shirts, blouses and skirts.

 

Import Countries: India, China, Turkey and Swaziland.

 

Export Countries: United States of America, Italy and Germany.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 2,000 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 162,000,000                         £E 125,000,000

 

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) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

·       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 the manner in which payment obligations are fulfilled. The operating history is clear and the financial situation is satisfactory. As such we are of the opinion that the subject is a fair trade risk and the above credit figure is within subject’s financial means.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.