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Report Date : |
14.04.2012 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1979 |
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Com. Reg. No.: |
81455, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of garments. |
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No. of Employees : |
4,200 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,500,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
Company Name :
Also Known As : GIZA SPINNING MILLS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1979
Commercial Registration Number : 81455,
Tax Card Number : 100-066-577
Issued Capital : £E 200,000,000
Paid up Capital : £E 140,000,000
Total Workforce : 4,200
Activities : Manufacture and export of garments.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 1,500,000
GIZA SPINNING & WEAVING SAE
ALSO KNOWN AS: GIZA SPINNING MILLS SAE
Street : 162 Gowhar
El Kaid Street
Area : Darrasa, El
Azhar
Town : Cairo
Country : Egypt
Telephone : (20-2) 25929632
Facsimile : (20-2)
25929632
Mobile : (20-12)
5481193
Email : marzouk@gizaspin.com
/ info@gizaspin.com
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
· Kafr Hakeem Owned
factory covering an area of 225,000 Embaba,
Sixth of October
City
Tel:
(20-2) 38900210 /11/12/13
Fax:
(20-2) 38900214 / 38900216
Name Position
· Mohamed Ghazal
Marzouk Chairman
· Fadel Ghazal
Marzouk Managing Director
· Sherif Ghazal
Marzouk Director
· Mahmoud Ghazal
Marzouk Director
· Mohamed Moustafa
Abbad Director
· Fathi Abu Mousa Sales
Manager
· Abd El Azim Ragab Finance
Manager
· Taher Salah Import
Manager
· Ehab Al Issawi Planning
Manager
· Hassan El Sayed Production
Manager
· Kamal Zaki Engineering
Manager
· Talaat El Khatib Administration
Manager
Date of
Establishment : 1979
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 81455, Giza
Tax Card No. : 100-066-577
Issued Capital : £E 200,000,000
Paid up Capital : £E 140,000,000
· Mohamed Ghazal
Marzouk 54.5%
· Fadel Ghazal Marzouk 15.0%
· Sherif Ghazal
Marzouk 15.0%
· Mahmoud Ghazal
Marzouk 15.0%
· Dr Naglaa El Genid
Ali 0.5%
Activities: Engaged in the manufacture and export of garments, including trousers
and T-shirts, shirts, trousers,
shorts,
leggings and pyjamas as well as household textiles and soft furnishings.
Subject also offers printing and dyeing services.
Subject is ISO 9001: 2008 and 14001:2004 accredited.
Production Capacity: 1.5 million units per month.
Import Countries: India and Asia.
Export Countries: United States of America, Canada, Russia, Hong
Kong, India, Turkey and Germany.
Brand Names: NOK NOK and GTC
Operating Trend: Steady
Subject has a workforce of approximately 4,200 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
322,546,611 £E
331,384,219
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
· 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
· Bank of Alexandria
Heliopolis
Branch
Cairo
Tel:
(20-2) 36332958 / 36351980 / 22417294
Fax:
(20-2) 36381604
· National Bank of
Egypt
24 Sherif Street
Cairo
Tel: (20-2)
33924175
Fax: (20-2)
33924143
No complaints regarding subject’s payments have been reported.
Credit amount 5,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling US
Dollars
Giza Spinning & Weaving SAE is well established
in the local market and specialises in the manufacture and
export of ready made garments, including trousers and T-shirts, as well as home
textiles and soft furnishings. It exports approximately 80% of its production.
The company is run in a professional manner and is owned by members of
the Marzouk family, who are trusted members of the local business community.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.42 |
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1 |
Rs.81.93 |
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Euro |
1 |
Rs.67.67 |
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.