MIRA INFORM REPORT

Report Date :

20.04.2012

IDENTIFICATION DETAILS

Name :	SOTEX FOR READYMADE GARMENTS (AHMED EL SAYAD & CO)

Registered Office :	16 Shoshan Street, Sad Mohdsad, Mehalla El Kobra

Country :	Egypt

Year of Establishment :	1993

Com. Reg. No.:	5957, El Mahalla

Legal Form :	Limited Liability Partnership

Line of Business :	Manufacturers of cotton t-shirts, polo shirts and pyjamas

No. of Employees :	250

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Maximum Credit Limit :	US$ 500,000
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 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Egypt

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : SOTEX FOR READYMADE GARMENTS (AHMED EL SAYAD & CO)

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 1993

Commercial Registration Number : 5957, El Mahalla

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Total Workforce : 250

Activities : Manufacturers of cotton t-shirts, polo shirts and pyjamas.

Financial Condition : Undetermined

Payments : Nothing detrimental uncovered

Recommended Credit Limit : US$ 500,000

Person Interviewed : Ahmed Kamel Abdul Muti El Sayad, Managing Partner

COMPANY NAME

SOTEX FOR READYMADE GARMENTS (AHMED EL SAYAD & CO)

company ADDRESS

Registered & Physical Address

Street : 16 Shoshan Street

Area : Sad Mohdsad

Town : Mehalla El Kobra

Country : Egypt

Telephone : (20-40) 2381896

Facsimile : (20-40) 2381255

Mobile : (20-122) 2142939

Email : elsayadgarments@sotext.com.eg

Premises

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

KEY PRINCIPALS

Name Position

· Ahmed Kamel Abdul Muti El Sayad Managing Partner

· Gamal Abdul Nasser Marketing Manager

LEGAL FORM & OWNERS

Date of Establishment : 1993

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 5957, El Mahalla

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Name of Shareholder (s)

· Ahmed Kamel Abdul Muti El Sayad

· Members of Mr Ahmed Kamel Abdul Muti El Sayad’s family

OPERATIONS

Activities: Engaged in the manufacture of cotton t-shirts, polo shirts and pyjamas.

Import Countries: Europe and the Far East.

Subject has a workforce of approximately 250 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

· Islamic International Bank

Omar Ibn Abd Al Aziz Street

Tanta

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.51.89
UK Pound	1	Rs.83.18
Euro	1	Rs.68.06

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%)

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