MIRA INFORM REPORT

 

 

Report Date :

15.12.2012

 

IDENTIFICATION DETAILS

 

Name :

EL SHEROUK FOR TEXTILE INDUSTRY

 

 

Registered Office :

1 El Sherouk City, Abou Zabal El Kanka Industrial Zone, Cairo 13758

 

 

Country :

Egypt

 

 

Date of Incorporation :

1990

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Processors of dyeing and finishing of textiles

 

 

No. of Employees :

100

 

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

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

Egypt - ECONOMIC OVERVIEW

 

Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : EL SHEROUK FOR TEXTILE INDUSTRY

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1990

Issued Capital                                       : £E 1,500,000

Paid up Capital                                     : £E 1,500,000

Total Workforce                         : 100

Activities                                               : Processors of dyeing and finishing of textiles

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

COMPANY NAME

 

EL SHEROUK FOR TEXTILE INDUSTRY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 1 El Sherouk City

Area                 : Abou Zabal El Kanka Industrial Zone

Town                : Cairo 13758

Country : Egypt

 

Telephone         : (20-2) 22733138 / 44678401

Facsimile          : (20-2) 24181303 / 44675375

Mobile              : (20-122) 1617855

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Samir Mahmoud El Kafrawy                                                                   Chairman

 

Ahmed El Anany                                                                                   Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1990

 

Legal Form                  : Egyptian Joint Stock Company

 

Issued Capital              : £E 1,500,000

 

Paid up Capital            : £E 1,500,000

 

Name of Shareholder (s)                                              

 

Samir Mahmoud El Kafrawy

 

Local businessmen and private investors

 

 

OPERATIONS

 

Activities: Engaged in the process of dyeing and finishing of textiles.

 

Subject has a workforce of 100 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

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that we were unable to contact the subject directly during our investigation.

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.39

UK Pound

1

Rs.87.78

Euro

1

Rs.71.29

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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.