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Report Date : |
20.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MIDDLE EAST TAILORING COMPANY SAE (METCO) |
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|
|
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Registered Office : |
El Naser Road,
Ard El Golf, Port Said |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
May 2000 |
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Com. Reg. No.: |
37328, Port Said |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacturers of clothing items |
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No. of Employees : |
1200 employees |
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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
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 |
Company Name : MIDDLE EAST TAILORING COMPANY SAE (METCO)
Country of Origin : Egypt
Legal Form : Joint Stock Company
Registration Date : May 2000
Commercial Registration Number : 37328, Port Said
Tax Card Number : 205-080-103
Issued Capital : £E 1,800,000
Paid up Capital : £E 1,800,000
Total Workforce : 1,200
Activities : Manufacturers of clothing items.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MIDDLE EAST
TAILORING COMPANY SAE (METCO)
Registered &
Physical Address
Street : El Naser Road
Area : Ard El Golf
Town : Port Said
Country : Egypt
Telephone : (20-66) 322994
Facsimile : (20-66) 325995
Email : amr-fahim@bec.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Port Said.
Name Position
·
Michael
Ghonam Chairman
·
Sholmo
Mourad Vice
Chairman
·
Doron
Abramovich Director
·
Catherine
Trueman General
Manager
·
Mayer
Gabawi Assistant
General Manager
·
Eng.
Moustafa Barakat Production
Manager
·
Ezz El
Regal Commercial
Manager
·
Tarek
Ramadan Financial
Manager
·
Rania
Hussein Country
Logistic Manager
·
Hazem
El Maghrabi Accounts
Manager
Date of Establishment : May 2000
Legal Form :
Joint Stock Company
Commercial Reg. No. : 37328, Port
Said
Tax
Card No. : 205-080-103
Issued Capital : £E 1,800,000
Paid up Capital : £E 1,800,000
Name of Shareholder
(s) Percentage
·
Port
Said Garment Company SAE (PSG) 50%
Nasr Road
Ard El Golf Area
Port Said
Tel:
(20-66) 245640 / 322994 / 322995
Fax: (20-66) 325995
·
Bagir
(UK) Ltd 49%
1-3 Grimrod Place
East Gillibrands
Skelmersdale
WN8 9UU
United Kingdom
Tel: (44-1695) 722171
·
P B
Tailoring 1%
United Kingdom
·
Swiss
Garments Company
Industrial Zone A1, Plot No. 2B
Ibrahim Zaki Qenaway Street
Sharkeya
Tenth of Ramadan City
Tel: (20-15) 366198 / 363097 / 363098
Fax: (20-15) 363016
·
Egyptian
Italian Garments Co SAE (EIG)
38 Abbas El Akkad Street
Nasr City
Cairo
Tel: (20-2) 22754534 / 22753461
·
Goldentex
Wool
38
Abbas El Akkad Street
Nasr City
Cairo
Tel: (20-2) 33927586 / 24022551 / 24026931
Fax: (20-2) 22752505 / 22636788
·
Goldentex
Spinning
38 Abbas El Akkad Street
Nasr City
Cairo
Tel: (20-2) 33927586 / 24022551 / 24026931
Fax: (20-2) 22752505 / 22636788
Activities: Engaged in the manufacture of clothing
items, including suits, jackets and trousers.
Production
Capacity: 1,000,000 pairs of trousers per annum
200,000
jackets per annum
Import
Countries: Germany,
Indonesia, Turkey, Italy, United Kingdom, China and the European Union.
International
Clients:
·
Marks
& Spencer United Kingdom
·
Gap United States of
America
Export
Countries: United Kingdom
and the United States of America
Operating Trend: Steady
Subject has a
workforce of approximately 1,200 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 19,708,000 £E 21,082,814
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
52 El Gomhouria Street
Port Said
Tel: (20-66) 224816 / 226637
·
Commercial
International Bank (CIB)
El Gomhouria Street
Port Said Free Zone
Port Said
Tel: (20-66) 336801
Fax: (20-66) 325956
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.74 |
|
UK Pound |
1 |
Rs.89.02 |
|
Euro |
1 |
Rs.72.48 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.