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Report Date : |
03.07.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
162
Gowhar El Kaid Street, Darrasa, El Azhar, Cairo |
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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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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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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 : GIZA SPINNING & WEAVING SAE
Also Known As : GIZA SPINNING MILLS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1979
Commercial Registration Number : 81455,
Giza
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
GIZA SPINNING & WEAVING SAE
GIZA SPINNING MILLS SAE
Registered &
Physical Address
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
Premises
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,
Giza square
metres
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
Name of Shareholder
(s) Percentage
·
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.
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.
During the course
of this investigation nothing detrimental was uncovered regarding subject’s
operating history or the manner in which payments are fulfilled. As such the
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.83 |
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UK Pound |
1 |
Rs.87.41 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.