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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN TEXTILES FOR DYEING AND FINISHING |
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Registered Office : |
3, |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
42158, Kaliubeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Export of Clothing Items, Including Trousers, Shirts,
T-Shirts, Blouses and Skirts. |
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No. of Employees : |
2,000 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
Company Name :
EGYPTIAN TEXTILES
FOR DYEING & FINISHING
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1989
Commercial Registration Number :
42158, Kaliubeya
Industrial Registration Number :
2248
Tax Card Number :
810-011-100
Issued Capital :
£E 28,000,000
Paid up Capital :
£E 28,000,000
Total Workforce :
2,000
Activities :
Manufacturers of clothing items.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EGYPTIAN TEXTILES FOR DYEING & FINISHING
Street : 3 Nadi El
Plastic Street
Area : Shubra El
Kheima, Kaliubeya
Town : Cairo
Country :
Telephone : (20-2) 42208283
/ 42208284 / 42208285 / 44721390 / 26844948
Facsimile : (20-2)
42208286 / 26484946
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Cairo.
Name Position
· Samir Samy Riad Chairman
· Ashraf Samir Riad Managing
Director
· Said Samy Riad Director
· Adel Mohamed
Heikal Director
· Adel Gab Allah General
Manager
· Abd El Ghany
Ibrahim Finance
Manager
· Mariam Nesseem Export
Manager
· Ayman Senyout Purchasing
Manager
· Samira Makram Office
Manager
· Micheal Sirallah IT
Manager
· Maged Said Import
Manager
· Nashat Nader Planning
Manager
Date of
Establishment: 1989
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 42158, Kaliubeya
Industrial Reg.
No. : 2248
Tax Card No. : 810-011-100
Authorised Capital : £E 40,000,000
Issued Capital : £E 28,000,000
Paid up Capital : £E 28,000,000
· Samir Samy Riad
· Adel Mohamed Heikal
· Said Samy Riad
Activities: Engaged in the manufacture and export of clothing items, including
trousers, shirts, T-shirts, blouses and skirts.
Import Countries: India, China, Turkey and Swaziland.
Export Countries: United States of America, Italy and Germany.
Operating Trend: Steady
Subject has a workforce of approximately 2,000 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
125,000,000 £E
115,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· 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
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
No complaints regarding subject’s payments have been reported.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.99 |
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|
1 |
Rs.87.21 |
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Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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 |
-- |
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.