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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
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Name : |
UNION DYERS SAE |
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Formerly Known As : |
UNITED DYERS |
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Registered Office : |
Top Food Street, Sadat City, 1st Industrial Zone, Plot
66/8, Menoufeya |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1993 |
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Com. Reg. No.: |
92 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Dyeing and preparation of cotton and knitted fabrics. |
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No. of Employees : |
370 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
UNION
DYERS SAE
Also Known As : UNITED DYERS
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1993
Commercial Registration Number :
92, Menoufeya
Tax Card Number :
100-249-450
Issued Capital :
£E 25,000,000
Paid up Capital :
£E 25,000,000
Total Workforce :
370
Activities :
Dyeing and preparation of cotton and knitted fabrics.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
UNION DYERS SAE
UNITED DYERS
Registered &
Physical Address
Street : Top Food
Street
Area : Sadat City,
1st Industrial Zone, Plot 66/8
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2601712
/ 2601714 / 2601709 / 2603041
Facsimile : (20-48)
2601709
Email : abudi@link.net
/ info@uniteddyers.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Menoufeya.
Name Position
Mohamed Bassel Bassem Attasy Chairman
Rizkallah Kamal Antaky Managing
Director
Abd El Alim Ali Ibrahim Director
Amr Mohamed Esmat Halawa Director
Mohamed Esmat Halawa Director
Rania Bassam Attasy Director
Abd El Latif Ali El Kosier Director
Magdy Tolba Director
Sayed El Masry Finance
Manager
Ramez El Dib Production
Manager
Ayman El Tahan Accounts
Manager
Sameh Moustafa Administration
Manager
Date of Establishment : 1993
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 92, Menoufeya
Tax Card No. : 100-249-450
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of
Shareholder (s) Percentage
Mohamed Bassam Attasy 21.11%
Ahmed Mohamed Esmat Halawa 18.37%
Rizkallah Kamal Antaky 13.01%
Amr Mohamed Esmat Halawa 10.63%
Tatiana Amr Mohamed Esmat Halawa 10.00%
Tamara Amr Mohamed Esmat Halawa 10.00%
Rania Bassam Attasy 5.38%
Hala Ahmed Esmat Halawa 4.13%
Naela Ahmed Esmat Halawa 4.13%
Cairo Cotton Center 3.24%
Activities: Engaged in the dyeing and preparation of cotton and knitted fabrics.
Import Countries: Germany, China, Japan, Turkey, Belgium, the
Netherlands and Swaziland.
Operating Trend: Steady
Subject has a workforce of approximately 370 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
50,374,000 £E
51,039,679
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab African International Bank
Alfy Branch, 54 D-El
Cairo
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
Talaat Harb Street
Madinet El Sadat
Menoufeya
Tel: (20-48) 2603083 / 2603084
Fax: (20-48) 2603087
No complaints regarding subject’s payments have been reported.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.