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Report Date : |
26.12.2013 |
IDENTIFICATION DETAILS
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Name : |
KCG TEXTILE |
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Registered Office : |
Industrial Zone A6,
Plot 1, 2 and 3, Sharkeya, 10th of |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
2007 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
dyeing and embroidering of fabrics, furnishings and curtains. |
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No. of Employees : |
60 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 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 :
KCG TEXTILE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2007
Journal Issue Number : 1293
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 60
Activities : Dyeing and embroidering of fabrics, furnishings and curtains
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KCG TEXTILE EGYPT
Registered &
Physical Address
Location : Industrial Zone A6, Plot 1, 2 and
3, Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 410767 / 410733 / 410774
Facsimile : (20-15) 410778 / 410767 / 410768
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of 10th of Ramadan City.
Name Position
·
Basher
Kojack Galick Chairman
·
Yakmiz
Kojack Galick Vice
Chairman
·
Soliman
Olshay Kenaly Kaba General
Manager
Date of Establishment : 2007
Legal Form :
Egyptian Joint Stock
Company
Journal Issue No. : 1293
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder (s)
·
Basher
Kojack Galick
·
Yakmiz
Kojack Galick
Activities: Engaged in the dyeing and embroidering of
fabrics, furnishings and curtains.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of 60 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 Revenue £E 14,200,000 £E 14,575,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
BNP
Paribas
10th of Ramadan City
Tel: (20-15) 361494
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject meets its payment obligations in a timely manner and the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
UK Pound |
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.84.65 |
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.