|
Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIRATEX TEXTILE
CO |
|
|
|
|
Formerly Known As : |
MISR IRAN TEXTILE
CO |
|
|
|
|
Registered Office : |
New Horeyya
Street, Attaka 12, Suez |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
1976 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
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|
|
|
Line of Business : |
Spinning of
Egyptian cotton yarns |
|
|
|
|
No. of Employees : |
12 |
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 |
|
Payment Behaviour : |
No complaints |
|
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 : MIRATEX TEXTILE CO
Also Known As : MISR
IRAN TEXTILE CO
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1976
Issued Capital : £E
186,930,000
Paid up Capital : £E
186,930,000
Total Workforce : 2,500
Activities :
Spinning of Egyptian cotton yarns.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Abdul Hamid Shamarah,
Export & Marketing Manager
MIRATEX TEXTILE CO
ALSO KNOWN AS: MISR IRAN TEXTILE CO
Street : New Horeyya Street
Area : Attaka
PO Box : 12
Town : Suez
Country : Egypt
Telephone : (20-62) 3360001 / 3360050 / 3360052 /
3360053 / 3360054
Facsimile : (20-62) 3360055 / 3360050
Mobile : (20-12) 3326099
Email : hamid@miratexegypt.com
Subject operates from
a large suite of offices and a warehouse that are rented and located in the
Industrial Area of Suez.
Branch Office
(s)
Location Description
·
28
Talaat Harb Street Factory
premises
Cairo
Tel: (20-2) 25795127
Fax: (20-2) 25788896
Name Position
·
Samy
Abdul Sattar Abo Shady Chairman
·
Kamal
Sayed Ahmed Financial
Manager
·
Abdul
Hamid Shamarah Export
& Marketing Manager
·
Jalal
Morsi Production
Manager
Date of Establishment : 1976
(Production started in 1980)
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 186,930,000
Paid up Capital : £E 186,930,000
·
Iran
Foreign Investment Co (IFIC) 49.00%
Iran
·
The
Holding Co for Cotton 26.66%
Egypt
·
National
Investment Bank 24.34%
Egypt
Activities: Engaged in the spinning of Egyptian cotton
yarns.
Subject is ISO 9001
accredited.
Production Capacity: 14,000 tons per year.
Subject has a workforce
of approximately 2,500 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 35769296
Fax: (20-2) 35322064
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.54.29 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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.