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Report Date : |
11.01.2013 |
IDENTIFICATION DETAILS
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Name : |
Alexandria Fibre Co SAE |
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Registered Office : |
El Nahda Road, Amreya, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
2006 |
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Com. Reg. No.: |
152329,
Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of Dyed Acrylic Fibre Yarns. |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
Good |
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Payment Behaviour : |
Regular |
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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
|
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 : ALEXANDRIA FIBRE CO SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2006
Commercial
Registration Number : 152329,
Alexandria
Tax Card Number : 607-110-741
Issued Capital : £E
286,550,000
Paid up Capital : £E
286,550,000
Total Workforce : 350
Activities :
Manufacturers of dyed acrylic fibre yarns
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ALEXANDRIA FIBRE CO SAE
Street : El Nahda
Road
Area : Amreya
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4770181
/ 4770182 / 4770183
Facsimile : (20-3) 4770930
/ 4770178 / 4770187 / 4770939
Email : afco.marketing@adityabirla.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
· El Tayseer Tower Office
premises
Smouha
Alexandria
Name Position
· Mohamed Adel Ahmed
El Danaf Chairman
· Ashu Pareek Managing
Director
· Anand Kumar Surana Finance
Manager
· Ahmed Mahfouz Public
Relations Manager
· Nirmal Mashawari Technical
Manager
· Mahmoud Sarhan Human
Resources Manager
· Mohamed Said Production
Manager
Date of
Establishment : 2006
Legal Form : Egyptian Joint Stock Company
Commercial Reg.
No. : 152329,
Alexandria
Tax Card No. : 607-110-741
Issued Capital : £E 286,550,000
Paid up Capital : £E 286,550,000
· Aditya Birla Group
India
· Saudi Egypt
Industrial Investment
· Alexandria Carbon
Black Co SAE
· Sidi Kreir
Petrochemicals
· Arab Petroleum
Investment
· Thai Acrykic Fibre
Ltd, Thailand
· Thai Carbon Black
Public Ltd, Thailand
· Thai Rayon Public
Ltd, Thailand
Activities: Engaged
in the manufacture of dyed acrylic fibre yarns for the textiles industry used
in sweaters, blankets, carpets, knitwear, hosiery products, automotive
textiles, home textiles, furnishings and various industrial applications.
Import Countries: China,
Mexico, Japan, Netherlands, France, Germany and the United States of America
Export Countries: Syria,
Libya, Morocco, Italy, Canada, Turkey, Pakistan, Mexico, Kenya and Zambia.
Operating Trend: Steady
Subject has a workforce of approximately 350 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
236,000,000 £E
450,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.54.63 |
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|
1 |
Rs.87.50 |
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Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
|
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.