|
Report Date : |
27.06.2013 |
IDENTIFICATION DETAILS
|
Name : |
ALEXANDRIA FIBRE
CO SAE |
|
|
|
|
Registered Office : |
El Nahda Road,
Amreya, Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
Com. Reg. No.: |
152329,
Alexandria |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers of dyed acrylic fibre yarns |
|
|
|
|
No. of Employees : |
350 |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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 |
B1 |
B1 |
|
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 : 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 :
Country :
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
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
·
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 31/12/11: Year Ending
31/12/12:
Total Sales £E 450,000,000 £E 462,000,000
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)
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.59.70 |
|
|
1 |
Rs.92.25 |
|
Euro |
1 |
Rs.78.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.