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Report Date : |
02.03.2013 |
IDENTIFICATION DETAILS
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Name : |
APPLETEX CO |
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Registered Office : |
Plot 2/5, 3rd
Industrial Zone, Sharkeya , P O Box
426, 10th of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1992 |
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Com. Reg. No.: |
1264 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture, printing and finishing of blended and polyester
textiles |
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No. of Employees : |
500 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
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Insignificant |
A1 |
|
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.
|
Source : CIA |
Company Name : APPLETEX CO
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1992
Commercial Registration Number : 1264
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 500
Activities : Manufacture, printing and finishing of blended and polyester textiles
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
APPLETEX CO
Registered &
Physical Address
Location : Plot 2/5, 3rd
Industrial Zone
Area : Sharkeya
PO Box : 426
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 410102 / 410206
Facsimile : (20-15) 410206
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of 10th of Ramadan City.
Name Position
·
Mohamed
Anwar Gomaa Zeitoun Chairman
·
Mabrouk
Shebl Saridar Vice
Chairman
·
Mohamed
Gomaa Mohamed Anwar Director
·
Ismail
Nasser Finance
Manager
·
Farag
Abd El Moteleb Amer Accounts
Manager
·
Ibtsam
Hassan Export
Manager
Date of Establishment : 1992
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 1264
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder
(s) Percentage
·
Mohamed
Anwar Gomaa Zeitoun 25%
·
Local
businessmen and private investors 75%
Activities: Engaged in the manufacture, printing and
finishing of blended and polyester textiles for the garment
industry.
Import Countries: Europe and the Far East.
Brand Names: APPLETEX and ROSETEX
Operating Trend: Steady
Subject has a
workforce of approximately 500 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 100,385,000 £E 100,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
City Centre, Plot No. 8
10th of Ramadan City
Tel: (20-15) 367294
Fax: (20-15) 367915
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.54.82 |
|
UK Pound |
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.71.27 |
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 |
|
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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.