MIRA INFORM REPORT

 

 

Report Date :

11.05.2013

 

IDENTIFICATION DETAILS

 

Name :

EL SHAMSI FOR TRADING AND AGENCIES

 

 

Registered Office :

62, 15th May Street, Shubra El Kheima, Kaliubeya

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1958

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Distributors of readymade garments.

 

 

No. of Employees :

60

 

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, 2013

 

Country Name

Previous Rating

(31.12.2012)

Current Rating

(31.03.2013)

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 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

 

SUMMARY

 

Company Name                                    : EL SHAMSI FOR TRADING AND AGENCIES

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1958

Issued Capital                                       : £E 1,000,000

Paid up Capital                                     : £E 1,000,000

Total Workforce                                     : 60

Activities                                               : Distributors of readymade garments.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

 

COMPANY NAME

 

EL SHAMSI FOR TRADING AND AGENCIES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 62, 15th May Street

Area                 : Shubra El Kheima

Town                : Kaliubeya

Country             : Egypt

 

Telephone         : (20-2) 44733356 / 44713419

Facsimile          : (20-2) 44733354

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Kaliubeya.

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Yasser Abd El Malek Shamsi                                                                 Managing Director

 

Ammar Abd El Malek Shamsi                                                                 Director

 

Maher Shamsi                                                                                       Director

 

Mohamed El Haresi                                                                               Finance Manager

 

Yasser El Gebaly                                                                                  Administration Manager

 

Hossam Sakr                                                                                        Sales Manager

 

Ayman Qotb                                                                                         IT Manager

 

Mohamed Saber Gomaa                                                                        Quality Control Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1958

 

Legal Form                  : Egyptian Joint Stock Company

 

Issued Capital              : £E 1,000,000

 

Paid up Capital            : £E 1,000,000

 

Name of Shareholder (s)

 

Oasis Investment Group

Cairo

Egypt

 

Yasser Abd El Malek Shamsi

 

Ammar Abd El Malek Shamsi

 

Maher Shamsi

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Shamsi Group of Companies, which comprises the following concerns:

 

Shamsi for Textile Industries

Industrial Zone B1

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 367089

Fax: (20-15) 366974

 

Shamsi Ready Made Garments

18 Kassarat El Baladyia Street

Hadayek El Qobba

Cairo

Tel: (20-2) 4259710 / 4259730 / 4259740

Fax: (20-2) 4259750

 

Shamsi For Trade & Industry Co (Shatex)

6 El Sherifien Street

Cairo

Tel: (20-2) 33931640 / 33932994 / 33921416 / 33931349

Fax: (20-2) 3921032

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of readymade garments, specialising in menswear.

 

Import Countries:         China and France.

 

Brand Names:              DANIEL CREMIEUX

 

Operating Trend:          Steady

 

Subject has a workforce of 60 employees.

 

 

FINANCIAL DATA

 

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 16,285,000                           £E 16,700,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Egyptian American Bank

4 & 6 Hassan Sabri

Zamalek

PO Box: 1825

Cairo

Tel: (20-2) 33416150

Fax: (20-2) 33420265

 

Mashreq Bank

21 Dareeh Saad Street

Cairo

Tel: (20-2) 27927291

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.54

UK Pound

1

Rs.84.19

Euro

1

Rs.71.11

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.