|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
EGYPTIAN CO FOR DYEING & FINISHING
(AZGHALTEX) |
|
|
|
|
Registered Office : |
7 Mogamma El
Nasana Street (Factories Complex Street), El Amireya, Hadayek El Qobba, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Year of Establishments: |
1982 |
|
|
|
|
Com. Reg. No.: |
9807, Cairo |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
dyeing of yarns and fabrics, as well as the manufacture of T-shirts and shirts
for men |
|
|
|
|
No. of Employees : |
149 |
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 |
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 : EGYPTIAN CO FOR DYEING & FINISHING (AZGHALTEX)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1982
Commercial Registration Number : 9807, Cairo
Tax Card Number : 200-048-929
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 149
Activities : Dyeing of yarns and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN CO FOR
DYEING & FINISHING (AZGHALTEX)
Registered &
Physical Address
Street : 7 Mogamma El Nasana Street (Factories Complex Street)
Area : El
Amireya, Hadayek El Qobba
Town : Cairo
Country : Egypt
Telephone : (20-2) 24263686
/ 24222441 / 24262186
Facsimile : (20-2) 24231090
/ 24262186
Mobile : (20-12) 7372293
Email : ahmed@hotmail.com / ahmedazghal_2004@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Cairo.
Branch Office
(s)
Location Description
·
72 Abd El Salam Tantawy Street Sales
Office
Hadayek
El Qobba
Cairo
Name Position
·
Dr. Hussein Ibrahim El Azghal Chairman
·
Ahmed Hussein Ibrahim El Azghal Managing
Director
·
Moustafa El Kolashy Finance
Manager
·
Abdul Azim Mohamed Abdul Azim Accounts
Manager
·
Mahmoud
Ataallah Export
Manager
·
Dalia
El Morsy Public
Relations Manager
Date of Establishment : 1982
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 9807, Cairo
Tax
Card No. : 200-048-929
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder
(s)
·
Dr. Hussein Ibrahim El Azghal
·
Ahmed Hussein Ibrahim El Azghal
·
Mrs Aziza Hussein El Azghal
·
Local
businessmen and private investors
Activities: Engaged in the dyeing
of yarns and fabrics, as well as the manufacture of T-shirts and shirts for
men.
Import
Countries: India, Turkey
and Israel.
Export
Countries: Germany, Cyprus,
Turkey, United States of America.
Brand Names: EMERGENCY
Operating Trend: Steady
Subject has a
workforce of 149 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 12,375,000 £E 12,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
·
Bank of
Alexandria
Cairo
Tel: (20-2) 33938623
Fax: (20-2) 33919805
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.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
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 |
|
-- |
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.