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Report Date : |
06.09.2013 |
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) : |
31.12.2012 |
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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 : |
Subject 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. |
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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 : |
Satisfactory |
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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 – 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 |
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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 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 : 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 31/12/11: 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)
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.66.04 |
|
UK Pound |
1 |
Rs.103.10 |
|
Euro |
1 |
Rs.86.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
<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.