Report Date :

11.08.2014

IDENTIFICATION DETAILS

Name :	MASTER LINE TEXTILE INDUSTRIES SAE
Registered Office :	1^st Belbes Road Industries Zone B3, Area 46 10^th of Ramadan City
Country :	Egypt
Financials (as on) :	31.12.2013
Date of Incorporation :	2003
Com. Reg. No.:	3571, Sharkeya
Legal Form :	Egyptian Joint Stock Company
Line of Business :	Engaged in the provision of fabric dyeing services
No. of Employees	500

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 :

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ECGC Country Risk Classification List – June 1, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
Egypt	B1	B2

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency

Source : CIA

SUMMARY

Company Name : MASTER LINE TEXTILE INDUSTRIES SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 2003

Commercial Registration Number : 3571, Sharkeya

Issued Capital : £E 20,000,000

Paid up Capital : £E 20,000,000

Total Workforce : 500

Activities : Providers of fabric dyeing services

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Wagih Mahfouz, Financial Manager

COMPANY NAME

MASTER LINE TEXTILE INDUSTRIES SAE

ADDRESS

Registered & Physical Address

Street : 1^st Belbes Road

Area : Industries Zone B3, Area 46

Town : 10^th of Ramadan City

Country : Egypt

Telephone : (20-15) 376001 / 376002 / 9500126/7/8

Facsimile : (20-15) 376004

Mobile : (20-122) 926731

Email : masterline10ramadan@yahoo.com

Premises

Subject operates from a large suite of offices and a factory covering an area of 8,800 sq metres that are rented and located in the Industrial Area of 10^th of Ramadan City.

KEY PRINCIPALS

Name Position

· Nagy Samir Tomma Tomas Chairman

· Nasr Wadie General Manager

· Wagih Mahfouz Financial Manager

LEGAL FORM & OWNERS

Date of Establishment : 2003

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 3571, Sharkeya

Issued Capital : £E 20,000,000

Paid up Capital : £E 20,000,000

Name of Shareholder (s) Percentage

· El Masria Textiles Holding 60%

Egypt

· Nagy Samir Tomma Tomas 20%

· Maged Samir Tomma Tomas 20%

AFFILIATED COMPANIES

· Dice Readymade Garment Co

Egypt

OPERATIONS

Activities: Engaged in the provision of fabric dyeing services.

Production Capacity: 3,810,164 kg per year

Import Countries: Germany, Israel, South Korea, Australia, Panama, India and Switzerland

International Suppliers:

· Huntsman Germany

· Oyhyoung South Korea

· AVOC Israel

Operating Trend: Steady

Subject has a workforce of approximately 500 employees.

FINANCIAL DATA

Financial highlights provided by local sources are given below:

Currency: Egyptian Pounds (£E)

Year Ending 31/12/12: Year Ending 31/12/13:

Total Sales £E 59,500,000 £E 66,000,000

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

The above figures were provided by Mr Wagih Mahfouz, Financial Manager

BANKERS

· Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

· Egyptian Gulf Bank

El Orman Plaza Building

8-10 Ahmed Nessim Street

PO Box: 56

Cairo

Tel: (20-2) 33606580 / 33606467

Fax: (20-2) 33420265 / 33606512

· Arab African Bank

5 El Saraya El Kobira Square

PO Box: 60, Magles El Shaab

Cairo

Tel: (20-2) 33545094

Fax: (20-2) 33558493

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

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.61.56
UK Pound	1	Rs.103.50
Euro	1	Rs.82.41

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIS

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%)

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