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Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
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Name : |
SAMAKIA FOR COTTON WEAR |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
342665 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the manufacture of cotton underwear for ladies, men and
children |
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No. of Employees |
1,300 |
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 : |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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
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Source
: CIA |
Company Name :
SAMAKIA FOR COTTON WEAR
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1996
Commercial Registration Number : 342665
Invested Capital : £E 7,000,000
Total Workforce : 1,300
Activities : Manufacture of cotton underwear for ladies, men and children
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SAMAKIA FOR COTTON WEAR
Street : 4 Misr
Ismailia Road
Area : Industrial
Area
Town : Cairo
Country : Egypt
Telephone : (20-2) 26989040
/ 26989041
Facsimile : (20-2)
26989040 / 26989041
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
· 20 Baghdad Street Office
premises
Al Korba,
Heliopolis
Tel: (20-2)
26908726
· 28
Al Nozha Street
Heliopolis
Tel: (20-12)
5566161
· Masaken Sheraton Office
premises
45 Said Zakareya
Heliopolis
· Genena Mall, 3rd
Floor Office
premises
20 Btrawy Street
Nasr City
Tel: (20-2)
24030096
· 9 Al Obour
Buildings Office
premises
Salah Salem Road
Nasr City
Tel: (20-10)
2597273
· 15 Abbass El Akkad
Street Office
premises
Nasr City
Tel: (20-2)
24021085
· 5 Brazil Street Office
premises
Zamalek
Tel:
(20-2) 27383840
Name Position
· Bassel Samakia Proprietor
& General Manager
· Atef El Agouza Finance
Manager
· Mohamed Eissa Factory
Manager
· Omar Samakia Administration
Manager
Date of
Establishment : 1996
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 342665
Invested Capital : £E 7,000,000
Mr Bassel Samakia is the sole proprietor of the business.
Activities: Engaged in the manufacture of cotton underwear for ladies, men and
children.
Export Countries: France, Spain, Lebanon, Saudi Arabia, United Arab
Emirates and Libya.
Brand Names: COTTONIL
Operating Trend: Steady
Subject has a workforce of approximately 1,300 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
86,000,000 £E
91,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Citibank
PO Box: 188
Cairo
Tel: (20-2)
33551877 / 33551874
Fax: (20-2)
33558056
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
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|
1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.