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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
MISR FINE SPINNING WEAVING & BEIDA DYERS CO SAE |
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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 : |
1938 |
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Com. Reg. No.: |
21894, Damanhour |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture and export of cotton, blended textiles,
fabrics, yarns, bed sheets, woollen
blankets and readymade garments for men, ladies and children,
including shirts, trousers, and T-shirts. |
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No. of Employees |
10,380 |
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 |
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
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Source
: CIA |
Company Name :
MISR FINE SPINNING WEAVING & BEIDA DYERS CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1938
Commercial Registration Number :
21894, Damanhour
Issued Capital :
£E 107,373,000
Paid up Capital :
£E 107,373,000
Total Workforce :
10,380
Activities :
Manufacture and export of cotton, blended textiles, fabrics, yarns, bed
sheets, woollen blankets and readymade garments.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Abdul Salam, Purchasing Officer
MISR FINE SPINNING WEAVING & BEIDA DYERS CO SAE
Location : 28 Talaat
Harb Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 5758604
/ 5758863
Facsimile : (20-2) 5758863
Email : misrfine@link.net
Subject operates from a large suite of offices that are owned and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· Ahmed Orabi Street Owned
textile mill
Kafr El Dawar
Beheira
Tel: (20-45) 2201646 / 2201604 / 2201601
Fax: (20-45) 2201617 / 2201618
· 11 Sesostris
Street Sales
Office
Ramleh
Alexandria
Tel:
(20-3) 4864183 / 4870668
Fax: (20-3)
4870668
Name Position
· Mohamed Khairy Saad
Mahmoud Zaghloul Chairman
· Mahmoud Hosny Abu
El Ela Managing
Director
· Hamdy El Khouly Director
· Hussein Ghanem Director
· Mohab Awad Director
· Ibrahim Mohamed El
Sayad El Awadi Director
· Gamal Abd El Fadil Director
· Mohamed Ahmed
Mohamed Hussein Director
· Hassan El Mongy Finance
Manager
· Essam Helaly Sales
Manager
· Mohamed Adul Moulaa Accounts
Manager
· Hisham Khalil Export
Manager
· Yousri Nishnash Commercial
Manager
· Mamdouh Sobhy Administration
Manager
· Mohamed Abdul Salam Purchasing
Officer
· Abd El Latif Mady Office
Manager
· Nagati Hafez
Sultan Public
Relations Manager
Date of
Establishment : 1938
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 21894, Damanhour
Issued Capital : £E 107,373,000
Paid up Capital : £E 107,373,000
· Cotton Spinning
Weaving & Garments Holding Co 100%
8 El Taher Street
Abdin
Cairo
Tel: (20-2) 3953447
Fax: (20-2)
3953446
Activities: Engaged in the manufacture and export of cotton, blended textiles,
fabrics, yarns, bed sheets, woollen
blankets and readymade garments for men, ladies and children, including
shirts, trousers, and T-shirts.
Import Countries: Europe and the Far East.
Export Countries: Bulgaria, Czech Republic, Syria, Germany, Italy,
Morocco and Saudi Arabia.
Operating Trend: Steady
Subject has a workforce of approximately 10,380 employees.
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
275,000,000 £E
292,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Suez Canal Bank
PO Box: 2620
Cairo
Tel: (20-2)
5769296
Fax: (20-2)
5322064
· Export Development
Bank of Egypt
16 Syria
Street
Roushdy
Alexandria
Tel: (20-3)
5450018 / 5440428
Fax: (20-3)
5450009
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
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Indian Rupees |
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US Dollar |
1 |
Rs.60.76 |
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|
1 |
Rs.100.72 |
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Euro |
1 |
Rs.80.55 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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.