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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
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Name : |
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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 : |
25.07.2004 |
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Com. Reg. No.: |
4153 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of clothing |
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No of Employees : |
1,750 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 : EL SHARKIA TEXTILES INDUSTRIES
Also Known As : LEINA TEXTILES EGYPT
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 25th July 2004
Commercial Registration Number : 4153, 10th Of Ramadan City
Issued Capital : US$ 3,000,000
Paid up Capital : US$ 3,000,000
Total Workforce : 1,750
Activities : Manufacture of clothing
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Osama Abdul Wahab, Finance Manager
COMPANY NAME: EL SHARKIA TEXTILES INDUSTRIES
ALSO KNOWN AS: LEINA TEXTILES EGYPT
Street : Ahmed Hamdy Street
Area : Industrial Zone A1, Sharkeya
Town : 10th of Ramadan City
Country : Egypt
Telephone : (20-15) 410190 / 410191 / 410192 /
411400 / 411410
Facsimile : (20-15) 410193
Mobile : (20-10) 1154546 / (20-122)
862220
Email : mohelkafrawi@leinatextiles.com
/ osama@leinatextiles.com
Subject operates
from a large suite of offices and a factory that are rented and located in the Industrial
Area of the 10th of Ramadan City.
Name Position
·
Mohamed
Ahmed Samir El Kafarwai Managing
Director
·
Mohmoud Samir El Kafarwai Director
·
Yousriah El Kafarwai Director
·
Osama
Abdul Wahab Finance
Manager
Date of Establishment : 25th
July 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 4153, 10th Of
Ramadan City
Issued Capital : US$ 3,000,000
Paid up Capital : US$ 3,000,000
·
Mohamed
Ahmed Samir El Kafarwai
·
Mohmoud Samir El Kafarwai
·
Yousriah El Kafarwai
·
El
Sherook Textile Industries
10th of Ramadan City
Egypt
·
Afro
American For RMG & Textiles
10th of Ramadan City
Egypt
Activities: Engaged in the manufacture of clothing.
Import
Countries: Spain, United
Kingdom and the United States of America.
International Suppliers:
·
GAP Inc United
States of America
·
ZARA Spain
· Mothercare United Kingdom
Operating Trend: Steady
Subject has a workforce
of approximately 1,750 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 87,300,000 £E 90,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Osama Abdul Wahab, Finance Manager
·
Credit
Agricole Egypt
Banks Zone, Plot No. 5
El Sharkeya
10th of Ramadan City
Tel: (20-15) 369106
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. 61.92 |
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1 |
Rs. 96.37 |
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Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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 |
-- |
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.