MIRA INFORM REPORT

 

 

Report Date :

28.02.2014

 

IDENTIFICATION DETAILS

 

Name :

SOTIR INDUSTRY CO (FANOUS JUTE)

 

 

Registered Office :

13 El Makrezy Street, Manshyat El Bakry, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

1960

 

 

Com. Reg. No.:

4005, 10th of Ramadan City

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the manufacture of plastic and woven sacks and bags.

 

 

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 :

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, 2013

 

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Egypt

B1

B1

 

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 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, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : SOTIR INDUSTRY CO (FANOUS JUTE)

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Start Date                                             : 1960

Registration Date                                  : 2001

Commercial Registration Number           : 4005, 10th of Ramadan City

Tax Card Number                                  : 572-715-463

Issued Capital                                       : £E 500,000

Paid up Capital                                     : £E 500,000

Total Workforce                                     : 500

Activities                                               : Manufacturers of plastic and woven sacks and bags.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

COMPANY NAME

 

SOTIR INDUSTRY CO (FANOUS JUTE)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 13 El Makrezy Street

Area                 : Manshyat El Bakry, Heliopolis

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 22588559 / 22587006 / 24555215

Facsimile          : (20-2) 24545005

Email                : fanousp@hotmail.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

Location                                                                                   Description

 

Industrial Zone A6, Plot No. 4                                                    Factory premises

10th of Ramadan City

Tel: (20-15) 413059

Fax: (20-15) 413069

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Farooq Fanous Sulaiman                                                           Managing Partner

 

Medhat Farooq Fanous Sulaiman                                               Partner

 

Magdi Farooq Fanous Sulaiman                                     Partner

 

Hanaa Nazmy                                                                            Office Manager

 

Christina Alfons                                                             Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           1960, however subject was registered in 2001.

 

Legal Form      :                       Limited Liability Partnership

 

Commercial Reg. No.   :           4005, 10th of Ramadan City

 

Tax Card No.    :                       572-715-463

 

Issued Capital              :           £E 500,000

 

Paid up Capital            :           £E 500,000

 

Name of Shareholder (s)

 

Farooq Fanous Sulaiman

 

Medhat Farooq Fanous Sulaiman

 

Magdi Farooq Fanous Sulaiman

 

 

AFFILIATED COMPANIES

 

Sotir Construction & Trade

13 El Makrizi Street

Manshiet El Bakri, Heliopolis

Cairo

Tel: (20-2) 22588559 / 22587006 / 22598200 / 22599300

Fax: (20-2) 22579248

 

Fanous Textile

13 El Makrizi Street

Manshiet El Bakri, Heliopolis

Cairo

Tel: (20-2) 22588559 / 22599300 / 22598200

Fax: (20-2) 22579248

 

Fanous Plastic

13 El Makrizi Street

Manshiet El Bakri, Heliopolis

Cairo

Tel: (20-2) 22599300 / 22598200

Fax: (20-2) 22579248

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of plastic and woven sacks and bags.

 

Import Countries:         India and Bangladesh.

 

Subject has a workforce of approximately 500 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

National Societe Generale Bank SAE

10 Talaat Harb Street

Cairo

Tel: (20-2) 25749376

Fax: (20-2) 25776249

 

Banque du Caire SAE

19 Adly Street

Cairo

Tel: (20-2) 33926915

Fax: (20-2) 33951713

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                February 2005

Credit amount                                       100,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

 

GENERAL COMMENTS

 

Established in 1960, subject is involved in the manufacture of plastic and woven sacks and bags.

 

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.61.94

UK Pound

1

Rs.103.31

Euro

1

Rs.85.11

 

 

INFORMATION DETAILS

 

Report Prepared by :

NNA

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.