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Report Date : |
13.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
EGYPTIAN INTERNATIONAL CO FOR KNITTING &
DYEING |
|
|
|
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Registered Office : |
Second Industrial
Zone, Block 34,New Borg El Arab City, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1967 |
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Com. Reg. No.: |
129600, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the production
and processing of man-made fibres, fabrics and cotton for clothing and
household linen, as well as sportswear, leisurewear and unisex garments. Subject also
performs dyeing and finishing for fabrics and textile goods. |
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|
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No. of Employees : |
4,000 |
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 |
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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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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, and economic growth is likely to remain slow during the next
several years. The government drew down foreign exchange reserves by more than
50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign
financial assistance - as a result of unsuccessful negotiations with the
International Monetary Fund over a multi-billion dollar loan agreement which
have dragged on more than 20 months - could precipitate fiscal and balance of
payments crises in 2013.
|
Source : CIA |
Company Name : EGYPTIAN INTERNATIONAL CO FOR KNITTING & DYEING
Doing Business As : DYETEX
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Start Date : 1967
Registration Date : 1990
Commercial Registration Number : 129600, Alexandria
Industry Registration Number : 19011
Authorised Capital : £E 250,000,000
Issued Capital : £E 90,000,000
Paid up Capital : £E 90,000,000
Total Workforce : 4,000
Activities : Production of fabrics and cloth as well as dyeing and finishing for
fabrics and textile goods
Financial Condition : Fair
Payments : Nothing detrimental uncovered
EGYPTIAN
INTERNATIONAL CO FOR KNITTING & DYEING
DYETEX
Registered &
Physical Address
Location : Second Industrial Zone, Block 34
Area : New Borg El Arab City
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4591290 / 4591293 / 4592138
Facsimile : (20-3) 4592137 / 4591293
Email : dyetex@link.net / dyetex@dataxprs.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Alexandria.
Branch Office (s)
Location Description
·
Smouha
Buildings, 1st Floor Office
premises
Street No. 69
Alexandria
Tel: (20-3) 3832837 / 3832838 / 3832839 /
3832840
Fax: (20-3) 3832841
·
57
Ahmed Mohsen Street Factory
premises
El Seouf
Ramleh
Alexandria
Tel: (20-3) 5262510 / 5264181
Fax: (20-3) 5022510 / 5262510
Name Position
·
Mohamed
Fadel Sultan Chairman
·
Bassem
Mohamed Fadel Sultan Managing
Director
·
Hazem
Mohamed Fadel Sultan Director
·
Adel
Abu El Enein Director
·
Mohamed
Fathi Commercial
Manager
·
Mohamed
Tariq Production
Manager
·
Sherif
El Beh Finance
Manager
·
Omar El
Rafaie Administration
Manager
·
Abd El
Nasser Mabrouk Human
Resources Manager
·
Abd El
Sayed El Sawy Factory
Manager
·
Sameh
Mahmoud Sharaf Office
Manager
·
Ossama
Abd El Aziz IT
Manager
·
Maged
Turk Marketing
Manager
Date of Establishment : Subject’s
operations date back to 1967, however it was registered in 1990.
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 129600,
Alexandria
Industry
Reg. No. : 19011
Authorised
Capital : £E 250,000,000
Issued Capital : £E
90,000,000
Paid up Capital : £E 90,000,000
Name of Shareholder
(s) Percentage
·
Mohamed
Fadel Sultan 13.2%
·
Bassem
Mohamed Fadel Sultan 13.2%
·
Laila
Mahmoud Fadel Sultan 13.2%
·
Hazem
Mohamed Fadel Sultan 13.2%
·
Hourus
Fund 47.2%
Activities: Engaged in the production and processing of
man-made fibres, fabrics and cotton for clothing and
household linen, as well
as sportswear, leisurewear and unisex garments.
Subject also performs dyeing and finishing for fabrics and textile
goods.
The company’s clients include Nile and Target, both based in the USA.
Subject is ISO 9001-2000
accredited
Production
Capacity: 120 tons per
month
Import
Countries: India, Japan,
Asia and Europe.
Export
Countries: United States of
America, France, United Kingdom, Germany, Hong Kong and Italy
Subject has a
workforce of approximately 4,000 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E 160,000,000 £E 169,000,000
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
177 Mostafa Kamel Street
Alexandria
Tel: (20-3) 5701930
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.102.06 |
|
Euro |
1 |
Rs.84.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.