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Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
UNION DYERS SAE |
|
|
|
|
Registered Office : |
Top
Food Street, Sadat City, 1st Industrial Zone, Plot 66/8, Menoufeya |
|
|
|
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Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
|
Year of Establishments: |
1993 |
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|
|
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Com. Reg. No.: |
92, Menoufeya |
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|
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Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged
in the dyeing and preparation of cotton and knitted fabrics |
|
|
|
|
No. of Employees : |
370 |
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 : |
Usually Correct |
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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 |
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, 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 :
UNION
DYERS SAE
Also Known As : UNITED DYERS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1993
Commercial Registration Number : 92, Menoufeya
Tax Card Number : 100-249-450
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 370
Activities : Dyeing and preparation of cotton and knitted fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
UNION DYERS SAE
UNITED DYERS
Registered &
Physical Address
Street : Top Food Street
Area : Sadat City, 1st
Industrial Zone, Plot 66/8
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2601712
/ 2601714 / 2601709 / 2603041
Facsimile : (20-48) 2601709
Email : abudi@link.net
/ info@uniteddyers.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Menoufeya.
Name Position
·
Mohamed Bassel Bassem Attasy Chairman
·
Rizkallah Kamal Antaky Managing
Director
·
Abd El
Alim Ali Ibrahim Director
·
Amr Mohamed Esmat Halawa Director
·
Mohamed Esmat Halawa Director
·
Rania Bassam Attasy Director
·
Abd El Latif Ali El Kosier Director
·
Magdy
Tolba Director
·
Sayed
El Masry Finance
Manager
·
Ramez
El Dib Production
Manager
·
Ayman
El Tahan Accounts
Manager
·
Sameh
Moustafa Administration
Manager
Date of Establishment : 1993
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 92, Menoufeya
Tax Card No. :
100-249-450
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of Shareholder
(s) Percentage
· Mohamed Bassam Attasy 21.11%
·
Ahmed Mohamed Esmat Halawa 18.37%
·
Rizkallah Kamal Antaky 13.01%
·
Amr Mohamed Esmat Halawa 10.63%
·
Tatiana
Amr Mohamed Esmat Halawa 10.00%
·
Tamara
Amr Mohamed Esmat Halawa 10.00%
·
Rania Bassam Attasy 5.38%
·
Hala
Ahmed Esmat Halawa 4.13%
·
Naela
Ahmed Esmat Halawa
4.13%
·
Cairo Cotton Center 3.24%
Activities: Engaged in the
dyeing and preparation of cotton and knitted fabrics.
Import
Countries: Germany, China,
Japan, Turkey, Belgium, the Netherlands and Swaziland.
Operating Trend: Steady
Subject has a
workforce of approximately 370 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 50,374,000 £E 51,039,679
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Arab
African International Bank
Alfy Branch, 54 D-El
Cairo
·
Export
Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 33619005 /
33385877
Fax: (20-2) 33385940 /
33385938
·
Commercial
International Bank
Talaat Harb Street
Madinet El Sadat
Menoufeya
Tel: (20-48) 2603083 / 2603084
Fax: (20-48) 2603087
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.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
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.