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Report Date : |
22.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ALEXANDRIA FIBRE
CO SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 (Estimated) |
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Year of Incorporation : |
2006 |
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Com. Reg. No.: |
152329, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture of dyed acrylic fibre
yarns for the textiles industry used in sweaters, blankets, carpets,
knitwear, hosiery products, automotive textiles, home textiles, furnishings
and various industrial applications. |
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No of Employees : |
350 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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.
|
Source
: CIA |
Company Name : ALEXANDRIA FIBRE CO SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2006
Commercial Registration Number : 152329, Alexandria
Tax Card Number : 607-110-741
Issued Capital : £E 286,550,000
Paid up Capital : £E 286,550,000
Total Workforce : 350
Activities : Manufacturers of dyed acrylic fibre yarns
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALEXANDRIA FIBRE CO SAE
Registered &
Physical Address
Street : El Nahda Road
Area : Amreya
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4770181 / 4770182 / 4770183 /
4770184
Facsimile : (20-3) 4770930 / 4770178 / 4770187 /
4770939
Email : afco.marketing@adityabirla.com
/ mahmoudabdo@adityabirla.com
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Central Business Area of Alexandria.
Branch Office (s)
Location Description
·
El
Tayseer Tower Office
premises
Smouha
Alexandria
Name Position
·
Mohamed
Adel Ahmed El Danaf Chairman
·
Ramesh Agrawal Managing Director
·
Mahmoud Abdo Finance
Manager
·
Ahmed
Mahfouz Public
Relations Manager
·
Nirmal
Mashawari Technical
Manager
·
Mahmoud
Sarhan Human
Resources Manager
·
Santosh Dashmouk Production
Manager
·
Nirmal Kumar Operations
Manager
Date of Establishment : 2006
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 152329,
Alexandria
Tax Card No. :
607-110-741
Issued Capital : £E 286,550,000
Paid up Capital : £E 286,550,000
Name of Shareholder
(s)
·
Aditya
Birla Group
India
·
Saudi
Egypt Industrial Investment
·
Alexandria
Carbon Black Co SAE
·
Sidi
Kreir Petrochemicals
·
Arab
Petroleum Investment
·
Thai
Acrykic Fibre Ltd
Thailand
·
Thai
Carbon Black Public Ltd
Thailand
·
Thai Rayon
Public Ltd
Thailand
Activities: Engaged in the manufacture of dyed acrylic
fibre yarns for the textiles industry used in sweaters, blankets, carpets,
knitwear, hosiery products, automotive textiles, home textiles, furnishings and
various industrial applications.
Import
Countries: China, Mexico,
Japan, Netherlands, France, Germany and the United States of America
Export
Countries: Syria, Libya,
Morocco, Italy, Canada, Turkey, Pakistan, Mexico, Kenya and Zambia.
Operating Trend: Steady
Subject has a
workforce of approximately 350 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 Revenue £E 462,000,000 £E 468,500,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
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.60.19 |
|
UK Pound |
1 |
Rs.102.87 |
|
Euro |
1 |
Rs.81.48 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
MNL |
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 |
|
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.