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Report Date : |
06.06.2014 |
IDENTIFICATION DETAILS
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Name : |
EL HESN TEXTILES
SAE |
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Registered Office : |
Plot B2,
Industrial Area, Sharkeya, 10th of Ramadan City |
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Country : |
Egypt |
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Year of Establishment : |
1981 |
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Com. Reg. No.: |
2393, 10th of Ramadan City |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
production and processing of fabrics and yarns |
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No of Employees : |
1,200 (Approximately) |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 : EL HESN TEXTILES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Start Date : 1981
Registration Date : 2000
Commercial Registration Number : 2393, 10th of Ramadan City
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 1,200
Activities : Production and processing of fabrics and yarns.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Dr Ayman Yousef, Finance Manager
EL HESN TEXTILES
SAE
Registered &
Physical Address
Location : Plot B2
Area : Industrial Area, Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 360451
Facsimile : (20-15) 360457
Email : info@hesnitextiles.com / info@hesny.com.eg
Premises
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of 10th of Ramadan City.
Branch Offices
Location Description
·
89 El
Azhar Street Office
premises
PO Box: 52
Cairo
Tel: (20-2) 25104960
Fax: (20-2) 25100093
Name Position
·
Shareef
Robert Hesny Chairman
·
Marian
Robert Hesny Director
·
Robert
Hesny Director
·
Dr
Ayman Yousef Finance
Manager
·
Mohamed
El Tarabani Production
Manager
·
Nadim
El Gharaya Export
Manager
Date of Establishment : 1981, however
subject was registered in 2000
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 2393, 10th
of Ramadan City
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of Shareholder
(s)
·
Shareef
Robert Hesny
·
Marian
Robert Hesny
·
Robert
Hesny
Activities: Engaged in the production and processing of
fabrics and yarns.
Subject produces over 45 million meters of woven fabrics annually, about 25% of which is exported by its customers to Europe and the USA in the form of garments. It also processes over 8,000 tons of knitted fabrics and 1,300 tons of yarn annually, 60% of which is also exported to Europe and the USA. The company specializes in the pre-treatment, dyeing, printing and finishing of both woven and knitted fabrics.
Export
Countries: Europe and the
United States of America.
Subject has a
workforce of approximately 1,200 employees.
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.
·
Misr
International Bank (MIBANK)
Main Branch
10th of Ramadan City
Tel: (20-15) 378435
Fax: (20-15) 378327
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.59.30 |
|
|
1 |
Rs.99.34 |
|
Euro |
1 |
Rs.80.70 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.