MIRA INFORM REPORT

 

 

Report Date :

07.06.2014

 

IDENTIFICATION DETAILS

 

Name :

FABULOUS KNITWEAR CO SAE

 

 

Registered Office :

33 Badwai Street, Ezbet El Gawahgi, Shoubr El Khaimah, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

2010

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of knitwear, including tops, skirts, hoodies and jogging bottoms.

 

 

No of Employees :

1,200

 

 

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 – 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

 

SUMMARY

 

Company Name                                    : FABULOUS KNITWEAR CO SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2010

Issued Capital                                       : £E 5,000,000

Paid up Capital                                     : £E 5,000,000

Total Workforce                         : 1,200

Activities                                               : Manufacturers of knitwear

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Samer Sabet, General Manager

 
COMPANY NAME

 

FABULOUS KNITWEAR CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

 

Street               : 33 Badwai Street

Area                 : Ezbet El Gawahgi, Shoubr El Khaimah

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 42226946 / 42204553

Facsimile          : (20-2) 42205377

Mobile              : (20-128) 3222242

Email                : sheriff.nagy@wassef-group.com / samer.sabet@wassef-group.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

 

·       Ring Road                                                                                        Factory premises

El Fayoun

Beni Suef

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Joseph Wassef                                                                                Chairman

 

·       Sherif Nagi Wassef                                                                           Managing Director

 

·       Samer Sabet                                                                                    General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2010

 

Legal Form                  : Egyptian Joint Stock Company

 

Issued Capital              : £E 5,000,000

 

Paid up Capital            : £E 5,000,000

 

Name of Shareholder (s)

 

·       Joseph Wassef

 

·       Members of Mr Joseph Wassef’s family

 

 

AFFILIATED COMPANIES

 

·       Fabulous Sportswear

33 Badwai Street

Ezbet El Gawahgi, Shoubr El Khaimah

Cairo

Tel: (20-2) 42226946 / 42204553

Fax: (20-2) 42205377

 

·       Fabulous Textile

33 Badwai Street

Ezbet El Gawahgi, Shoubr El Khaimah

Cairo

Tel: (20-2) 42226946 / 42204553

Fax: (20-2) 42205377

 

·       Rotex Dyeing & Printing

33 Badwai Street

Ezbet El Gawahgi, Shoubr El Khaimah

Cairo

Tel: (20-2) 42226946 / 42204553

Fax: (20-2) 42205377

 

·       Melmar Knitwear

33 Badwai Street

Ezbet El Gawahgi, Shoubr El Khaimah

Cairo

Tel: (20-2) 42226946 / 42204553

Fax: (20-2) 42205377

OPERATIONS

 

Activities: Engaged in the manufacture of knitwear, including tops, skirts, hoodies and jogging bottoms.

 

Import Countries: Europe and the Far East.

 

Subject has a workforce of approximately 1,200 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

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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. 59.19

UK Pound

1

Rs. 99.51

Euro

1

Rs. 80.83

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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.