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Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
`
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Name : |
EGYPTIAN COMPANY
FOR TRADE AND INDUSTRY (SOGIC) |
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Registered Office : |
Canal Suez
Street, El Mansheya, Moharram Bey, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
30.06.2014 |
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Year of Establishment : |
1991 |
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Com. Reg. No.: |
132067, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
· Engaged in the import and distribution of readymade garments. ·
Subject is also involved in the processing and
dyeing of fabrics. |
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No of Employees : |
650 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Risk Category |
ECGC
Classification |
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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.
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Source : CIA |
Company Name : EGYPTIAN COMPANY FOR TRADE AND INDUSTRY (SOGIC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1991
Commercial Registration Number : 132067, Alexandria
Authorised Capital : £E 50,000,000
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Total Workforce : 650
Activities : Distributors of readymade garments.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Fouad Daoud Gobrial, Finance Manager
EGYPTIAN COMPANY FOR TRADE AND INDUSTRY
(SOGIC)
Registered &
Physical Address
Street : Canal Suez Street
Area : El Mansheya, Moharram Bey
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3612597 / 3615748
Facsimile : (20-3) 3615748 / 3618004
Mobile : (20-122) 3188222 / 3247533
Email : sogic@link.net
/ sogicaraf@gmail.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Alexandria.
Name Position
·
Mohamed
Abdul Sattar Arafa Chairman
·
Salim
Mohamed Salim Vice
Chairman
·
Mona
Abdul Sattar Arafa Director
·
Huda
Abdul Sattar Arafa Director
·
Fouad Daoud Gobrial Finance
Manager
Date of Establishment : 1991
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 132067,
Alexandria
Authorised
Capital : £E 50,000,000
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Name of
Shareholder (s)
·
Mohamed
Abdul Sattar Arafa
·
Mona
Abdul Sattar Arafa
·
Huda
Abdul Sattar Arafa
·
Ahmed Mohamed Abdul Sattar Arafa
·
Aliya Mohamed Abdul Sattar Arafa
·
Yasmeen Mohamed Abdul Sattar Arafa
·
Hanfi Mohamed Hanfi
·
Hussam Karim Hanfi Mohamed Hanfi
·
Dina Amal Hanfi Mohamed Hanfi
·
Rowiya Hassan Fathi
Activities: Engaged in the import and distribution of
readymade garments. Subject is also involved in the processing and dyeing of
fabrics.
Import
Countries: Europe and the
Far East
Operating Trend: Steady
Subject has a
workforce of approximately 650 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 30/06/13: Year Ending
30/06/14:
Total Revenue £E 38,878,526 £E 54,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Fouad Daoud
Gobrial, Finance Manager
·
Bank of
Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
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 |
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|
1 |
Rs.102.56 |
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Euro |
1 |
Rs.81.91 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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 |
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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.