|
Report Date : |
29.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
ALKAN TEXTILE COMPANY SAE (ALMATEX) |
|
|
|
|
Registered Office : |
Plot 37/38 2nd Industrial Zone, Sadat City PO Box 37
Menoufeya |
|
|
|
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Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2013 |
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|
|
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Date of Incorporation : |
1998 |
|
|
|
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Com. Reg. No.: |
2615 |
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
Engaged in the manufacture of fine cotton yarns |
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|
|
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No. of Employees : |
700 |
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 |
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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 – 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, pushing up unemployment levels, and economic growth is likely to remain slow amid political uncertainty. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance to finance imports and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
|
Source
: CIA |
Company Name : ALKAN TEXTILE COMPANY SAE (ALMATEX)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 2615
Issued Capital : £E 15,000,000
Paid up Capital : £E 15,000,000
Total Workforce : 700
Activities : Manufacturers of fine cotton yarns
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ALKAN TEXTILE COMPANY SAE (ALMATEX)
Building :
Plot 37/38
Area : 2nd
Industrial Zone, Sadat City
PO Box : 37
Town : Menoufeya
Country : Egypt
Telephone : (20-48) 2604781
/ 2604055 / 2604782
Facsimile : (20-48)
2604783 / 2600126
Email : infotex@almatex.com
Subject operates from a large suite of offices and a warehouse that are
owned and located in the Industrial Area of Menoufeya.
Branch Office (s)
Location Description
· General Free Zone Factory
premises
Amreya
Alexandria
Tel:
(20-3) 4480557 / 4480456
Fax:
(20-3) 4480557 / 4480456
· 2 El Messaha
Square Rented
office premises
Dokki
Giza
Tel: (20-2) 37490140 / 37490143
Fax: (20-2)
37499253
Name Position
· Khaled Mohamed
Mahmoud Nosseir Chairman
· Shawky Abdallah El
Mogazy Director
· Refaat Helal
Hammouda Director
· Mohamed Kamel
Hassan El Tawashi Director
· Mohamed El
Kashoury General
Manager
· Alaa Soliman Assistant
General Manager
· Emile Henry Finance
Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 2615
Issued Capital : £E 15,000,000
Paid up Capital : £E 15,000,000
· Alkan Holding 41.6%
2 El Messaha
Square
Giza, Dokki
Cairo
Tel: (20-2)
7490140
Fax:
(20-2) 7499253
Email: alkanholding@alkan.com
· Khaled Mohamed
Mahmoud Nosseir & Family ]
] 58.4%
· Ahmed Mamdouh
Sharaf ]
Subject belongs to the Alkan group of companies
that consists of the following concerns:
· Alkan Air
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Medical
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Agro
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Networks
8 El Gazayer
Street
Maadi
Cairo
Tel : (20-2)
5197781
Fax : (20-2)
5198415
· Alkan Telecom
8 El Gazayer
Street
Maadi
Cairo
Tel : (20-2)
5197781
Fax :
(20-2) 5198415
· Quality Standard
Information Technology
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax :
(20-2) 7499253 / 3609932
· Alkan
Communications
9 El Mokhtar Street
Maadi
Cairo
Tel : (20-2) 5169561
Fax : (20-2) 5169560
· Alkan Pharma SAE
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Construction
95 Hafez Ramadan
Street
Nasr City
Cairo
Tel : (20-2)
2703094
Fax : (20-2)
2755105
· Astra Travel
15 Demeshk Street
Mohandessin
Cairo
Tel : (20-2)
3446445
Fax : (20-2)
3036767
· Alkan Consult
10 El Mansour
Mohamed Street
Zamalek
Cairo
Tel : (20-2)
7366636
Fax : (20-2)
7366630
· Cairo Financial
Center
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Investment
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2) 7499253 / 3609932
· Alkan Realty
Development
2 El Messaha Square
Giza, Dokki
Cairo
Tel : (20-2) 7490140 / 7490142 / 7490143
Fax : (20-2)
7499253 / 3609932
Activities: Engaged in the manufacture of fine cotton yarns.
Subject is ISO 9001 and 14001 accredited
Import Countries: Italy, Germany, Spain, France and Turkey.
Export Countries: Italy, Spain, Turkey, Germany, Portugal and the United
States of America.
Operating Trend: Steady
Subject has a workforce of approximately 700 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 Sales £E
45,540,000 £E
46,251,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Misr International Bank (MIBANK)
33 Safia Zaghloul
Street
Raml Station
Alexandria
Tel: (20-3)
4828174 / 4828213
Fax: (20-3)
4838216
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.60.10 |
|
|
1 |
Rs.99.85 |
|
Euro |
1 |
Rs.82.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.