MIRA
INFORM REPORT
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Report Date : |
12.09.2014 |
IDENTIFICATION DETAILS
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Name : |
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Formerly Known As : |
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Registered Office : |
162 Gowhar El Kaid Street Darrasa, El Azhar Cairo |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
81455, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of garments. |
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No. of Employees |
5,000 |
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 : |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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 |
SUMMARY
Company Name :
Also Known As :
GIZA SPINNING MILLS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1989
Commercial Registration Number :
81455, Giza
Tax Card Number :
100-066-577
Issued Capital :
£E 200,000,000
Paid up Capital :
£E 140,000,000
Total Workforce :
5,000
Activities :
Manufacture and export of garments.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
GIZA SPINNING & WEAVING CO SAE
ALSO
KNOWN AS
GIZA SPINNING MILLS SAE
ADDRESS
Registered &
Physical Address
Street : 162 Gowhar
El Kaid Street
Area : Darrasa, El
Azhar
Town : Cairo
Country : Egypt
Telephone : (20-2) 25929632
Facsimile : (20-2)
25929632
Mobile : (20-12)
5481193
Email : marzouk@gizaspin.com
/ info@gizaspin.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
16 Osman Ibn Affan Street Office
premises
Salah El Din Square
Darassa, El Azhar
Kafr Hakim Owned
factory covering an area of 225,000Embaba, Giza square
metres
Sixth of October City
Tel: (20-2) 38900210 /11/12/13
Fax: (20-2) 38900214 / 38900216
KEY PRINCIPALS
Name Position
Mohamed Ghazal Abd El Hamid Marzouk Chairman
Fadel Mohamed Ghazal Abd El Hamid Marzouk Vice Chairman
Sherif Mohamed Ghazal Abd El Hamid Marzouk Director
Mahmoud Ghazal Abd El Hamid Marzouk Director
Mohamed Moustafa Abbad Director
Fathi Abu Mousa Commercial
Manager
Mohamed Zayed Finance
Manager
Taher Salah Import
Manager
Ehab Al Issawi Planning
Manager
Hassan El Sayed Factory
Manager
Gamal Zaki Engineering
Manager
Talaat El Khatib Administration
Manager
Abd El Azim Ragab Accounts
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1989
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 81455, Giza
Tax Card No. : 100-066-577
Issued Capital : £E 200,000,000
Paid up Capital : £E 140,000,000
Name of
Shareholder (s) Percentage
Mohamed Ghazal Abd El Hamid Marzouk 54.5%
Fadel Mohamed Ghazal Abd El Hamid Marzouk 15.0%
Sherif Mohamed Ghazal Abd El Hamid Marzouk 15.0%
Mahmoud Ghazal Abd El Hamid Marzouk 15.0%
Dr Naglaa El Genid Ali
0.5%
OPERATIONS
Activities: Engaged in the manufacture
and export of garments, including trousers and T-shirts, shirts, trousers,
shorts, leggings and pyjamas as well as household textiles and soft
furnishings.
Subject also offers printing and dyeing
services.
Subject is ISO 9001: 2008 and
14001:2004 accredited.
Production Capacity:
1.5 million units per month.
3,750 ton per year of spinning yarns
2,400.000 metres per year of weaving yarns
3,000 ton per year knitted fabrics
5,000 ton per year printed fabrics
1,193,966 dozen per year of garments
Import Countries: India,
Hong Kong, Israel, Germany, Switzerland and Asia.
Export Countries: United
States of America, Canada, Russia, Hong Kong, India, Turkey, France, Spain and
Germany.
Brand Names: NOK
NOK and GTC
Operating Trend: Steady
Subject has a workforce of approximately 5,000 employees.
FINANCIAL DATA
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
420,000,000 £E 432,000,000
Local sources consider subject’s financial
condition to be Good.
The above financial figures are based on
estimations by our local sources.
BANKERS
Egyptian American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
Export Development Bank of Egypt
108 Mohi El Din Abu El Ezz Street
Mohandessin
Cairo 11111
Tel: (20-2) 33619005 / 33385877
Fax: (20-2) 33385940 / 33385938
Bank of Alexandria
Heliopolis Branch
Cairo
Tel: (20-2) 36332958 / 36351980 / 22417294
Fax: (20-2) 36381604
National Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of transaction May 2006 December 2007
Credit amount 5,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling US
Dollars
GENERAL COMMENTS
Giza Spinning & Weaving Co SAE is well
established in the local market and specialises in the manufacture and
export of ready made garments, including trousers and T-shirts, as well as home
textiles and soft furnishings. It exports approximately 80% of its production.
The company is run in a professional manner and is owned by members of
the Marzouk family, who are trusted members of the local business community.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.92 |
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UK Pound |
1 |
Rs.98.66 |
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Euro |
1 |
Rs.78.34 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
SDA |
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 |
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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.