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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
DIB EGYPT LIMITED LIABILITY CO |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1997 |
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Legal Form : |
Limited
Liability Co (Private Free Zone) |
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Line of Business : |
Engaged in the
manufacture and export of cotton yarns. |
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No. of Employees : |
600 |
RATING & COMMENTS
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
A2 |
A2 |
|
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 : DIB EGYPT LIMITED LIABILITY CO
Country of Origin : Egypt
Legal Form : Limited Liability Co (Private Free Zone)
Registration Date : 1997
Issued Capital : US$
12,500,000
Paid up Capital : US$
12,500,000
Total Workforce : 600
Activities :
Manufacture and export of cotton yarns
Financial Condition : Undetermined
Payments : Nothing
detrimental uncovered
Person Interviewed : Osama Abdul
Salam, Finance Manager
DIB EGYPT LIMITED
LIABILITY CO
Street : Cairo - Ismailia Road, Km 2
Area : Shubra El Kheima, Kalioubia
Town : Cairo 13752
Country : Egypt
Telephone : (20-2) 48259060 / 23362516
Facsimile : (20-2) 48259030
Email : sales5@dib-egypt.com / acc1@dib-egypt.com / marketing@dib-egypt.com
Subject operates
from a suite of offices and a factory covering 87,144 square metres that are
rented and located in the Industrial Area of Cairo.
Name Position
·
Young
Kyun Managing
Director
·
Jason
Son Marketing
Manager
·
Osama
Abdul Salam Finance
Manager
·
Ashrad
Saad Purchasing Manager
Date of Establishment : 1997
Legal Form :
Limited
Liability Co (Private Free Zone)
Issued Capital : US$ 12,500,000
Paid up Capital : US$ 12,500,000
·
Dong-Il
Corporation 100%
South Korea
Activities: Engaged in the manufacture and export of
cotton yarns.
Production Capacity: 4,800 tons of single yarn and 3,600 tons of
twisted yarn per year.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of approximately 600 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.
·
Arab
African International Bank
5 El Saraya El Kobira Square
PO
Box: 60, Magles El Shaab
Cairo
Tel:
(20-2) 23545094
Fax:
(20-2) 23558493
·
Bank
Audi
42 Abdel Khalek Tharwat Street
Cairo
Tel: (20-2) 23904853
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.60.84 |
|
|
1 |
Rs.98.72 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.