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Report Date : |
15.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN TERRY TOWELS CO SAE |
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Registered Office : |
Kotour Agricultural
Road, El Mahalla El Kobra, P O Box: 345, Gharbeya |
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Country : |
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Date of
Establishment : |
1997 |
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Com. Reg. No.: |
11276, Gharbeya |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Manufacture of
Terry Towelling Products, including plain dyed towels: dobby and jacquards,
printed beach towels: fibre reactive sheared towels (Disney license and other
designs), bathrobes, bath mats and bath mitts and gloves. |
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No of Employees : |
400 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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B1 |
B2 |
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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.
|
Source
: CIA |
Company Name : EGYPTIAN TERRY TOWELS CO SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1997
Commercial
Registration Number : 11276,
Gharbeya
Issued Capital : £E
18,000,000
Paid up Capital : £E
18,000,000
Total Workforce : 400
Activities :
Manufacturers of terry towelling products
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Alaa Abu
Hashish, General Manager
EGYPTIAN TERRY
TOWELS CO SAE
Street : Kotour Agricultural Road
Area : El Mahalla El Kobra
PO Box : 345
Town : Gharbeya
Country : Egypt
Telephone : (20-40) 2405150 / 2401282 / 2401555
Facsimile : (20-40) 2405160 / 2402977
Mobile : (20-100) 5356917
Email : ett@ett-egypt.com
Subject operates from
a large suite of offices and a factory that are rented and located in the
Central Business Area of Gharbeya.
Name Position
·
Mohamed
Mohamed Chairman
·
Abdullah
El Sayed Chief
Operating Officer
·
Alaa
Abu Hashish General
Manager
·
Mostafa
Radwan Financial
Controller
Date of Establishment : 1997
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 11276,
Gharbeya
Issued Capital : £E 18,000,000
Paid up Capital : £E 18,000,000
·
Ihab El
Mesairy
·
Mohamed
El Sayad
·
Hamadah
El Kaliouby
·
Local
businessmen and private investors
Activities: Engaged in the manufacture of terry
towelling products, including plain dyed towels: dobby and jacquards, printed
beach towels: fibre reactive sheared towels (Disney license and other designs)
, bathrobes, bath mats and bath mitts and gloves.
Export
Countries: 95% of the
production is exported to the United Kingdom, USA and Europe.
Subject has a workforce
of approximately 400 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) 33545094
Fax: (20-2) 33558493
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 |
|
UK Pound |
1 |
Rs.98.73 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.