|
Report No. : |
336033 |
|
Report Date : |
17.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
SOTIR INDUSTRY CO
(FANOUS JUTE) |
|
|
|
|
Registered Office : |
13 El Makrezy Street, Manshyat El Bakry, Heliopolis, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Year of Establishment : |
1960, however
subject was registered in 2001. |
|
|
|
|
Com. Reg. No.: |
4005, 10th
of Ramadan City |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Manufacturers of
Plastic and Woven Sacks and Bags. |
|
|
|
|
No. of Employees : |
500 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name : SOTIR
INDUSTRY CO (FANOUS JUTE)
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Start Date : 1960
Registration Date : 2001
Commercial
Registration Number : 4005, 10th
of Ramadan City
Tax Card Number : 572-715-463
Issued Capital : £E
500,000
Paid up Capital : £E
500,000
Total Workforce : 500
Activities :
Manufacturers of plastic and woven sacks and bags.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
SOTIR INDUSTRY CO
(FANOUS JUTE)
Street : 13 El Makrezy Street
Area : Manshyat El Bakry, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22588559
/ 22587006 / 24555215
Facsimile : (20-2) 24545005
Mobile : (20-100) 2811110
Email : fanousp@hotmail.com
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
·
Industrial
Zone A6, Plot No. 4 Factory
premises
10th of Ramadan
City
Tel: (20-15) 413059
Fax: (20-15)
413069
Name Position
·
Farooq
Fanous Sulaiman Managing
Partner
·
Medhat
Farooq Fanous Sulaiman Partner
·
Magdi Farooq
Fanous Sulaiman Partner
·
Mona
Sawfat Import
Manager
·
Mariam
Nabil Senior
Accountant
Date of Establishment : 1960, however
subject was registered in 2001.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 4005, 10th
of Ramadan City
Tax Card No. : 572-715-463
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
·
Farooq
Fanous Sulaiman
·
Medhat
Farooq Fanous Sulaiman
·
Magdi Farooq
Fanous Sulaiman
·
Sotir Construction
& Trade
13 El Makrizi Street
Manshiet El Bakri, Heliopolis
Cairo
Tel: (20-2) 22588559 /
22587006 / 22598200 / 22599300
Fax: (20-2) 22579248
·
Fanous
Textile
13 El Makrizi Street
Manshiet El Bakri, Heliopolis
Cairo
Tel: (20-2) 22588559 /
22599300 / 22598200
Fax: (20-2) 22579248
·
Fanous
Plastic
13 El Makrizi Street
Manshiet El Bakri, Heliopolis
Cairo
Tel: (20-2) 22599300 /
22598200
Fax: (20-2) 22579248
Activities: Engaged in the manufacture of plastic and
woven sacks and bags.
Import
Countries: India and
Bangladesh.
International Suppliers:
·
Murli Dhar Ratanlal Export Pvt Ltd India
· Iqosac Bangladesh
Subject has a
workforce of approximately 500 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.
·
National
Societe Generale Bank SAE
10 Talaat Harb Street
Cairo
Tel: (20-2) 25749376
Fax: (20-2) 25776249
·
Banque
du Caire SAE
19
Adly Street
Cairo
Tel: (20-2)
33926915
Fax: (20-2)
33951713
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Established in
1960, subject is involved in the manufacture of plastic and woven sacks and
bags.
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.64.92 |
|
|
1 |
Rs.101.44 |
|
Euro |
1 |
Rs.72.26 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.