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Report No. : |
357245 |
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Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
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Name : |
JUSHI EGYPT FOR FIBREGLASS INDUSTRY SAE |
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Registered Office : |
3rd Sector of North West Gulf of Suez Economic, Ain
Sokhana Suez |
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Country : |
Egypt |
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Date of Incorporation : |
January 2012 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of fibreglass
products. |
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No. of Employees : |
1000 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 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.
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Source
: CIA |
Company Name : JUSHI EGYPT FOR FIBREGLASS INDUSTRY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : January 2012
Issued Capital : US$ 67,000,000
Paid up Capital : US$ 67,000,000
Total Workforce : 1,000
Activities : Manufacturers of fibreglass products.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
JUSHI EGYPT FOR FIBREGLASS INDUSTRY SAE
Location :
3rd Sector of North West Gulf of Suez Economic, Ain Sokhana
Town :
Suez
Country : Egypt
Telephone :
(20-62) 3710493
Facsimile :
(20-62) 3710493
Mobile :
(20-102) 2239918 / 2239919
Email : jshr.egypt@jushi.com
Subject operates from a large suite of offices and a factory
that are rented and located in the Industrial Area of Suez.
Name Position
· Mr Ma General
Manager
· Ehab
Samir Operations
Manager
Date
of Establishment :
January 2012
Legal
Form : Egyptian
Joint Stock Company
Issued Capital : US$
67,000,000
Paid up Capital :
US$ 67,000,000
· Jushi
Group Co Ltd 100%
China
Activities: Engaged in the manufacture of
fibreglass products.
Production
Capacity: 80,000 tons per year
In total, US$ 520 million will be invested to build up an
annual capacity to 200,000 tons. The project will create 2,600 jobs for Egypt
and generate an annual revenue of US$ 200million.
Subject has a workforce of approximately 1,000 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.
·
Suez Canal Bank
PO
Box: 2620
Cairo
Tel:
(20-2) 25769296
Fax:
(20-2) 25322064
No complaints regarding subject’s payments have been
reported.
Please note that we were unable to make direct contact with
the subject during the course of this investigation.
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.66.13 |
|
|
1 |
Rs.98.69 |
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Euro |
1 |
Rs.72.55 |
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EGP |
1 |
Rs.8.47 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.