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Report No. : |
304561 |
|
Report Date : |
27.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL
COMPANY FOR YARN (INTER YARN) |
|
|
|
|
Registered Office : |
4th Industrial Zone, Block 12 New Borg El Arab Alexandria |
|
|
|
|
Country : |
Egypt |
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|
|
|
Date of Incorporation : |
2003 |
|
|
|
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Com. Reg. No.: |
700 |
|
|
|
|
Legal Form : |
Egyptian Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture and Export of Yarns. |
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|
|
|
No. of Employee : |
180 |
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 |
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|
|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 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 :
INTERNATIONAL COMPANY FOR YARN (INTER YARN)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2003
Commercial
Registration Number : 700
Issued Capital : £E
7,500,000
Paid up Capital : £E 7,500,000
Total Workforce : 180
Activities :
Manufacture and export of yarns.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL
COMPANY FOR YARN (INTER YARN)
Location : 4th
Industrial Zone, Block 12
Area : New Borg
El Arab
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4596401
/ 4596400
Facsimile : (20-3) 4595432
Email : info@interyarnegypt.com
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Alexandria.
Name Position
·
El Sayed Ibrahim Mohamed Youssef Managing
Director
·
Mohamed El Sayed Ibrahim Mohamed Youssef Director
·
Ahmed El Sayed Ibrahim Mohamed Youssef Director
Date of Establishment : July 2003
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 700
Issued Capital : £E 7,500,000
Paid up Capital : £E 7,500,000
·
El Sayed Ibrahim Mohamed Youssef
·
Mohamed El Sayed Ibrahim Mohamed Youssef
·
Ahmed El Sayed Ibrahim Mohamed Youssef
Activities: Engaged in the
manufacture and export of acrylic and wool/acrylic blend yarns.
Subject
manages its
operation according to ISO 9001:2000 quality management
system.
Production Capacity: 260 tonnes per month. Production capacity
is dedicated to 30% of the local Egyptian market
which includes local
merchants and knitting/weaving mills and 70% is exported to Italy,
England, Spain, Greece,
Lebanon, Morocco, Syria and Saudi Arabia.
Import
Countries: Turkey, Italy
and Spain
Principal
Suppliers:
·
Birla
Acrylic Egypt
·
Alexandria
Fiber Co Egypt
· Aksa Turkey
Operating Trend: Steady
Subject has a
workforce of approximately 180 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/13: Year Ending
31/12/14:
Total Sales £E 36,500,000 £E 39,185,000
Local sources
consider subject’s financial condition to be Fair.
·
Export
Development Bank of Egypt
16 Syria Street
Roushdy
Alexandria
Tel: (20-3) 5450018 / 5440428
Fax: (20-3) 5450009
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to contact the subject directly during our 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.61.50 |
|
|
1 |
Rs.92.16 |
|
Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.