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Report No. : |
325005 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN SPINNING
AND WEAVING COMPANY |
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|
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Registered Office : |
1st Industrial Zone, Plot No. 1, 2 and 3, Sadat City, Menofeya, |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
01.02.2005 |
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Com. Reg. No.: |
7655 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and
Distribution of Textiles and Egyptian Cotton Yarns. |
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No. of Employees : |
830 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : EGYPTIAN
SPINNING AND WEAVING COMPANY
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1st
February 2005
Commercial
Registration Number : 7655
Issued Capital : £E
160,000,000
Paid up Capital : £E
160,000,000
Total Workforce : 830
Activities :
Manufacture and distribution of textiles and Egyptian cotton yarns
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ashraf Abou
Shady, Accounts Manager
EGYPTIAN SPINNING
AND WEAVING COMPANY
Location : 1st Industrial Zone,
Plot No. 1, 2 and 3, Sadat City
Town : Menofeya
Country : Egypt
Telephone : (20-48) 2659040 / 2611317 / 2611777
Facsimile : (20-48) 2659040 / 2610882
Email : info@egyptianspinning.com
Subject operates
from a suite of offices a warehouse and a manufacturing plant covering 280,000
m2 that are owned and located in the Industrial Area of Menofeya.
Name Position
·
Karim
Mahmoud Youssef Saadah Chairman
·
Mohsen
Mohamed Hassan Vice
Chairman
·
Mohamed
Ahmed Helmy El Ashmawy Director
·
Mohamed
Ali Wahby Director
·
Taher
Gilbert Gargour Director
·
Wael
Wagdy Olama Director
·
Noha
Hussein Khattab Director
·
Maged
Marzouk Abdel Hamid Director
·
Ahmed
Khaled Mostafa El Basaty Director
·
Hany
Abdel Latif Olama Director
·
Ashraf Abou
Shady Accounts
Manager
·
Emad
Turkey Accountant
Date of Establishment : 1st
February 2005
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 7655
Issued Capital : £E 160,000,000
Paid up Capital : £E 160,000,000
·
Amwal
Al Arabia Cotton 91%
·
Taher
Gilbert Gargour 5%
·
Wael
Wagdy Olama 4%
·
Arabian
Cotton Ginning Co (ACGC)
·
Egypt
Cotton Ginning Co
·
Upper Egypt
Flour Mills (UEFM)
·
Modern
Nile Cotton
·
El Nasr
Clothes and Textiles (KABO)
·
Alexandria
Spinning and Weaving Co (SPINALEX)
·
Wave
Activities: Engaged in the import, manufacture and
distribution of textiles and Egyptian cotton yarns.
Subject is ISO 9001 & 14001
accredited.
Import
Countries: Germany, Italy,
Switzerland and India
Local Suppliers:
·
Modern
Nile Cotton
·
Eng.
Osama Abou Amer Company For Cotton Trading
Local Clients:
·
El Nasr
Clothes and Textiles
·
Alexandria
Spinning and Weaving (Spinalex)
·
Eltaqwa
Company Of Import And Export And Customs
International
Clients:
·
Tesco
·
Macy’s
Export
Countries: Italy, Portugal, Spain, Switzerland, Germany,
Turkey, Brazil, France, Bahrain and Morocco
Operating Trend: Steady
Subject has a workforce
of approximately 830 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 142,768,078 £E 111,259,497
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
CIB
Commercial International Bank
Talaat Harb Street
Sadat City
Menofeya
·
National
Bank of Egypt
5th District Services Spine
Banks Complex
Sadat City
Menofeya
·
Credit
Agricole Egypt
19 Belal Ibn Rabah Street
1st Residential Zone
Sadat City
Menofeya
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.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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 |
|
|
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 |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
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.