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Report No. : |
310148 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
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Name : |
OSAMA TEX FACTORY
FOR READYMADE CLOTHES |
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|
|
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Formerly Known As : |
ABDEL GHANI EL
ABASER MOHAMED AMER |
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Registered Office : |
Neighbourhood 27,
1st Industrial Zone 15th May City, Helwan Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
30.07.2001 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Manufacturers of
clothing |
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No. of Employee : |
330 |
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 – 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 |
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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 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 : OSAMA TEX
FACTORY FOR READYMADE CLOTHES
Also Known As : ABDEL
GHANI EL ABASER MOHAMED AMER
Country of Origin : Egypt
Legal Form : Sole
Proprietorship
Registration Date : 30th
July 2001
Commercial
Registration Number : 42198
Invested Capital : £E 30,000
Total Workforce : 330
Activities :
Manufacturers of clothing
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
OSAMA TEX FACTORY
FOR READYMADE CLOTHES
ABDEL GHANI EL ABASERY
MOHAMED AMER
Registered & Physical Address
Location : Neighbourhood 27, 1st
Industrial Zone
Area : 15th May City, Helwan
Town : Cairo
Country : Egypt
Telephone : (20-2) 25505078 / 25521328 / 25505131
Facsimile : (20-2) 25505078
Email : info@osamatex.com
Please note that
subject’s previous address was, 14 Mohamed Mahmoud Abou El Maaty Street,
Hasanen Desouky Street, Hadayek El Maadi, Cairo.
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Cairo.
Branch Offices
Location Description
4 Ali Yousef Street Factory
premises
Begam Way
Shobra El Khema
Cairo
Tel: (20-2) 3802727
82 Hasanen Desouky
Street Showroom
premises
Hadayek El Maadi
Cairo
Tel: (20-2) 3213190
6 El Shawarbi
Street Showroom
premises
Cairo
Tel: (20-2) 3934598
Talaat Harb Centre,
2nd Floor, Shop No. 9 Showroom
premises
Cairo
Tel: (20-2) 5789601
Name Position
Abdel Ghani El
Abasery Mohamed Amer Proprietor
& General Manager
Gamal Wageh Finance
Manager
Belal Azzab Purchasing
Manager
Sayed El Shafae Factory
Manager
Asma Ali Company
Secretary
Date of
Establishment : 30th July 2001
Legal Form : Sole Proprietorship
Commercial Reg. No. : 42198
Invested Capital
: £E 30,000
Mr Abdel Ghani El
Abasery Mohamed Amer is the sole proprietor of the business.
Middle East for
Ready Made Garment And Weaving
Cairo
Activities: Engaged in the manufacture of clothing, including
t-shirts, sweatshirts, blouses, trousers and track suits. Subject owns and
operates 4 vehicles.
Production Capacity: 200,000 pieces per year.
Import
Countries: Germany, Italy,
Turkey, India and China.
Local Suppliers:
El Embaby Company
for Import and Export
Clients:
Hussein El Khawaga Center
Tawheed And Nour
Export
Countries: France, Saudi Arabia and the United Arab Emirates.
Operating Trend: Steady
Subject has a
workforce of approximately 330 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E 9,935,000 £E 10,800,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
QNB Al Ahli
48 El Nasr Street
New Maadi
Cairo
Commercial
International Bank
25 Ghadet El Maadi
Tower
Corniche El Nil, El
Maadi
Cairo
The United Bank
1/2 El Laselky Street
New Maadi
Cairo
No complaints
regarding subject’s payments have been reported.
Please note that
the correct name of the subject is “Osama Tex Factory for Readymade Clothes”
and not “Ossam Tex for Textiles”.
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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 |
-- |
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.