MIRA INFORM REPORT

 

 

Report No. :

344789

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

EGYPTIAN FIBRES CO (EFCO)

 

 

Registered Office :

Al Obour Building, 3rd Floor, Apt No. 38, 1 Salah Salem Road, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Year of Establishment :

1987

 

 

Com. Reg. No.:

58688, Sharkeya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject produces non-woven carpets and felt, man-made fibres, and BCF yarn, it also produces polypropylene polymers (Master batch), BCF polypropylene (solid and multicoloured); polypropylene fibres, BCF nylon (solid, multicoloured, and space dyed), polyester fibres and BCF yarn. Subject also offers spinning services.

 

 

No. of Employee :

650

 

 

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

 

SUMMARY

 

Company Name                                    : EGYPTIAN FIBRES CO (EFCO)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1987

Commercial Registration Number           : 58688, Sharkeya

Industrial Registration Number                : 12137

Authorised Capital                                 : £E 400,000,000

Issued Capital                                       : £E 100,000,000

Paid up Capital                                     : £E 100,000,000

Total Workforce                                     : 650

Activities                                               : Subject produces non-woven carpets and felt, man- made fibres, and BCF yarn.

Financial Condition                                : Fair

Payments                                             : No Complaints

Operating Trend                                    : Steady

Person Interviewed                                : Mohamed Gabri, Accounts Manager

 

 

COMPANY NAME

 

EGYPTIAN FIBRES CO (EFCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Obour Building, 3rd Floor, Apt No. 38

Street               : 1 Salah Salem Road

Area                 : Nasr City

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22624937 / 24017824

Facsimile          : (20-2) 24017823 / 24101783

Mobile              : (20-100) 1660167

Email                : efco@menanet.net

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Osman Moharam Street                                                                    Owned factory premises

     A1 Industrial Zone, Plot No.II A

     Sharkeya

     PO Box: 188

     Tenth of Ramadan City

     Tel: (20-15) 410160/1/2/3/4

     Fax: (20-15) 410165

 

·       6th District                                                                                       Rented showroom premises

     Sharkeya

     Tenth of Ramadan City

     Tel: (20-15) 368355

 

·       Nasr City, Gate 9                                                                              Rented showroom premises

Cairo

     Tel: (20-2) 24018986

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ali Mahmoud El Raie                                                                        Chairman & Managing Director

 

·       Mohamed Farid Khamis                                                                    Director

 

·       Mahmoud Fawzy Khamis                                                                  Director

 

·       Hesham Fawzy El Faty                                                                      Director

 

·       Mohamed Kamal Mahmoud                                                               Director

 

·       Alaa El Din Abd El Moneim                                                               Director

 

·       Atef El Said Ahmed                                                                          Director

 

·       Farida Mohamed Farid Khamis                                                          Director

 

·       Wahid Abd El Ghaffar                                                                       Director

 

·       Hassan Mahmoud El Hashash                                                           Director

 

·       Yasmeen Khamis                                                                              Director

 

·       Faridah Khamis                                                                                Director

 

·       Kamal M El Raie                                                                               Director

 

·       Mohamed Amer                                                                                Director

 

·       Ossama Ibrahim Abu Zied El Miniawy                                                Finance Manager

 

·       Mohamed Gabri                                                                                Accounts Manager

 

·       Ismail Gamal El Din                                                                          Sales Manager

 

·       Ali Shawer                                                                                        Administration Manager

 

·       Gamal Abd El Karim                                                                         IT Manager

 

·       Hafez Amer                                                                                      Purchasing Manager

 

·       Mohamed Ashmawi                                                                          Factory Manager

 

·       Amira Abd El Rahman                                                                       Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1987

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 58688, Sharkeya

 

Industrial Reg. No.       : 12137

 

Authorised Capital       : £E 400,000,000

 

Issued Capital              : £E 100,000,000

 

Paid up Capital            : £E 100,000,000

 

Name of Shareholder (s)                                                          Percentage

 

·       Oriental Weaving Holding                                                           79.7%

Heliopolis

     Cairo

     Tel: (20-2) 22672121

 

·       Private investors & members of the general public                      20.3%

 

 

AFFILIATED COMPANIES

 

Subject is a member of the Oriental Weavers Group, which consists of the following concerns:

 

·       Oriental Weavers For Carpets SAE

     Oriental Weavers Building

     8 Zakaria Khalil Street

     Heliopolis

     Cairo

     Tel: (20-2) 22672121 / 22678226 / 22678225

     Fax: (20-2) 22672241 / 22678240

     Email: info@orientalweavers.com

 

·       Oriental Weavers Fibers

Osman Moharam Street

First Industrial Zone A1

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 410167 / 410168 / 410169

Fax: (20-15) 410166

 

·       Misr American Carpets Mills (MAC)

28 Sherif Street

PO Box: 3163

Cairo

Tel: (20-2) 33928380 / 33938864

Fax: (20-2) 33931217

Email: intlmktg@maccarpet.com

 

·       Oriental Weavers for Urban Development

     Oriental Weavers Building

     Airport Area, Heliopolis

     Cairo

     Tel: (20-2) 22671716 / 22671718 / 22675351

     Fax: (20-2) 22672248

 

·       Safa Industries Group

Industrial Zone B1

El Horreya Street

Sharkeya

PO Box: 69, El Asher

Tenth of Ramadan City

Tel: (20-15) 361969

Fax: (20-15) 363069

 

·       Tenth of Ramadan Spinning Industries SAE

Industrial Zone A1, Area No. 3/3

       Sharkeya

Tenth of Ramadan City

Tel: (20-15) 363748

Fax: (20-15) 363746

 

·       Oriental International Trade

El Horreya Street

Industrial Zone B1, Area IXB

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 364703

Fax: (20-15) 364703

 

·       Seta Egypt SAE

     2 El Bustan Street

     Square 1112, Heliopolis

     Cairo

     Tel: (20-2) 22679122 / 22679133

     Fax: (20-2) 22679144

     Email: hq@setaegypt.com

 

·       Modern Carpet

Industrial Zone B1, Block No. VII

Osman Ibn Afan Street

Sharkeya

Tenth of Ramadan City

Tel: (20-15) 366666

Fax: (20-15) 364498

 

 

OPERATIONS

 

Activities: Subject produces non-woven carpets and felt, man-made fibres, and BCF yarn for internal use. In addition, it also produces polypropylene polymers (Master batch), BCF polypropylene (solid and multicoloured); polypropylene fibres, BCF nylon (solid, multicoloured, and space dyed), polyester fibres and BCF yarn. Subject also offers spinning services.

 

The company manufactures car seat covers for a number of leading brands such as Daewoo, Kia, Cherokee and Citroen cars.

 

Import Countries: Germany, Belgium and Italy.

 

Export Countries : Saudi Arabia, Lebanon, Jordan, Yemen, Italy, Hungary, Netherlands, Greece, Pakistan and India.

 

Brand Names: EFCO

 

Operating Trend: Steady

 

Subject has a workforce of approximately 650 employees.

 

 

FINANCIAL DATA

 

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 103,344,754                         £E 109,947,251

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Mohamed Gabri, Accounts Manager

 

 

BANKERS

 

·       Bank of Alexandria

49 Kasr El Nile Street

     Cairo

     Tel: (20-2) 24824056 / 24836073

     Fax: (20-2) 24837468

 

·       National Bank of Egypt

Sharkeya Branch

Tenth of Ramadan City

Tel: (20-15) 360833 / 360744 / 344144

 

·       Misr International Bank (MIBANK)

Main Branch

Tenth of Ramadan City

Tel: (20-15) 378435

Fax: (20-15) 378327

 

·       Islamic International Bank for Development

PO Box: 180

Cairo

Tel: (20-2) 33487159 / 33489973

Fax: (20-2) 33498501

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               May 2005

Credit amount                                       68,000

Amount overdue                                    0

Payment terms                                      90 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               Pounds Sterling

 

 

GENERAL COMMENTS

 

Established since 1987, Egyptian Fibres Co (EFCO) produces non-woven carpets and felt, man-made fibres, and BCF yarn. It also manufactures car seat covers for a number of leading brands such as Daewoo, Kia, Cherokee and Citroen cars.

 

Subject is run in a professional manner and is a member of the Oriental Weavers Group, which enjoys an excellent reputation for the quality of its work.

 

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.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

ASH

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.