MIRA INFORM REPORT

 

 

Report No. :

339574

Report Date :

08.09.2015

 

IDENTIFICATION DETAILS

 

Name :

SAMAKIA FOR COTTON WEAR

 

 

Registered Office :

4 Misr Ismailia Road, Industrial Area, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

1996

 

 

Com. Reg. No.:

342665

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the manufacture of cotton underwear for ladies, men and children.

 

 

No. of Employees :

1,300 Employees (Approximately)

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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

 

 

 

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 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

SUMMARY

 

Company Name                                     : SAMAKIA FOR COTTON WEAR

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1996

Commercial Registration Number            : 342665

Invested Capital                                     : £E 7,000,000

Total Workforce                                     : 1,300

Activities                                               : Manufacture of cotton underwear for ladies, men and children

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Atef El Agouza, Finance Manager

 

 

 

COMPANY NAME

 

SAMAKIA FOR COTTON WEAR

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 4 Misr Ismailia Road

Area                 : Industrial Area

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 26989040 / 26989041

Facsimile          : (20-2) 26989040 / 26989041

Mobile               : (20-127) 0767193 / (20-100) 00873117

Email                : info@cottonilvega.com

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description                                           

 

·       20 Baghdad Street                                                                            Office premises

Al Korba, Heliopolis

Tel: (20-2) 26908726

 

·       28 Rabaa Investment Building                                                             Office premises

Al Nozha Street

Heliopolis

Tel: (20-12) 5566161

 

·       Masaken Sheraton                                                                            Office premises

45 Said Zakareya

Heliopolis

 

·       Genena Mall, 3rd Floor                                                                       Office premises

20 Btrawy Street

Nasr City

Tel: (20-2) 24030096

 

·       9 Al Obour Buildings                                                                          Office premises

Salah Salem Road

Nasr City

Tel: (20-10) 2597273

 

·       15 Abbass El Akkad Street                                                                Office premises

Nasr City

Tel: (20-2) 24021085

 

·       5 Brazil Street                                                                                   Office premises

Zamalek

     Tel: (20-2) 27383840

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Bassel Samakia                                                                                Proprietor & General Manager

 

·       Atef El Agouza                                                                                  Finance Manager

 

·       Mohamed Eissa                                                                                Factory Manager

 

·       Omar Samakia                                                                                  Administration Manager

 

·       Mohamed Adel                                                                                  Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1996

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 342665

 

Invested Capital           : £E 7,000,000

 

Mr Bassel Samakia is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Cottonil Misr SAE

4 Misr Ismailia Road

Industrial Area

Cairo

OPERATIONS

 

Activities: Engaged in the manufacture of cotton underwear for ladies, men and children.

 

Export Countries: France, Spain, Lebanon, Saudi Arabia, United Arab Emirates and Libya.

 

Brand Names: COTTONIL

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,300 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/13:                Year Ending 31/12/14:

 

Total Sales                                £E 91,500,000                           £E 93,725,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Barclays Bank

     City Star Branch

     Nasr City

     Cairo

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Citibank

PO Box: 188

Cairo

Tel: (20-2) 33551877 / 33551874

Fax: (20-2) 33558056

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the subject’s correct name is “Samakia for Cotton Wear”  and not “Samakiea for Cotton Wear Cottonii”. Subject’s band name is “Cottonil”.

 

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.66.74

UK Pound

1

Rs.101.36

Euro

1

Rs.74.27

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

VNT

 

               

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.