%2019-Jun-2006_files/image002.jpg)
MIRA
INFORM REPORT
|
Report Date : |
19th
June 2006 |
IDENTIFICATION
DETAILS
|
Name : |
NILE ALUMINIUM & METALS CO (ALU NILE) |
|
|
|
|
Registered Office : |
69 Ahmed Orabi Street Mohandessin, Giza, Cairo, Egypt |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1985 |
|
|
|
|
Com. Reg. No.: |
120899 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacturers
of aluminium systems. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Maximum Credit Limit : |
US$ 500,000 |
|
|
|
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular
|
|
|
|
|
Litigation : |
Clear |
SUMMARY
|
Company Name |
NILE ALUMINIUM & METALS CO (ALU NILE) |
|
Country of Origin |
Egypt |
|
Legal Form |
Egyptian Joint Stock Company |
|
Registration Date |
1985 |
|
Commercial Registration Number |
120899 |
|
Authorised Capital |
£E 50,000,000 |
|
Issued Capital |
£E 15,000,000 |
|
Paid up Capital |
£E 15,000,000 |
|
Total Workforce |
250 |
|
Line of Business |
Manufacture of aluminium systems. |
|
Financial Condition |
Fair |
|
Payments |
Nothing detrimental uncovered |
|
Operating Trend |
Steady |
COMPANY NAME
NILE ALUMINIUM & METALS CO (ALU NILE)
ADDRESS
Registered & Physical Address
Street : 69 Ahmed Orabi Street
Area : Mohandessin, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 3033953 / 3033954 / 3032608/ 3477641
Facsimile : (20-2) 3477641
Email : info@alunile.com.eg
Premises
Subject operates from a large suite of offices that are rented and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
5th Industrial Zone, Wahat Road, Block 50A Owned factory premises
Giza
Sixth of October City
KEY PRINCIPALS
Bassel Nabil Eissa Managing Director
Seif Eissa Director
Yasmin Eissa Director
Nessim Zaki Technical Manager
Ayman Kamal Finance Manager
Wael Hebesha Marketing Manager
Shehab Abu El Seoud Factory Manager
Menshawy Mohamed Purchasing Manager
LEGAL FORM & OWNERS
Date of Establishment : 1985
Legal Form : Societe Anonyme Egyptienne – SAE (Egyptian Joint Stock
Company)
Commercial Reg. No. : 120899
Authorised Capital : £E 50,000,000
Issued Capital : £E 15,000,000
Paid up Capital : £E 15,000,000
Name of Shareholder (s) Percentage
Bassel Nabil Eissa 40%
Seif Eissa 40%
Yasmin Eissa 20%
Note to the Legal Form
The Egyptian Company Law provides that the
capital of a Societe Anonyme Egyptienne
- SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are
offered to the public they are freely transferable, if not, transfer may be
restricted. Liability of shareholders is limited.
LINE OF BUSINESS
Operations :
Engaged in the manufacture and export of aluminium
systems including structural glazing, curtain walls, sky lighters, sliding
doors and windows.
Subject manufactures
these products under license of Aluk SpA of Italy.
Production Capacity: 8,000
metric tonnes per month
Export Countries : Libya and Yemen.
Operating Trend : Steady
Subject has a workforce of approximately 250 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year Ending 31/12/04 Year Ending 31/12/05
Total Revenue £E 37,600,000 £E 40,900,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
Al Watany Bank of Egypt
PO Box : 750
Cairo
Tel : (20-2) 3379363
Fax : (20-2) 3772959
Arab Banking Corporation
PO Box : 781
Cairo
Tel : (20-2) 5745488 / 5780417
Fax : (20-2) 5780416
Misr International Bank (MIBANK)
14, Alfy Street
PO Box : 631
Cairo
Tel : (20-2) 5931002
Fax : (20-2) 5912306
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000
Nile Aluminium & Metals Co (Alu Nile) is
well established in the Egyptian market specialising in the manufacture of
aluminium systems under licence from Aluk SpA of Italy.
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 and the above credit figure is within subject’s financial means.
Maximum suggested credit figure: US$ 500,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome financial
difficulties seems comparatively below average/normal. |
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 |