MIRA
INFORM REPORT
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Report Date : |
02.05.2007 |
IDENTIFICATION DETAILS
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Name : |
NILE CLOTHING
COMPANY SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1978 |
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Com. Reg. No.: |
46058, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of readymade garments for men, ladies
and children, including shirts, trousers from cotton, knitted wear, T-shirts
and jeans. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
US$ 750,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : NILE CLOTHING COMPANY SAE
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1978
Commercial Registration Number :
46058,
Authorised Capital : £E 40,000,000
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 3,000
Line of Business : Manufacture and export of readymade garments.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
NILE CLOTHING
COMPANY SAE
ADDRESS
Registered & Physical Address
Street :
Area : Mohandessin,
PO Box : 201
Town :
Country :
Telephone : (20-2) 3022013 / 3030921 / 3468091 /
3454277 / 3454949
Facsimile : (20-2) 3454523
Email : sales@nilecc.com
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
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Badrashein,
Tel:
(20-2) 8029737 / 8029738 / 8027391
Fax:
(20-2) 8022740 / 8021416
KEY PRINCIPALS
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Galal Abd El Maksoud El Zorba Managing
Director
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Walid Galal Abd El Maksoud El Zorba Director
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Ehab Galal Abd El Maksoud El Zorba Director
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Wagdy Mohamed El Sonbati Director
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Fathy Zaki Moussa Director
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Suzan Abd El Hamid Lashen Director
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Mahmoud Bedda General
Manager
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Mohamed Helmy Finance
Manager
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Mamdouh Shehata Accounts
Manager
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Mamdouh Abd El Qader Factory
Manager
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Helmy Abd El Fattah Administration
Manager
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Tahani Sadek IT
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1978
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 46058,
Authorised
Capital : £E 40,000,000
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder
(s)
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Galal Abd El Maksoud El Zorba
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Walid Galal Abd El Maksoud El Zorba
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Ehab Galal Abd El Maksoud El Zorba
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Wagdy Mohamed El Sonbati
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.
AFFILIATED COMPANIES
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Egypt
Clothing Co SAE
El Harir &
Kafr El Elwa, Helwan
Tel: (20-2) 5557973 / 5557974
Fax: (20-2) 5559582
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Maytex
for Industries & Marketing
Attareen
Tel : (20-3) 4823131
Fax : (20-3) 4823148
LINE OF BUSINESS
Operations : Engaged in the manufacture and
export of readymade garments for men, ladies and children, including shirts,
trousers from cotton, knitted wear, T-shirts and jeans.
Subject’s products are under license of Van Heusen, of the
Subject is ISO 9002 accredited.
Production Capacity: 10,000
items per annum
Import Countries
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Export Countries
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Brand Names : ARROW and PIERRE CARDIN.
Operating Trend
: Steady
Subject has a
workforce of approximately 3,000 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 269,000,000 £E 285,000,000
Local sources
consider subject’s financial condition to be Good.
BANKERS
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The
Bank of
Tel: (20-2) 3365731
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Commercial
International Bank (CIB)
PO Box : 2430
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
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National
Bank of
24,
Tel : (20-2) 3924175
Fax : (20-2) 3924143
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Arab
Bank Plc
PO Box : 68
Tel : (20-2) 3029069 / 3029070
Fax : (20-2) 3029068
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Export
Development Bank of
Mohandessin
Tel : (20-2) 3619005 / 3385877
Fax : (20-2) 3385940 / 3385938
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Nile Clothing
Company SAE was established in 1978 and is engaged in the manufacture
and export of readymade garments under licence from Van Heusen, of the
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
Maximum suggested
credit figure: US$ 750,000
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)