MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
EL NAHAWY TEX |
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Registered Office : |
3rd
Industrial Area, Sharkeya, 10th of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
2960 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
manufacture and dyeing of polyester and cotton fabrics. |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EL NAHAWY TEX
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 2001
Commercial Registration Number : 2960
Partners Capital : £E 500,000
Total Workforce : 30
Line of Business : Manufacturers and dyers of polyester and cotton fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EL NAHAWY TEX
ADDRESS
Registered & Physical Address
Location : 3rd Industrial Area,
Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 413503 / 413504
Facsimile : (20-15) 413502
Mobile : (20-12) 2614978
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of 10th of Ramadan City.
KEY PRINCIPALS
·
Mohamed
Mohamed El Sayed El Nahawy Managing
Partner
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Hatem
Shaaban Finance
Manager
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Mohamed Hamd Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2001
Legal Form :
Sharikat Tadhamun (General
Partnership)
Commercial Reg. No. : 2960
Partners Capital : £E 500,000
Name of Partner (s)
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Mohamed Mohamed El Sayed El Nahawy
·
Unnamed members of Mr Mohamed Mohamed El
Sayed El Nahawy’s family
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations : Engaged in the manufacture and dyeing of
polyester and cotton fabrics.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 30 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 6,800,000 £E 7,500,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Commercial
International Bank (CIB)
City Centre, Plot No. 8
10th of Ramadan City
Tel: (20-15) 367294
Fax: (20-15) 367915
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Established in
2001, subject is involved in the manufacture and dyeing of polyester and cotton
fabrics.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be within subject’s financial means.
Maximum suggested
credit figure: US$ 200,000
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. |
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%)