MIRA
INFORM REPORT
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Report Date : |
06.09.2007 |
IDENTIFICATION DETAILS
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Name : |
MISR SPINNING & WEAVING MEHALLA EL KOBRA |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1927 |
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Com. Reg. No.: |
44732, Gharbeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged
in the manufacture and export of cotton and blended fabrics, ready made garments
for ladies & men, terry towels, bed sheets and t-shirts & shirts for
men. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 1,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : MISR SPINNING & WEAVING MEHALLA EL KOBRA
Also Known As :
SOCIETE MISR POUR LA FILATURE ET LE TISSAGE MEHALLA EL
KUBRA
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1927
Commercial Registration Number : 44732, Gharbeya
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Total Workforce : 25,000
Line of Business : Manufacture and export of cotton, fabrics, textiles and clothing.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
MISR SPINNING & WEAVING MEHALLA EL KOBRA
ALSO
KNOWN AS
SOCIETE MISR POUR LA FILATURE ET LE TISSAGE MEHALLA EL KUBRA
ADDRESS
Registered & Physical Address
Street :
Area : El
Mehalla El Korba
Town : Mehalla
31952
Province : Gharbeya
Country :
Telephone : (20-40) 2299200
/ 2299201 / 2299206 / 2299202
Facsimile : (20-40) 2227833
/ 2225280 / 2227780
Premises
Subject operates
from a large suite of offices, warehousing and a factory that are owned and
located in the Industrial Area of Mehalla.
Branch Office (s)
Location Description
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1097 Corniche El Nile Sales
Office
Garden City
Tel: (20-2) 7949134
Fax: (20-2) 7958907
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37 Sidi El Metwaly Sales
Office
Tel: (20-3) 4928028
Fax: (20-3)
4928028
KEY PRINCIPALS
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Mahmoud Ibrahim Mahmoud El Gabaly Chairman
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Farag Awad Director
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Ahmed Share Director
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Ibrahim Abu Seada Director
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Mahmoud Abd El Moneim Director
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Ibrahim Bedir Abd El Nady Director
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El Sayed Abd El Kader Ezz El Arab Director
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Fawzy Mohamed Mohamed Salem Director
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Mohamed Mohamed Abdallah Saad Director
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Mansour El Said Administration
Manager
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Youssef Ahmed El Mekkawy Finance
Manager
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Sayed Zayed Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1927
Legal Form :
Societe Anonyme Egyptienne –
SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 44732, Gharbeya
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Name of Shareholder
(s) Percentage
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Cotton,
Spinning & Weaving Holding Company * 100%
Abdin
Tel: (20-2) 3953447 / 3954797
Fax: (20-2) 3953446
* Cotton, Spinning & Weaving
Holding Company is wholly owned by the Ministry of Public Enterprises, which in
turn is a Ministry within the Egyptian government.
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 cotton and blended fabrics, ready made garments for
ladies & men, terry towels, bed sheets and t-shirts & shirts for men.
Subject also produces wool and blended blankets.
Import Countries
:
Export Countries
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Subject has a
workforce of approximately 25,000 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
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Misr
International Bank (MIBANK)
14,
PO Box : 631
Tel : (20-2) 5931002
Fax : (20-2) 5912306
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National
Bank of
24,
Tel : (20-2) 3924175
Fax : (20-2) 3924143
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Misr Spinning & Weaving Mehalla El Kobra was established in 1927 and is owned by the
Cotton, Spinning & Weaving Holding Company, which in turn is wholly owned by
the Ministry of Public Enterprises, a Ministry within the Egyptian government.
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$ 1,000,000
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%)