MIRA
INFORM REPORT
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Report Date : |
18.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
NILE LINEN GROUP |
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Registered Office : |
Street No.14, Amreya Public Free Zone, Borg El Arab, Alexandria |
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Country : |
Egypt |
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Year: |
1998 |
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Com. Reg. No.: |
146279, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Export of
Household Furnishings, including Cotton Bed
Sheets and Linen |
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$ 450,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : NILE LINEN GROUP
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1998
Commercial Registration Number : 146279, Alexandria
Issued Capital : US$ 12,000,000
Paid up Capital : US$ 12,000,000
Total Workforce : 1,300
Activities :
Manufacture and export of household furnishings,
including cotton bed
sheets and linen
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Recommended Credit Limit : US$ 450,000
COMPANY NAME
NILE LINEN GROUP
ADDRESS
Registered & Physical Address
Street : Street No. 14
Area : Amreya
Public Free Zone
Location : Borg El Arab
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4485766
/ 4485767 / 4481005 / 4481006
Facsimile : (20-3) 4485767
Email : nilegrp@nilelinengroup.com.eg
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Amreya Public Free Zone, Alexandria.
KEY PRINCIPALS
Name Position
·
Eid
Ahmed Managing
Director
·
Mohamed
Nabil Director
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Said
Ahmed El Sayed General
Manager
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Ahmed
Mekawi Finance
Manager
·
Salah
El Touny Human
Resources Manager
LEGAL FORM & OWNERS
Date of Establishment : 1998
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 146279, Alexandria
Issued Capital : US$ 12,000,000
Paid up Capital : US$ 12,000,000
Name of Shareholder (s)
·
Eid
Ahmed
·
Mohamed
Nabil
OPERATIONS
Activities: Engaged in the
manufacture and export of household furnishings, including cotton bed sheets
and linen.
Import Countries: Europe and Southeast Asia
Export
Countries: United Kingdom, France, Italy, Belgium, Denmark, Germany
Japan, United States of America,
United Arab Emirates, and South Africa
Brand Names: NILE LINEN
Subject has a
workforce of approximately 1,300 employees.
FINANCIAL DATA
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
BANKERS
·
Mohandes Bank
SAE
El Watanya Tower
El Horreya Road
Alexandria
Tel: (20-3) 4877184
Fax: (20-3) 4877319
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Egyptian
American Bank
14 Salah Salem Street
PO Box 1737
Alexandria
Tel: (20-3) 4835008
·
Misr
International Bank (MIBANK)
33, Safia Zaghloul Street
Raml Station
Alexandria
Tel: (20-3) 4828174 / 4828213
Fax:
(20-3) 4838216
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Nile Linen Group was established in 1998 and is engaged in
the manufacture
and export of household furnishings, including cotton bed sheets and linen.
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.28 |
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UK Pound |
1 |
Rs.73.43 |
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Euro |
1 |
Rs.68.22 |
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%)