MIRA
INFORM REPORT
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Report Date : |
06.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL NASR COMPANY FOR ELECTRIC ANDELECTRONIC APPARATUS SAE |
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Registered Office : |
Plot 1, Block 21, Canal
El-Mahmoudia Street, El-Nozha, Sidi Gaber PO
Box 21523, Alexandria |
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Country : |
Egypt |
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Date of Incorporation : |
1930 |
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Com. Reg. No.: |
6771, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of Filament and Fluorescent Lighting. |
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$ 800,000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
EL NASR COMPANY FOR ELECTRIC ANDELECTRONIC
APPARATUS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1930
Commercial Registration Number :
6771, Alexandria
Issued Capital :
£E 20,000,000
Paid up Capital :
£E 20,000,000
Total Workforce :
1,350
Line of Business :
Manufacturers of filament and fluorescent lighting.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
EL NASR COMPANY FOR ELECTRIC AND ELECTRONIC APPARATUS SAE
ADDRESS
Registered & Physical Address
Location : Plot 1, Block
21
Street : Canal El-Mahmoudia Street
Area : El-Nozha, Sidi Gaber
PO Box : 21523
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3819558
/ 3819559
Facsimile : (20-3) 3815522
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Central Business Area of Alexandria.
Branch Office (s)
· 26 Adly Street
Down Town
Cairo
Tel :
(20-2) 22933158 / 23921613 / 26939129 / 23957595
Fax :
(20-2) 23939129
· El Sheikh Zaid
District
Ismailia
Tel : (20-64) 3323284
Fax : (20-64) 3323284
· El Awqaf Building
23 July
Street
Assiut
Tel :
(20-88) 2334887
Fax :
(20-88) 2334887
KEY PRINCIPALS
· Farouk Nour
Mohamed Masry Chairman
· Dr Hassan Said
Mohmoud Director
· Safaa El Sayed Abu
Alam Director
· El Sayed Moragie Director
·
Mahmoud Abd El Aziz Director
·
Magdy Abd El Mawla Director
· Ibrahim Ragab Director
· Ahmed Tawfik Director
· Mamdouh Mohamed
Qotb Director
· Mohamed Hanafy
Mohamed Finance
Manager
· Mohsena Abd El
Salam Legal
Affairs Manager
LEGAL FORM & OWNERS
Date of Establishment : 1930
Legal Form : Societe Anonyme
Egyptienne - SAE (Egyptian Joint Stock
Company)
Commercial Reg.
No. : 6771, Alexandria
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder (s) Percentage
· Holding for Chemical
Industries 100%
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 of filament and fluorescent lighting.
Production Capacity: 108 million units per year.
Export Countries: Libya, Jordan, Algeria, Syria, Turkey, Israel and
Russia.
Trade Names: NEEASAE
Subject has a workforce of approximately 1,350 employees.
FINANCIAL HIGHLIGHTS
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
·
Industrial Development Bank
95 26th
July Road
Alexandria
Tel : (20-3) 4860101
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Established in 1930, subject is involved in the manufacture of filament
and fluorescent lighting.
According to local sources, subject’s financial condition is
satisfactory whilst payments are made in a timely manner. The company’s
operating history is reportedly clear and the above credit figure is considered
to be within subject’s financial means.
Maximum suggested credit figure: US$ 800,000
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%)