MIRA
INFORM REPORT
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Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL NAHAWY TEX CO |
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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) : |
31.12.2007 |
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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 : |
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 : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EL NAHAWY TEX CO
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 2001
Commercial Registration Number : 2960
Partners Capital : £E 500,000
Total Workforce : 30
Activities : Manufacture and dyeing of polyester and cotton fabrics
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
COMPANY NAME
EL NAHAWY TEX CO
ADDRESS
Registered & Physical Address
Location : 3rd Industrial Area,
Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 413503 / 413504 / 413505
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
Name Position
·
Mohamed Mohamed
El Sayed El Nahawy Managing
Partner
·
Hatem
Shaaban Finance
Manager
·
Mohamed Hamd Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2001
Legal Form :
General Partnership
Commercial Reg. No. : 2960
Partners Capital : £E 500,000
Name of Partner (s)
·
Mohamed
Mohamed El Sayed El Nahawy
·
Unnamed
members of Mr Mohamed Mohamed El Sayed El Nahawy’s family
OPERATIONS
Activities: 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 DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 7,500,000 £E 8,180,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
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.
Date of
transaction November
2007
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.42.72 |
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UK Pound |
1 |
Rs.84.42 |
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Euro |
1 |
Rs.67.38 |
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%)