MIRA INFORM
REPORT
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Report Date : |
08.04.2011 |
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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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1927 |
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Com. Reg. No.: |
44732, Gharbeya |
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Legal Form : |
Joint Stock Company |
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Line of Business : |
Manufacture and export of cotton, fabrics, textiles
and clothing |
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$ 2,100,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name :
MISR SPINNING & WEAVING MEHALLA EL KOBRA
Also Known As :
SOCIETE MISR POUR LA FILATURE ET LE TISSAGE MEHALLA EL
KOBRA
Country of Origin :
Legal Form : Joint Stock Company
Registration Date : 1927
Commercial Registration Number : 44732, Gharbeya
Issued Capital : £E 300,000,000
Paid up Capital : £E 300,000,000
Total Workforce : 23,000
Activities : Manufacture and export of cotton, fabrics, textiles and clothing.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 2,100,000
COMPANY
NAME
MISR SPINNING & WEAVING MEHALLA EL KOBRA
ALSO KNOWN AS
SOCIETE MISR POUR LA FILATURE ET LE TISSAGE MEHALLA EL KOBRA
company
ADDRESS
Registered & Physical
Address
Street :
Area : El
Mehalla El Kobra
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
·
1097 Corniche El Nile Sales
Office
Garden City
Tel: (20-2) 27949134
Fax: (20-2) 27958907
·
37 Sidi El Metwaly Sales
Office
Tel: (20-3) 4928028
Fax: (20-3)
4928028
KEY
PRINCIPALS
Name Position
·
Fouad Abd El Alim Hassan Chairman
·
Farag Awad Director
·
Ahmed Share Director
·
Ibrahim Abu Seada Director
·
Mahmoud Abd El Moneim Director
·
Ibrahim Bedir Abd El Nady Director
·
El Sayed Abd El Kader Ezz El Arab Director
·
Fawzy Mohamed Mohamed Salem Director
·
Mohamed Mohamed Abdallah Saad Director
·
Mansour El Said Administration
Manager
·
·
Sayed Zayed Sales
Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1927
Legal Form :
Joint Stock Company
Commercial Reg. No. : 44732, Gharbeya
Issued Capital : £E 300,000,000
Paid up Capital : £E 300,000,000
Name of Shareholder (s) Percentage
·
Cotton,
Spinning & Weaving Holding Company * 100%
Abdin
Tel: (20-2) 33953447 / 33954797
Fax: (20-2) 33953446
*
Cotton, Spinning & Weaving Holding Company is wholly owned by the
Ministry of Public Enterprises, which in turn is a Ministry within the Egyptian
government.
OPERATIONS
Activities: 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:
Brand Names: MEHALLA EL KOBRA
Operating Trend: Steady
Subject has a
workforce of approximately 23,000 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales £E 889,746,000 £E 979,903,000
Local sources
consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
Misr
International Bank (MIBANK)
14,
PO Box: 631
Tel: (20-2) 25931002
Fax: (20-2) 25912306
·
National
Bank of
24,
Tel: (20-2) 33924175
Fax: (20-2) 33924143
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.22 |
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|
1 |
Rs.71.97 |
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Euro |
1 |
Rs.63.23 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.