MIRA INFORM REPORT

 

 

Report Date :           

28.04.2011

 

IDENTIFICATION DETAILS

 

Name :

NILE LINEN GROUP

 

 

Registered Office :

Street No. 14, Amreya Public Free Zone, Borg El Arab, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1998

 

 

Com. Reg. No.:

146279, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of household furnishings, including cotton bed sheets and linen

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 500,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

SUMMARY

 

Company Name                                     : NILE LINEN GROUP

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1998

Commercial Registration Number            : 146279, Alexandria

Tax Card Number                                   : 705-994-910

Issued Capital                                        : US$ 42,500,000

Paid up Capital                                      : US$ 42,500,000

Total Workforce                                     : 1,350

Activities                                               : Manufacture and export of household furnishings, including cotton bed

                                                              sheets and linen

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 500,000

 

 

 

 

COMPANY NAME

 

NILE LINEN GROUP

 

 

company 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 / 4500153 / 4500256

Facsimile          : (20-3) 4485767 / 4500257

Mobile               : (20-12) 2270010

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

 

·       Said Ahmed El Sayed                                                                       Chairman

 

·       Ashraf Said Ahmed El Sayed                                                             Director

 

·       Mohamed Gouda                                                                               Finance Manager

 

·       Mohamed Ramzy                                                                              Export Manager

 

·       Salah El Touny                                                                                 Human Resources Manager

 

·       Vivian George                                                                                   Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1998

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 146279, Alexandria

 

Tax Card No.               : 705-994-910

 

Issued Capital              : US$ 42,500,000

 

Paid up Capital            : US$ 42,500,000

 

Name of Shareholder (s)                                                      Percentage

 

·       Said Ahmed El Sayed                                                           40%

 

·       Ashraf Said Ahmed El Sayed                                                 30%

 

·       Mary Taries                                                                          30%

 

 

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

 

Operating Trend: Steady

 

Subject has a workforce of approximately 1,350 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 51,409,934                           £E 63,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Mohandes Bank SAE

El Watanya Tower

El Horreya Road

Alexandria

Tel: (20-3) 4877184

Fax: (20-3) 4877319

 

·       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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.40

UK Pound

1

Rs.73.26

Euro

1

Rs.65.17

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.