MIRA INFORM REPORT

 

 

Report Date :

23.02.2011

 

IDENTIFICATION DETAILS

 

Name :

ABO EL ELA CO

 

 

Registered Office :

74 El Azhar Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1960

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacture of men's trousers and shirts, clothing for ladies and children, knitting products, and car upholstery materials.

 

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$ 800,000

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 – June 30, 2010

 

Country Name

Previous Rating

                   (01.04.2010)                  

Current Rating

(30.06.2010)

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                                     : ABO EL ELA CO

Also Known As                                      : ABO EL ELA CO FOR WEAVING, KNITTING, DYEING, FINISHING

                                                            AND READY MADE CLOTHES

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1960

Issued Capital                                        : £E 15,000,000

Paid up Capital                                      : £E 15,000,000

Total Workforce                                     : 500

Activities                                               : Manufacture of men's trousers and shirts, clothing for ladies and

children, knitting products, and car upholstery materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 800,000

 

COMPANY NAME

 

ABO EL ELA CO

 

 

ALSO KNOWN AS

 

ABO EL ELA CO FOR WEAVING, KNITTING, DYEING, FINISHING AND READY MADE CLOTHES

 

 

company address

 

Registered & Physical Address

Location            : 74 El Azhar Street

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25900399 / 25898332

Facsimile          : (20-2) 25898332

Mobile               : (20-12) 3708564

Email                : info@aboelela.com

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Industrial Zone No. 1, Block No. 13019                                                Owned factory premises covering

     Cairo - Ismailia Road                                                                         an area of 23,000 sqm.

     El Obour City

     Cairo

     Tel: (20-2) 46100324 / 46100325 / 46100318

     Fax: (20-2) 46100323

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Shaban Ali Abo El Ela                                                                       Managing Partner

 

·       Naser Sayed Abo El Ela                                                                    Partner

 

·       Sayed Ali Abo El Ela                                                                         Partner

 

·       Tarek Sayed Abo El Ela                                                                     Partner

 

·       Ibrahim Ali Abo El Ela                                                                        Partner

 

·       Sara Abd El Aziz                                                                              Import & Export Manager

 

·       Mahmoud Morsy                                                                               Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1960

 

Legal Form                  : Limited Liability Partnership

 

Issued Capital              : £E 15,000,000

 

Paid up Capital            : £E 15,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Shaban Ali Abo El Ela                                               20%

 

·       Naser Sayed Abo El Ela                                            20%

 

·       Sayed Ali Abo El Ela                                                 20%

 

·       Tarek Sayed Abo El Ela                                             20%

 

·       Ibrahim Ali Abo El Ela                                                20%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of men's trousers and shirts, clothing for ladies and children, knitting products, and car upholstery materials.

 

Subject’s clients include; El Nasr for Cars Industry Co, Alyaa for Cars Upholstery and Peugeot in Egypt.

 

Import Countries: India and Germany

 

Export Countries : Saudi Arabia, Kuwait, United States of America, Netherlands, Denmark and Ethiopia.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 500 employees.

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/08:                Year Ending 31/12/09:

 

Total Sales                                £E 92,000,000                           £E 95,300,000

 

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

 

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

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 33904554

Fax: (20-2) 33908992

 

·       Bank of Alexandria

49 Kasr El Nile Street

     Cairo

     Tel: (20-2) 24824056 / 24836073

     Fax: (20-2) 24837468

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

GENERAL COMMENTS

 

Abo El Ela Co has been in business for approximately 50 years and has gained a good reputation for the quality of its products. The company is run in a professional manner and is owned by members of the Abo El Ela family who have many years experience in the industry.

 

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.45.20

UK Pound

1

Rs.73.07

Euro

1

Rs.61.41

 

 

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

 

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.