MIRA INFORM REPORT

 

 

Report Date :

19.01.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)

 

 

Registered Office :

407 Canal El Mahmoudeya Street,  El Hadra, Smouha, P O Bo 829, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2009

 

 

Year of Establishment :

1940

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Weaving, Dyeing, Knitting and Manufacture of clothing items

 

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$ 1,000,000

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                                     : EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1940

Authorised Capital                                  : £E 1,000,000,000

Issued Capital                                        : £E    338,612,918

Paid up Capital                                      : £E    338,612,918

Total Workforce                                     : 4,600

Activities                                               : Weaving, dyeing, knitting and manufacture of clothing items

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

COMPANY NAME

 

EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 407 Canal El Mahmoudeya Street

Area                 : El Hadra, Smouha

PO Box             : 829

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4297524 / 4207150 / 4207168 / 4281027 / 4280923

Facsimile          : (20-3) 4242975 / 4280923

Mobile               : (20-12) 3765087

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Industrial Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       14 Gawhar El Qaaed Street                                                                Office premises

El Azhar

Cairo

Tel: (20-2) 25937668

Fax: (20-2) 25937668

 

·       Fouad Street                                                                         Showroom premises

Alexandria

Tel: (20-3) 4930386

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Amr El Sharnoby                                                                               Chairman

 

·       Hany Abd El Latif Olama                                                                    Director

 

·       Dr Maged Marzouk                                                                            Director

 

·       Karim Saada                                                                         Director

 

·       Refaat Helal                                                                                      Director

 

·       Ahmed El Basaty                                                                              Director

 

·       Amal El Tobgy                                                                                  Director

 

·       Kan Dekman                                                                         Director

 

·       Essam Mansour                                                                                Director

 

·       Hany Salama                                                                                    Finance Manager

 

·       Khaled El Shafaei                                                                              Sales Manager

 

·       Ossama Rashwan                                                                             Business Development Manager

 

·       Mohamed Asser Farouk                                                                     Human Resources Manager

 

·       Mursi Anwar                                                                                     Factory Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1940

 

Legal Form                  : Egyptian Joint Stock Company

 

Authorised Capital       : £E 1,000,000,000

 

Issued Capital              : £E    338,612,918

 

Paid up Capital            : £E    338,612,918

 

Name of Shareholder (s)                                                     Percentage

 

·       Amwal Arabia                                                                       40.00%

 

·       Misr Insurance                                                                      10.00%

 

·       Egypt Cotton Ginning                                                              8.50%

 

·       The Holding Co                                                                       4.60%

 

·       Local businessmen and private investors                                 36.90%

 

 

OPERATIONS

 

Activities: Engaged in the weaving, dyeing, knitting and manufacture of clothing items.

 

Production Capacity: 40,000,000 items per year

 

Export Countries: Jordan, Saudi Arabia, Qatar, United Arab Emirates, Lebanon, Germany, United States of America, United Kingdom, France and Sweden

 

Brand Names: JIL, KABO and SUPER KABO

 

Operating Trend: Steady

 

Subject has a workforce of approximately 4,600 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 135,843,119                         £E 141,355,416

 

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

El Hanoville Street

Agami

Alexandria

Tel: (20-3) 4302697

 

·       HSBC Bank Egypt

Azhar El Saray Towers

Smouha

Alexandria

Tel: (20-3) 4210003

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.45.53

UK Pound

1

Rs.72.56

Euro

1

Rs.60.62

 

 

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.