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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
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Name : |
EL NASR SPINNING WEAVING & DYEING CO SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1960 |
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Com. Reg. No.: |
48262 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of cotton products |
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No. of Employees : |
3,400 |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Egypt |
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 |
Company Name :
EL NASR SPINNING WEAVING & DYEING CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1960
Commercial Registration Number :
48262
Issued Capital :
£E 120,000,000
Paid up Capital :
£E 120,000,000
Total Workforce :
3,400
Activities :
Manufacturers of cotton products.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EL NASR SPINNING WEAVING & DYEING CO SAE
Registered &
Physical Address
Street : El Mansoura Road
Area : El Mehalla El Kobra
PO Box : 95
Town : Gharbeya 31950
Country : Egypt
Telephone : (20-40) 2381275 / 2381565 / 2382334
Facsimile : (20-40) 2381196
Email : info@nasrtex.com
Premises
Subject operates from a large suite of offices and a textile mill that
are owned and located in the Industrial Area of Gharbeya.
Branch Office (s)
Location Description
· Kafr
El Sheikh Owned
textile mill
Tel: (20-47) 3223564 / 232800
Name Position
· Samir
Mahmoud El Said Chairman
· Mohamed
El Shazli Managing
Director
· Elwi
Abd El Rahman Director
· Ahmed
Abd El Fattah El Fekey Director
· Sayed Badir Director
· Ali Khalifa Director
· Sayed Marei Director
· Magdy Swar Director
· Ola
Fattouh Purchasing
Manager
· Sayed
Bedir Technical
Manager
· Abd El
Fattah Emara Sales
Manager
· Abd El
Rahman Kassem Export
Manager
· Tarek
El Bassiouny Finance
Manager
· Abd El
Fattah Omara Commercial
Manager
· Abd El Rahman
Kassem Export
Manager
· Mohamed Mosalem IT
Manager
Date of
Establishment : 1960
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 48262
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
Name of Shareholder
(s) Percentage
· Cotton,
Spinning, Weaving & Garments Holding Co 100%
8 El Taher Street
Abdin
Cairo
Tel: (20-2)
3953447
Fax: (20-2)
3953446
The
Cotton, Spinning, Weaving & Garments Holding Co is wholly owned by the Egyptian
government and is responsible to the Ministry of Public Enterprises.
Activities: Engaged in manufacture and export of 100%
cotton products including terry towels, kitchen and tea
towels, bed sheets and covers and fabrics.
Subject also offers dyeing, printing and
textile finishing services.
Import Countries: India, Germany, China, Switzerland, Japan and the
United States of America.
Export Countries: Poland, United States of America, Italy, Japan,
Germany, Greece and Western Europe.
Operating Trend: Steady
Subject has a workforce of approximately 3,400 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
129,000,000 £E
130,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
33379363
Fax: (20-2)
33772959
·
Misr International Bank (MIBANK)
33, Safia Zaghloul
Street
Raml Station
Alexandria
Tel: (20-3)
4828174 / 4828213
Fax: (20-3) 4838216
· Export Development
Bank of Egypt
71
Messadak Street
Dokki
Cairo
Tel: (20-2)
33386810 / 33386811
Fax: (20-2)
33386814 / 33386813
·
Banque Misr
Main
Branch
Gharbeya
No complaints regarding subject’s payments have been reported.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
UK Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.