MIRA INFORM REPORT

 

 

Report Date :           

03.02.2012

 

IDENTIFICATION DETAILS

 

Name :

NILE KORDSA INDUSTRIAL FABRICS SAE

 

 

Registered Office :

23C Ismail Mohamed Street, Zamalek, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1993

 

 

Com. Reg. No.:

69830, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of nylon, rayon and polyester fabrics

 

 

No. of Employees :

200

 

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$ 1,500,000

 

 

Status :

Good

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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 KORDSA INDUSTRIAL FABRICS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1993

Commercial Registration Number                        : 69830, Cairo

Industry Registration Number                  : 24151

Tax Card Number                                   : 100-396-755

Issued Capital                                        : £E 35,800,000

Paid up Capital                                      : £E 35,800,000

Total Workforce                                     : 200

Activities                                               : Manufacturers of nylon, rayon and polyester fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

COMPANY NAME

 

NILE KORDSA INDUSTRIAL FABRICS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 23C Ismail Mohamed Street

Area                 : Zamalek

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 27361453 / 27351409 / 23413933 / 23411453

Facsimile          : (20-2) 27370364 / 23420364

Email                : info@nilekordsa.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Industrial Zone B1, Plot No. 7                                                 Owned factory premises

Sharkeya

PO Box: 549

     10th of Ramadan City

     Tel: (20-15) 364592 / 364593 / 364594

     Fax: (20-15) 367081 / 373120 / 367082

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hossam Mohamed Mohamed Lasheen                                                Chairman

 

·       Hakan Tiftik                                                                                      Vice Chairman

 

·       Mohamed Atef El Mouled                                                                   Director

 

·       Hesham Kamal                                                                                 Director

 

·       Dincer Celik                                                                                      Director

 

·       Baris Oran                                                                                        Director

 

·       Bahe Hana Marian                                                                             Director

 

·       Moustafa Nasef                                                                                 Accounts Manager

 

·       Amin El Ghonemy                                                                             Maintenance Manager

 

·       Ahmed Abd El Hakim                                                                        Purchasing  Manager

 

·       Ashraf Abd El Halim                                                                          Human Resources Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1993

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 69830, Cairo

 

Industry Reg. No.         : 24151

 

Tax Card No.               : 100-396-755

 

Issued Capital              : £E 35,800,000

 

Paid up Capital            : £E 35,800,000

 

Name of Shareholder (s)                                         Percentage

 

·       Kordsa Kond Bezi Sanayi A.S            .                                   51%

     Ali Kahya Mevkii

     41300 Kocaeli

     Turkey

     Tel: (90-262) 3647100

     Fax: (90-262) 3647200

 

·       Members of the Lasheen Family                                 36%

 

·       Members of Atef Ahmed El-Mouled's Family                12%

 

·       Mohamed Abbas Zaki                                                              1%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of nylon, rayon and polyester fabrics used in tyre reinforcement.

 

     Subject is ISO 9002 certificated.

 

Production Capacity: 6,000 tonnes per annum

 

Import Countries : Turkey and India.

 

Export Countries: Turkey, Syria, Tunisia, Kenya, United States of America and India.

 

Brand Names: KORDSA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

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 129,220,467                         £E 129,644,353

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

City Centre, Plot No. 8

Tenth of Ramadan City

Tel: (20-15) 367294

Fax: (20-15) 367915

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

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.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.13

UK Pound

1

Rs.77.85

Euro

1

Rs.64.78

 

 

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.