MIRA INFORM REPORT

 

Report Date :

18.02.2012

 

IDENTIFICATION DETAILS

 

Name :

MISR SPAIN CO FOR BLANKETS & TEXTILES

 

 

Registered Office :

3 Montasser El Gabalawy Street, Old Bahtim Road Shubra El Khaimah, Kaliubeya PO Box 78 Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1986

 

 

Com. Reg. No.:

9768, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturer of bedding materials and textiles.

 

 

No. of Employees :

300

 

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$ 200,000

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 – September 30, 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                                     : MISR SPAIN CO FOR BLANKETS & TEXTILES

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1986

Commercial Registration Number                        : 9768, Cairo

Industrial registration Number                  : 29570

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 300

Activities                                               : Manufacturer of bedding materials and textiles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

 

COMPANY NAME

 

MISR SPAIN CO FOR BLANKETS & TEXTILES

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 3 Montasser El Gabalawy Street, Old Bahtim Road

Area                 : Shubra El Khaimah, Kaliubeya

 

PO Box             : 78

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 42201990 / 42201126 / 42201226 / 42201226 / 42201339

Facsimile          : (20-2) 42211184 / 44736972

Mobile               : (20-122) 2182483 / 3788634

 

Premises

 

Subject operates from a large suite of offices a factory and storage facilities that are owned Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       20 Khan Abdul Hakam Street                                                             Office premises

Al Azhar

Cairo

Tel: (20-2) 25931393

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·         Hamdy Abdou El Tabbakh                                                                Managing Partner

 

·         Naguib Abdou El Tabbakh                                                                 Partner

 

·         Emad Abdou El Tabbakh                                                                  Partner

 

·         Essam Abdou El Tabbakh                                                                Partner

 

·         Hassan Abdou El Tabbakh                                                                General Manager

 

·         Essam Fahmy                                                                                 Accounts Manager

 

·         Ahmed Soliman                                                                               IT Manager

 

·         Mohamed Zaki                                                                                 Administration Manager

 

·         Essam Abd El Fattah                                                                       Import Manager

 

·         Samir Nashid                                                                                   Sales Manager

 

·         Ahmed Farouk                                                                                 Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1986

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 9768, Cairo

 

Industrial Reg. No.       : 29570

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                    

 

·       Hamdy Abdou El Tabbakh

 

·       Naguib Abdou El Tabbakh

 

·       Emad Abdou El Tabbakh

 

·       Essam Abdou El Tabbakh

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of blankets, bed covers, bedspreads, valance sheets and

                 related textiles.

 

Production Capacity: 500,000 units per year.

 

Import Countries: France, Japan, South Korea, Spain and Turkey

 

International Suppliers:

 

·       Cortel                       Spain

·       Moora                      Spain

 

Export Countries: Tunisia, Libya, Saudi Arabia, Morocco, Algeria, Africa and GCC countries

 

Brand Names: SANDARA, SANDARA NUBA, MOORA, CINDERELLA, and NEW CINDERELLA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 69,000,000                           £E 79,000,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Misr Exterior Bank

Cairo Plaza Building

Corniche El Nil Street

Boulaque

PO Box: 272

Cairo

Tel: (20-2) 25778701 / 25778619

Fax: (20-2) 25762806 / 25780238

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.21

UK Pound

1

Rs.77.75

Euro

1

Rs.64.58

 

 

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.