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Report Date : |
01.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
EL NASR CO FOR CLOTHES & TEXTILES SAE
(KABO) |
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|
|
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Registered Office : |
407 Canal El Mahmoudeya Street, El Hadra, Smouha,
P O Box 829, Alexandria |
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|
|
|
Country : |
Egypt |
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|
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Financials (as on) : |
31.12.2011 |
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|
|
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Year of Establishment : |
1940 |
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|
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Com. Reg. No.: |
21362, Alexandria |
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|
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
|
Line of Business : |
Weaving, dyeing, knitting and manufacture of clothing items |
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|
No. of Employees : |
4,300 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source
: CIA |
Company Name : EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1940
Commercial Registration No. : 21362, Alexandria
Authorised Capital : £E 1,000,000,000
Issued Capital : £E 338,613,000
Paid up Capital : £E 338,613,000
Total Workforce : 4,300
Activities : Weaving, dyeing, knitting and manufacture of clothing items.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL NASR CO FOR
CLOTHES & TEXTILES SAE (KABO)
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 / 25905597
Fax: (20-2) 25937668
·
Saleh Salem
Street Showroom
premises
El Hadra
Alexandria
·
Fouad Street Showroom
premises
Alexandria
Tel: (20-3) 4930386
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
·
Mohamed Ali El Kaluobe Director
·
Essam Mansour Director
·
Hany Salama Finance
Manager
·
Nabil Al Hilal Sales
Manager
·
Ossama Rashwan Business
Development Manager
·
Mohamed Asser Farouk Human
Resources Manager
·
Mokhtar Taha Factory
Manager
·
Mohamed
Tolba Investment
Relation Manager
Date of Establishment : 1940
Legal Form :
Egyptian Joint Stock
Company
Commercial
Reg. No. : 21362, Alexandria
Authorised Capital :
£E 1,000,000,000
Issued Capital : £E
338,613,000
Paid up Capital : £E 338,613,000
Name of Shareholder
(s)
Percentage
·
Amwal Arabia 40.00%
·
Egypt Cotton Ginning 8.50%
·
Misr Insurance 5.00%
·
Insurance Fund 5.00%
·
Local
businessmen and private investors 41.50%
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 4,300 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 376,117,562 £E 446,649,279
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Alexandria
6, Salah Salem
Street
Alexandria
Tel: (20-3) 4824056
·
Banque Misr
El Hanoville
Street
Agami
Alexandria
Tel: (20-3) 4302697
·
HSBC
Bank Egypt
Azhar El Saray Towers
Smouha
Alexandria
Tel: (20-3) 4210003
No complaints
regarding subject’s payments have been reported.
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.55.72 |
|
UK Pound |
1 |
Rs.87.95 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.