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Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EL NASR SPINNING
WEAVING & DYEING CO SAE |
|
|
|
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Registered Office : |
El Mansoura Road, El Mehalla El Kobra, P O Box 95,
Gharbeya 31950 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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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 : |
Manufacture and export of 100% cotton products including terry towels, kitchen and tea
towels, bed sheets and covers and fabrics. |
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|
|
|
No. of Employees : |
3,400 |
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 |
|
Status : |
Satisfactory |
|
|
|
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
Source
: CIA
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 : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL NASR SPINNING
WEAVING & DYEING CO SAE
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
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
·
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 and Greece.
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 31/12/11: Year Ending 31/12/12:
Total Sales £E 130,000,000 £E 132,300,000
Local sources
consider subject’s financial condition to be Fair.
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.
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.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.