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Report Date : |
24.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL SPINNING AND WEAVING CO |
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Registered Office : |
132 Mahmoudeya Canal Qebly Street, Moharram Bey, PO Box: 119,
Alexandria |
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Country : |
Egypt |
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Date of Incorporation : |
1912 |
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Com. Reg. No.: |
99, Alexandria |
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Legal Form : |
Public Limited Company |
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Line of Business : |
Manufacturers of cotton and polyester yarns and industrial fibres |
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No. of Employees : |
1,400 |
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 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 :
NATIONAL SPINNING AND WEAVING CO
Country of Origin :
Egypt
Legal Form :
Public Limited Company
Registration Date :
1912
Commercial Registration Number :
99, Alexandria
Issued Capital :
£E 26,415,038
Paid up Capital :
£E 26,415,038
Total Workforce :
1,400
Activities :
Manufacturers of cotton and polyester yarns and industrial fibres
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
NATIONAL SPINNING AND WEAVING CO
Registered & Physical
Address
Street : 132
Mahmoudeya Canal Qebly Street
Area : Moharram Bey
PO Box : 119
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3620300
/ 3608626
Facsimile : (20-3) 3625172
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Alexandria.
Name Position
Mahmoud Abd El Razik Chairman
Shawky Mahmoud El Sayed Director
Atef Ali Ali Mohamed Director
Ahmed Marie Director
Ibrahim El Saadany Director
Safwat Fouad Finance
Director
Mahmoud Abd El Fattah Finance
Manager
Nahed Abd El Wahab Sales
Manager
Abd El Ghaffer Abd El Azim Administration
Manager
Date of Establishment : 1912
Legal Form : Public Limited
Company
Commercial Reg. No. : 99, Alexandria
Issued Capital : £E 26,415,038
Paid up Capital : £E 26,415,038
Name of
Shareholder (s) Percentage
Cotton, Spinning, Weaving and Garments Holding 98.8%
Egypt
Banque Misr 1.2%
Egypt
Activities: Engaged in the manufacture
of cotton and polyester yarns and industrial fibres.
Subject has a workforce of approximately 1,400employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
Faisal Islamic Bank of Egypt
7 Victor Pasilly Street
El Azareta
Alexandria
Tel: (20-3) 4911653
Export Development Bank of Egypt
95 26th July Road
Azarita
Alexandria
Tel: (20-3) 4869860 / 4868488
Fax: (20-3) 4829206
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 and
the above credit figure is deemed to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.52 |
|
|
1 |
Rs.100.26 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.