MIRA INFORM REPORT

Report Date :

17.01.2014

IDENTIFICATION DETAILS

Name :	NASR MOHAMED MOHAMED AL SEHELY & PARTNERS AKTAN MISR

Formerly Known as:	El Sehely for Textiles & Dyeing Company

Registered Office :	Nouman El Assar Street, New Industrial Zone, P O Box 250, El Mahalla El Koubra 31911, Gharbeya

Country :	Egypt

Financials (as on) :	31.12.2012

Year of Establishments:	1956

Com. Reg. No.:	22213, Gharbeya

Legal Form :	Egyptian Joint Stock Company

Line of Business :	· manufacturer and exporter of terry cloth and products including towels, bed covers, and bath robes. Subject also operates a dyeing factory specialising in the dyeing of yarns.

No. of Employees :	1,500

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

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, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Egypt

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

SUMMARY

Company Name : NASR MOHAMED MOHAMED AL SEHELY & PARTNERS AKTAN

MISR

Also Known As : AKTAN MISR TEXTILE & DYEING CO SAE

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Start Date : 1956

Registration Date : 17^th June 2002

Commercial Registration Number : 22213, Gharbeya

Industrial Registration Number : 34744

Tax Card Number : 205-147-712

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Total Workforce : 1,500

Activities : Manufacture and export of terry cloth and products.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Abd El Hakim Yassin Ahmed Galwish, Export Manager

COMPANY NAME

NASR MOHAMED MOHAMED AL SEHELY & PARTNERS AKTAN MISR

ALSO KNOWN AS

AKTAN MISR TEXTILE & DYEING CO SAE

company ADDRESS

Registered & Physical Address

Street : Nouman El Assar Street

Area : New Industrial Zone

PO Box : 250

Town : El Mahalla El Koubra 31911

Province : Gharbeya

Country : Egypt

Telephone : (20-40) 2441596 / 2441597 / 2441599

Facsimile : (20-40) 2441179

Mobile : (20-100) 1631906

Email : sehely@sehely.com

Please note that the above address is correct. Subject had no knowledge of El Gameia El Khayria Street in El Mahalla El Koubra.

Premises

Subject operates from a suite of offices and production facilities covering an area of 28,400 square metres that are owned and located in the Industrial Area of El Mahalla El Koubra.

KEY PRINCIPALS

Name Position

· Nasr Mohamed Ali El Sehely Chairman

· Abd El Wahab Shalaby General Manager

· Ali Attiya Finance Manager

· Abd El Hakim Yassin Ahmed Galwish Export Manager

· Mohamed El Metwally Public Relations Manager

· Mohamed Ezzat Administration Executive

LEGAL FORM & OWNERS

Date of Establishment : Subject was established in 1956 and commercial operations began in 1958. Subject was registered on 17^th June 2002.

History : Subject was originally called “El Sehely for Textiles & Dyeing Company” but changed its

name to “Nasr Mohamed Mohamed Al Sehely & Partners Aktan Misr” in March 2010.

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 22213, Gharbeya

Industrial Reg. No. : 34744

Tax Card No. : 205-147-712

Issued Capital : £E 5,000,000

Paid up Capital : £E 5,000,000

Name of Shareholder (s) Percentage

· Nasr Mohamed Ali El Sehely 50%

· Hesham Nasr Mohamed Ali El Sehely 10%

· Hazem Nasr Mohamed Ali El Sehely 10%

· Doha Nasr Mohamed Ali El Sehely 10%

· Salma Nasr Mohamed Ali El Sehely 10%

· Gehan Hussein Mohamed Sadek 5%

· Mariam Nasr Mohamed Ali El Sehely 5%

AFFILIATED COMPANIES

· Sehely Textile & Dyeing Factory

Nouman El Assar Street

New Industrial Zone

PO Box: 250

El Mahalla El Koubra 31911

CR No. 70211

OPERATIONS

Activities: Engaged in the manufacture and export of terry cloth and products including towels, bed covers, and bath robes. Subject also operates a dyeing factory specialising in the dyeing of yarns.

On 22^nd July 2004, the company was certified by ASR as an ISO-9000 manufacturer.

Production Capacity: 7,000 Beach towels per day

6,500 Bath towels per day

4,000 Kitchen towels per day

1,500 Bathrobe per day

Import Countries: Italy and India

Export Countries: Saudi Arabia, Germany, Italy, France, United Kingdom, Spain, Romania, and Australia

Operating Trend: Steady

Subject has a workforce of approximately 1,500 employees.

FINANCIAL DATA

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 78,154,000 £E 90,000,000

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

The above figures were provided by Mr Abd El Hakim Yassin Ahmed Galwish, Export Manager

BANKERS

· Faisal Islamic Bank of Egypt

2 Mohamed Said Pacha Street

Tanta

Gharbeya

Tel: (20-40) 3287985

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.61.53
UK Pound	1	Rs.100.73
Euro	1	Rs.83.84

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%)

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