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Report Date : |
01.07.2014 |
IDENTIFICATION DETAILS
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Name : |
EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO) |
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Registered Office : |
407 Canal El Mahmoudeya Street El Hadra,
Smouha PO Box 829 Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1940 |
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Com. Reg. No.: |
21362, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the weaving, dyeing, knitting and manufacture of clothing
items |
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No. of Employees |
3,600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
|
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 : 3,600
Activities : Weaving, dyeing, knitting and manufacture of clothing items.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ossama Rashwan, Business Development Manager
EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)
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 / 4286585/6
Facsimile : (20-3) 4242975
/ 4280923
Mobile : (20-122)
3765087 / 2470751
Email : info@kabo.com.eg
Subject operates from a suite of offices and a factory covering an area
of 72,500 sq metres 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
·
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
· Mohamed Ali El Kaluobe Director
· Hany Salama Finance
Manager
· Ossama Rashwan Business
Development 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
· 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
International
Suppliers:
· Eurotex India
· GTN Batistan India
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 3,600 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
134,700,000 £E
143,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Ossama Rashwan,
Business Development Manager
·
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.60.09 |
|
|
1 |
Rs.102.33 |
|
Euro |
1 |
Rs.82.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
|
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
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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.