MIRA INFORM REPORT

 

 

Report No. :

330342

Report Date :

07.07.2015

 

IDENTIFICATION DETAILS

 

Name :

EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)

 

 

Registered Office :

407 Canal El Mahmoudeya Street, El Hadra, Smouha, P O Box: 829, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Year of Establishment :

1940

 

 

Com. Reg. No.:

21362, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Weaving, Dyeing, Knitting and Manufacture of Clothing Items.

 

 

No. of Employees :

3,600

 

 

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 :

Good

 

 

Payment Behaviour :

Regular

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

B2

B2

 

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill. Egypt's current Constitution passed in a referendum that took place in January 2014.

 

Source : CIA

 

 

SUMMARY

 

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

 

COMPANY NAME

 

EL NASR CO FOR CLOTHES & TEXTILES SAE (KABO)

 

 

ADDRESS

 

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 / 4286585/6

Facsimile          : (20-3) 4242975 / 4280923

Mobile              : (20-122) 3765087 / 2470751

Email                : info@kabo.com.eg

 

Premises

 

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

 

·       Fouad Street                                                                                    Showroom premises

Alexandria

Tel: (20-3) 4930386

 

 

KEY PRINCIPALS

 

     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

 

 

LEGAL FORM & OWNERS

 

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%

 

 

OPERATIONS

 

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 DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                    Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                    £E 143,000,000                         £E 148,300,000

 

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

 

The above figures were provided by Mr Ossama Rashwan, Business Development Manager

 

 

BANKERS

 

·       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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that the correct name of the subject is “El Nasr Co for Clothes & Textiles Sae (KABO)” and not “El Nasr for Textile And Closing (KABO)”.

 

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.63.58

UK Pound

1

Rs.99.11

Euro

1

Rs.70.29

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

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%)

 

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