MIRA INFORM REPORT

 

 

Report No. :

344153

Report Date :

15.10.2015

 

IDENTIFICATION DETAILS

 

Name :

EL NASR SPINNING WEAVING & DYEING CO SAE

 

 

Registered Office :

El Mansoura Road El Mehalla El Kobra 95 Gharbeya 31950

 

 

Country :

Egypt

 

 

Date of Incorporation :

1960

 

 

Com. Reg. No.:

48262

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in manufacture and export of 100% cotton products including terry towels, kitchen and tea, bed sheets and covers and fabrics.

 

 

No. of Employee :

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

 

 

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 – 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

 

 

SUMMARY

 

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 444,000,000

Paid up Capital                                     : £E 444,000,000

Total Workforce                                     : 3,400

Activities                                               : Manufacturers of cotton products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

EL NASR SPINNING WEAVING & DYEING CO SAE

 

 

ADDRESS

 

Registered & Physical Address

 

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 / nasr_elmahella@yahoo.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                   Position

 

·       Samir Mahmoud El Said                                                       Chairman

 

·       Sayed Foutoh Marie                                                             Managing Director

 

·       Ali Khalifa                                                                            Director

 

·       Abdul Halim El Najjar                                                            Export Manager

 

·       Tarek El Bassiouny                                                               Finance Manager

 

·       Kamal Issa                                                                           Purchasing Manager

 

·       Eid El Yamani                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1960

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 48262

 

Issued Capital              : £E 444,000,000

 

Paid up Capital            : £E 444,000,000

 

 

Name of Shareholder (s)                                                          Percentage

 

·       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.

 

 

OPERATIONS

 

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 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 135,000,000                         £E 137,250,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       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

 

·       National Bank for Development

Main Branch

Gharbeya

 

 

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.65.11

UK Pound

1

Rs.99.50

Euro

1

Rs.74.24

 

 

INFORMATION DETAILS

 

Analysis Done by :

HNA

 

 

Report Prepared by :

ANK

 

 

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%)

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.