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Report No. : |
344195 |
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Report Date : |
15.10.2015 |
IDENTIFICATION DETAILS
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Name : |
NILE AIR SAE |
|
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Registered Office : |
4 Obour Buildings, Salah Salem Street, Cairo International Airport, Terminal 1, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
24.12.2006 |
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Com. Reg. No.: |
21812 |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Subject is
engaged in the provision of air transportation services. |
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No. of Employees : |
200 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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, 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 |
Company Name : NILE AIR
SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 24th
December 2006
Commercial
Registration Number : 21812
Issued Capital : £E
210,000,000
Paid up Capital : £E
210,000,000
Total Workforce : 200
Activities :
Providers of air transportation services.
Financial Condition : Undetermined
Payments : Unknown
NILE AIR SAE
Building : 4 Obour Buildings
Street : Salah Salem Street
Area : Cairo International Airport,
Terminal 1
Town : Cairo
Country : Egypt
Telephone : (20-2) 26968000 / 26968057
Facsimile : (20-2) 24142705
Email : info@nileair.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
Location Description
·
5 Abdel
Hamid Badawy Street Office
premises
Mehattet El Raml
Alexandria
Tel: (20-3) 4845861
Fax: (20-3) 4845863
Name Position
·
Nasser
Bin Aqeel Chairman
·
Yousry Mohamed
Ahmed Abdel Wahab Vice
Chairman
·
Ahmed
Aly Chief
Executive Officer
·
Aziza
Abdel Hakim Mohamed General
Manager
Date of Establishment : 24th
December 2006
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 21812
Issued Capital : £E 210,000,000
Paid up Capital : £E 210,000,000
·
Al
Tayyar Travel Group 100%
Cairo
Activities: Engaged in the provision of air
transportation services.
Subject’s aircraft
specifications are:
|
Number of aircraft |
4 |
|
Seating Capacity |
164 |
|
Business Class |
8 |
|
Economy Class |
156 |
|
Maximum Take-off Weight |
73.500/77.000 KG |
|
Wingspan |
33.91 m |
|
Length |
37.57 m |
|
Height |
11.91 m /39.800 |
|
Maximum Altitude |
12.100 m/39.800 ft |
|
Maximum Cargo Capacity |
31,64 m³ |
Subject has a
workforce of approximately 200 employees.
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.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
Unknown
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 |
|
|
1 |
Rs.99.50 |
|
Euro |
1 |
Rs.74.24 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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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 |
|
|
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.