MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SOCIETE MISR POUR L'EXPORTATION DU COTON |
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Registered Office : |
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Country : |
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Date of Incorporation : |
1923 |
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Com. Reg. No.: |
3819, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Export
and marketing of Egyptian cotton. |
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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Maximum Credit Limit : |
US$ 800,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : SOCIETE MISR POUR L'EXPORTATION DU COTON
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 1923
Commercial Registration Number :
3819,
Authorised Capital : £E 10,000,000
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 300
Line of Business : Export of Egyptian cotton
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
SOCIETE MISR POUR L'EXPORTATION DU COTON
ADDRESS
Registered & Physical Address
Location :
PO Box : 21519
Town :
Country :
Telephone : (20-3) 4842099
/ 4842088 / 4842077 / 4842400
Facsimile : (20-3) 4851588
/ 4847710
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Alexandria.
KEY PRINCIPALS
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Mahmoud Abu Taleb Chairman
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Hafez Abd El Badie Director
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Dr. Momtaz Momtaz El Said Director
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Mohamed Hosny Mohamed Finance
Manager
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Kamilia Kamal Accounts
Manager
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Mohamed Abd El Hadi Export
Manager
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Nayez El Fangary IT
Manager
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Hafez El Maluany Administration
Manager
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Sayed Abou Rageh Human
Resources Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1923
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 3819,
Authorised Capital : £E 10,000,000
Issued Capital : £E
5,000,000
Paid up Capital : £E 5,000,000
Name of Shareholder
(s) Percentage
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Cotton, Spinning, Weaving & Garments Holding 100%
Abdin
Tel: (20-2) 3953447
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe
Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are
offered to the public and £E 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Subject is one of
the state companies specialising in the export and marketing of Egyptian
cotton.
Import Countries
:
Export Countries
:
Subject has a
workforce of approximately 300 employees.
FINANCIAL HIGHLIGHTS
Companies
registered in
BANKERS
·
Banque
Misr
Agami
Tel : (20-3) 4302697
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National
Bank of
21,
Tel : (20-3) 4824802 / 4825715
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
Societe Misr Pour L'exportation Du Coton is a leading
concern in the export of Egyptian cotton with operations dating back to 1923.
It is wholly owned by the Cotton, Spinning, Weaving & Garments Holding Co, which
in turn is wholly owned by the Egyptian government.
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.
Maximum suggested
credit figure: US$ 800,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems comparatively
below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)