MIRA INFORM REPORT

 

 

Report Date :           

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

MODERN NILE COTTON CO SAE

 

 

Registered Office :

68 Gameat El Dewal El Arabia Street, Mohandessin, Giza 12311, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1994

 

 

Com. Reg. No.:

99752, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and distribution of clothing and textiles

 

 

No. of Employees :

220 Persons

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Maximum Credit Limit :

US$ 2,000,000

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MODERN NILE COTTON CO SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1994

Commercial Registration Number            : 99752, Giza

Issued Capital                                        : £E 120,000,000

Paid up Capital                                      : £E 120,000,000

Total Workforce                                     : 220

Activities                                               : Manufacture and distribution of clothing and textiles.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 2,000,000

 

COMPANY NAME

 

MODERN NILE COTTON CO SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 68 Gameat El Dewal El Arabia Street

Area                 : Mohandessin, Giza 12311

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 33364031 / 33361516 / 33368562

Facsimile          : (20-2) 33361481

Email                : mkamal@mst.mist.com.eg

 

Premises

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                                         

 

·       283 El Horreya Road                                                                         Factory premises

Alexandria

Tel: (20-3) 2451047 / 4272198

Fax: (20-3) 4251027

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ahmed Khaled Moustafa El Bosaty                                                     Chairman

 

·       Azima Helmy                                                                                    Managing Director

 

·       Karim Mohamed Youssef Saada                                                         Director

 

·       Amr Mohamed Osman El Sharnouby                                                  Director                                    

 

·       Amaar El Khodeiry                                                                            Director

 

·       Hani Olama                                                                                      Director

 

·       Noha Khattab                                                                                    Director

 

·       Sherif Mansour Dabous                                                                      Director

                                                                                                      

·       Ahmed Amer                                                                                    General Manager

 

·       Hussein Tharwat El Alfy                                                                     Finance Manager

 

·       Raafat Mohamed Adam                                                                     Accounts Manager

 

·       Ahmed Elhamy Abd El Khalek                                                           Sales Manager

 

·       Gamal Saleh                                                                         Office Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 99752, Cairo

 

Issued Capital              : £E 120,000,000

 

Paid up Capital            : £E 120,000,000

 

Name of Shareholder (s)                                          Percentage

 

·       Amwal El Arabia Holding Company                             99.8%

 

·       Ahmed Khaled Moustafa El Bosaty                               0.1%

 

·       Egyptian for Spinning and Weaving                               0.1%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and distribution of clothing and textiles.

 

Import Countries: Europe and the Far East.

 

Export Countries: United States of America, South Korea, Japan, China, India, Italy, Turkey and South Africa.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 220 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 545,001,116                         £E 671,576,000

 

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

 

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

 

 

BANKERS

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

·       National Bank of Egypt

177 Mostafa Kamel Street

Alexandria

Tel: (20-3) 5701930

 

 

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.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

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