MIRA INFORM REPORT

 

 

Report Date :           

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

BENHA COTTON TRADING & AGRICULTURAL CROPS CO SAE

 

 

Registered Office :

El Attar Building, 2 Adib Street, El Manshiya Square, Alexandria

 

 

Country :

Egypt 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

14.10.1996

 

 

Com. Reg. No.:

28830, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Cotton ginning and export as well as the export of agriculture crops

 

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

 

Maximum Credit Limit :

US$ 1,000,000

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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                                     : BENHA COTTON TRADING & AGRICULTURAL CROPS CO SAE

Also Known As                                      : AL ATTAR

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Start Date                                             : 1922

Registration Date                                   : 14th October 1996

Commercial Registration Number            : 28830, Cairo

Issued Capital                                        : £E 15,000,000

Paid up Capital                                      : £E 15,000,000

Total Workforce                                     : 76

Activities                                               : Cotton ginning and export as well as the export of agriculture crops

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

Person Interviewed                                 : Sayed Mohamed Selim, Finance Manager

 

COMPANY NAME

 

BENHA COTTON TRADING & AGRICULTURAL CROPS CO SAE

 

 

ALSO KNOWN AS

 

AL ATTAR

 

 

company ADDRESS

 

Registered & Physical Address

Building             : El Attar Building

Street               : 2 Adib Street

Area                 : El Manshiya Square

Town                 : Alexandria

Country             : Egypt

Telephone         : (20-3) 4876417 / 4846359

Facsimile          : (20-3) 4856338 / 4846359

Mobile               : (20-12) 7747714

Email                : yehia.elattar@benhacotton.com

 

Premises

 

Subject operates from a medium sized suite of offices that are owned and located in the Central Business Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Villa El Attar                                                                                     Owned office & workshop

     Corniche El Nil Street

     Benha

     Tel: (20-13) 3257718 / 3260137 / 3260693

     Fax: (20-13) 3252362 / 3260693

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Abd El Sattar El Attar                                                         Managing Director

 

·       Mahmoud Abd El Sattar El Attar                                                         Director

 

·       Mohamed Mostafa El Attar                                                                 Director

 

·       Ahmed Mohamed Abd El Sattar El Attar                                             General Manager

 

·       Sayed Mohamed Selim                                                                      Finance Manager

 

·       Mohamed Abu El Naga                                                                      Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1922, however subject was registered on 14th October 1996

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 28830, Cairo

 

Tax Card No.               : 200-120-115

 

Issued Capital              : £E 15,000,000

 

Paid up Capital            : £E 15,000,000

 

Name of Shareholder (s)

 

·       Mohamed Abd El Sattar El Attar

 

·       Mahmoud Abd El Sattar El Attar

 

·       Mohamed Mostafa El Attar

 

 

OPERATIONS

 

Activities: Engaged in cotton ginning and export as well as the export of agriculture crops such as green beans, rice and peanuts.

 

Import Countries: India and Italy

 

Export Countries: Portugal, Switzerland, Italy, Germany, Thailand, Korea, China, Japan, Indonesia, Bangladesh and India

 

Operating Trend: Steady

 

Subject has a workforce of 76 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 120,750,000                         £E 126,000,000

 

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

 

The above figures were provided by Mr Sayed Mohamed Selim, Finance Manager

 

 

BANKERS

 

·       Misr International Bank (MIBANK)

33 Safia Zaghloul Street

Raml Station

Alexandria

Tel: (20-3) 4828174 / 4828213

       Fax: (20-3) 4838216

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Please note that “Benha Cotton Trading Co SAE” is incorrect, the correct name for the company is “Benha Cotton Trading & Agricultural Crops Co SAE”.

 

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.49.23

UK Pound

1

Rs.76.07

Euro

1

Rs.65.06

 

 

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.