MIRA INFORM REPORT
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Report Date : |
18.10.2011 |
IDENTIFICATION DETAILS
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Name : |
PORT SAID COTTON EXPORT CO |
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Registered Office : |
71 El Nabi Daniel
Street , Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1991 |
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Legal Form : |
Egyptian Public Joint Stock Company |
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Line of Business : |
Distributors 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$ 4,000,000 |
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Status : |
Good |
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Payment
Behaviour : |
No Complaints |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Egypt |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : PORT SAID COTTON EXPORT CO
Country of Origin : Egypt
Legal Form : Egyptian Public Joint Stock Company
Registration Date : 1991
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 470
Activities : Distributors of Egyptian cotton.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 4,000,000
COMPANY NAME
PORT SAID COTTON EXPORT CO
Company ADDRESS
Registered &
Physical Address
Location : 71 El Nabi Daniel Street
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4862886 / 4862887 / 4862888 /
4862960 / 4802478
Facsimile : (20-3) 4802530 / 4852774
Email : poscot@contact.com.eg
Premises
Subject operates
from a large suite of offices and a warehouse that are rented and located in
the Central Business Area of Alexandria.
KEY PRINCIPALS
Name Position
·
Eglal
Abu Sabaa Chairman
·
Salah
Abd El Halim El Attar Director
·
Hassan
Mohamed Fadel Director
·
Mohamed
Mansour Ismail Director
·
Ibrahim
Mansour Awida Director
·
Ali Abu
El Kheir Financial
Manager
·
Abd El
Aziz El Kholy Public
Relations Manager
·
Somaya
Kassem Sales
Manager
·
Fatama
Abd El Aziz Human
Resources Manager
·
Yehia
Khalil Ibrahim Administration
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1991
Legal Form :
Egyptian Public Joint Stock
Company
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder
(s) Percentage
·
Cotton,
Spinning, Weaving & Garments Holding 100%
Alexandria
OPERATIONS
Activities: Engaged in the distribution and export of
Egyptian cotton.
Import
Countries: Europe and the
Far East
Export
Countries: Switzerland,
Japan, Italy and Germany
Operating Trend: Steady
Subject has a
workforce of approximately 470 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 257,318,000 £E 316,440,000
Local sources consider
subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.48.89 |
|
UK Pound |
1 |
Rs.77.31 |
|
Euro |
1 |
Rs.67.79 |
RATING EXPLANATIONS
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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 |
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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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.