MIRA INFORM REPORT

 

 

Report Date :           

20.10.2011

 

IDENTIFICATION DETAILS

 

Name :

CAIRO COTTON CENTER SAE

 

 

Registered Office :

67 Cairo Alexandria Agricultural Road, Kaliubeya, P O Box 16, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1990

 

 

Com. Reg. No.:

45941

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Production and export of cotton readymade and knitted garments and fabrics

 

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 – 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                         : CAIRO COTTON CENTER SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1990

Commercial Registration Number            : 45941

Industrial Registration Number                 : 20135

Issued Capital                                        : £E 91,000,000

Paid up Capital                                      : £E 91,000,000

Total Workforce                                     : 3,500

Activities                                               : Production and export of cotton readymade and knitted garments and

                                                              fabrics.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

 

 

COMPANY NAME

 

CAIRO COTTON CENTER SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 67 Cairo Alexandria Agricultural Road

Area                 : Kaliubeya

PO Box             : 16

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 42157079 / 42155746 / 42152648 / 42151860

Facsimile          : (20-2) 42152080 / 42141210 / 42150677

Email                : chairmanoffice@cairocotton.com

 

Premises

 

Subject operates from a suite of offices and a factory covering an area of 51,600 square metres that are owned and located in the Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Cairo Ismailia Road                                                                           Factory premises

Abour

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Magdy Tolba Ragab Tolba                                                                  Managing Director

 

·       Shady Camille Chamoun                                                                    Director

 

·       Ayman Hussein Fouad                                                                      Director

 

·       Ahmed Moustafa Kamal                                                                     Director

 

·       Wael Farid                                                                                        Accounts Manager

 

·       Ashraf Abd El Hamid                                                                         Sales Manager

 

·       Mahmoud El Fekky                                                                           Office Manager

 

·       Sherif Azer                                                                                       Export Manager

 

·       Mahrous El Sayed                                                                             Human Resources Manager

 

·       Hazem Tolba                                                                                    Administration Manager

 

·       Abd El Fattah Karam                                                                         IT Manager

 

·       Sayed Helmy                                                                                    Quality Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1990

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 45941

 

Industrial Reg. No.       : 20135

 

Authorised Capital       : £E 150,000,000

 

Issued Capital              : £E   91,000,000

 

Paid up Capital            : £E   91,000,000

 

Name of Shareholder (s)                                                                 Percentage

 

·       Magdy Tolba Ragab Tolba                                                                  81.5%

 

·       Camille Assad Chamoun Sons                                                           18.5%

 

 

OPERATIONS

 

Activities: Engaged in the production and export of cotton readymade and knitted garments and fabrics.

 

Subject’s major customers include Macys, GAP, American Eagle, Nike, Adidas, Marks & Spencers, Next and Calvin Klein.

 

Production Capacity: 25,000 pieces per day

 

Import Countries: Italy and India

 

Export Countries: Europe, Belgium, Greece, Asia and the United States of America

 

Operating Trend: Steady

 

Subject has a workforce of approximately 3,500 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                    Year Ending 31/12/08:                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                    £E 89,565,852                           £E 138,357,193                         £E 153,873,879

 

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

 

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

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk and the above credit figure is considered to be within subject’s financial means.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.18

UK Pound

1

Rs.77.49

Euro

1

Rs.67.96

 

 

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.