MIRA INFORM REPORT

 

 

Report Date :

27.01.2012

 

IDENTIFICATION DETAILS

 

Name :

ALEXANDRIA COMMERCIAL COMPANY SAE

 

 

Registered Office :

1 Dr Ahmed Abd El Salam Street El Sultan Hussein, Down Town PO Box  623 Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1923

 

 

Com. Reg. No.:

2669, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Distributors of Egyptian cotton and its by products.

 

 

No. of Employees :

700

 

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 :

Good

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 30, 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                                     : ALEXANDRIA COMMERCIAL COMPANY SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1923

Commercial Registration Number            : 2669, Alexandria

Authorised Capital                                  : £E 20,000,000

Issued Capital                                        : £E 11,000,000

Paid up Capital                                      : £E 11,000,000

Total Workforce                                     : 700

Activities                                               : Distributors of Egyptian cotton and its by products.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

 

COMPANY NAME

 

ALEXANDRIA COMMERCIAL COMPANY SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 1 Dr Ahmed Abd El Salam Street

Area                 : El Sultan Hussein, Down Town

 

PO Box             : 623

 

Town                 : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4824347 / 4865983 / 4847360 / 4847369 / 4864723

Facsimile          : (20-3) 4847368

Mobile               : (20-10) 1708750 / (20-12) 5330991

Email                : info@alex-comm.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.

 

Branch Office (s)

 

Subject operates branches located at Damanhour, El Mahalla El Kobra, Mansoura, Banha, Fashhn, Menya and Balyana.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Galaa Sadek Sakeh                                                                          Chairman

 

·       Moustafa Ibrahim Abd El Aal                                                              Director

 

·       Ahmed Ibrahim                                                                                  Director

 

·       Mahmoud Ahmed El Adawy                                                               Director

 

·       George El Hennawy                                                                           Director

 

·       Mohamed El Anany                                                                           Finance Manager

 

·       Mohamed Hamed                                                                              Accounts Manager

 

·       Moain Sakr                                                                                       Marketing Manager

 

·       Abd El Mohsen Selim                                                                        Human Resources Manager

 

·       Moustafa Abd El Aal                                                                          Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1923

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 2669, Alexandria

 

Authorised Capital       : £E 20,000,000

 

Issued Capital              : £E 11,000,000

 

Paid up Capital            : £E 11,000,000

 

Name of Shareholder (s)                                                 Percentage

 

·       Cotton, Spinning, Weaving & Garments Holding Company             100%

7 El Taher Street

Abdin

Cairo

Tel: (20-2) 23953447 / 23905153

Fax: (20-2) 23953446

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of Egyptian cotton and its by products.

 

Export Countries: Germany, Italy, India, Pakistan, China and Turkey.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 700 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United Arab Emirates Dirham (UAE Dh)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                UAE Dh 75,585,245                   UAE Dh 123,032,254

 

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

 

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

 

 

BANKERS

 

·       Banque Misr

El Hanoville Street

Agami

Alexandria

Tel: (20-3) 4302697

 

·       National Bank of Egypt

177, Mostafa Kamel Street

Alexandria

Tel: (20-3) 5701930

 

·       Banque du Caire SAE

5 Salah Salem Street

Alexandria

Tel: (20-3) 4821242

Fax: (20-3) 4834506

 

 

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.50.02

UK Pound

1

Rs.78.05

Euro

1

Rs.65.13

 

 

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.