MIRA INFORM REPORT

 

 

Report Date :           

14.05.2012

 

IDENTIFICATION DETAILS

 

Name :

UNITED COMPANY FOR GINNING & COTTON EXPORT

 

 

Registered Office :

Egypt Ginning Cotton Buildings, Bahr El Azam Avenue, El Fashn Bani Souef, Beni Suef

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2004

 

 

Com. Reg. No.:

11052, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Ginning and distribution of cotton

 

 

No. of Employees :

200

 

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : UNITED COMPANY FOR GINNING & COTTON EXPORT

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2004

Commercial Registration Number            : 11052, Cairo

Issued Capital                                        : £E 25,000,000

Paid up Capital                                      : £E 25,000,000

Total Workforce                                     : 200

Activities                                               : Ginning and distribution of cotton.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

UNITED COMPANY FOR GINNING & COTTON EXPORT

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Egypt Ginning Cotton Buildings

Street               : Bahr El Azam Avenue

Area                 : El Fashn Bani Souef

Town                 : Beni Suef

Country             : Egypt

Telephone         : (20-82) 7668999

Facsimile          : (20-82) 7665121

Email                : united@united-cotton.com / headoffice@united-cotton.com

 

Premises

Subject operates from a large suite of offices and a factory that are owned and located in the Central Business Area of Beni Suef.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Misr Ginning Cotton Co Buildings                                                       Office premises

Abu Akhdar

Sharkeya

Tel: (20-55) 2403213

 

·       68 El Horria Avenue                                                                           Office premises

Alexandria

Tel: (20-3) 4831352 / 4839883 / 4831343

Fax: (20-3) 4539882

 

·       Rehab Tower                                                                         Office premises

Ahmed El Wakeel Street

Abu El Rish

Beheira

 

·       Banha El Gideda Street                                                                     Office premises

Benha

Beheira

 

·       Maghagha                                                                                        Office premises

Minia

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Ibrahim Abd El Moneim Ibrahim                                                          Chairman

 

·       Heba Abd El Moneim Taha Amar                                                        Director

 

·       Nabila Saadawi                                                                                 Director

 

·       Mohamed Abd El Fattah Mansour                                                       Director

 

·       Ahmed Kamal                                                                                   Financial Manager

 

·       Nagwa Mounir                                                                                   Commercial Manager

 

·       Maher Abu Dorra                                                                               Technical Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2004

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 11052, Cairo

 

Issued Capital              : £E 25,000,000

 

Paid up Capital            : £E 25,000,000

 

Name of Shareholder (s)                                         Percentage

 

·       Ibrahim Abd El Moneim Ibrahim                                  48%

 

·       Sherif Ibrahim Abd El Moneim Ibrahim                         16%

 

·       Youssef Ibrahim Abd El Moneim Ibrahim                     16%

 

·       Israa Ibrahim Abd El Moneim Ibrahim                          8%

 

·       Radwa Ibrahim Abd El Moneim Ibrahim                       8%

 

·       Heba Abd El Moneim Taha Amar                                2%

 

·       Nabila Saadawi                                                         2%

 

 

OPERATIONS

 

Activities: Engaged in the ginning and distribution of cotton.

 

Import Countries: India and Pakistan.

 

Export Countries: China, India, Pakistan and Turkey.

 

Operating Trend: Steady

 

Subject has a workforce of 200 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 187,112,939                         £E 207,379,457

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

21 Tosson Street

Alexandria

Tel: (20-3) 4824802 / 4825715

 

·       Export Development Bank of Egypt

     95 26th July Road

Azarita

Alexandria

Tel: (20-3) 4869860 / 4868488

Fax: (20-3) 4829206

 

 

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.53.64

UK Pound

1

Rs.86.42

Euro

1

Rs.69.29

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.