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Report Date : |
22.11.2012 |
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Tel. No.: |
4851047 |
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Fax No.: |
4851027 |
IDENTIFICATION DETAILS
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Name : |
modern nile cotton Co SAE |
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Registered Office : |
68 Gameat El Dewal El Arabia Street, Mohandessin, Giza 12311, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1994 |
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Com. Reg. No.: |
99752, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and Distribution of Clothing and Textiles. |
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No. of Employees : |
220 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
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Source : CIA |
Company Name :
MODERN NILE COTTON CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1994
Commercial Registration Number :
99752, Giza
Issued Capital :
£E 120,000,000
Paid up Capital :
£E 120,000,000
Total Workforce :
220
Activities :
Manufacture and distribution of clothing and textiles.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MODERN NILE COTTON CO SAE
Street : 68 Gameat El
Dewal El Arabia Street
Area : Mohandessin,
Giza 12311
Town : Cairo
Country : Egypt
Telephone : (20-2) 33364031
/ 33361516 / 33368562
Facsimile : (20-2) 33361481
Mobile : (20-100)
1600806
Email : mkamal@mst.mist.com.eg
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 283 El Horreya
Road Factory
premises
Alexandria
Tel: (20-3)
2451047 / 4272198
Fax: (20-3)
4251027
Name Position
· Ahmed Khaled
Moustafa El Bosaty Chairman
· Karim Mohamed
Youssef Saada Director
· Amr Mohamed Osman
El Sharnouby Director
· Amaar El Khodeiry Director
· Hani Olama Director
· Noha Khattab Director
· Sherif Mansour
Dabous Director
· Ahmed Amer Marketing
Manager
· Hussein Tharwat El
Alfy Finance
Manager
· Raafat Mohamed
Adam Accounts
Manager
· Ahmed Elhamy Abd
El Khalek Sales
Manager
· Gamal Saleh Office
Manager
Date of
Establishment : 1994
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 99752, Cairo
Issued Capital : £E 120,000,000
Paid up Capital : £E 120,000,000
· Amwal El Arabia
Holding Company 98.9%
· Ahmed Khaled
Moustafa El Bosaty 1.0%
· Egyptian for
Spinning and Weaving 0.1%
Activities: Engaged in the manufacture and distribution of clothing and textiles.
Import Countries: Europe and the Far East.
Export Countries: United States of America, South Korea, Japan,
China, India, Italy, Turkey and South Africa.
Operating Trend: Steady
Subject has a workforce of approximately 220 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
671,576,000 £E
976,685,641
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
· 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
·
National Bank of Egypt
177 Mostafa Kamel
Street
Alexandria
Tel: (20-3)
5701930
No complaints regarding subject’s payments have been reported.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.55.20 |
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|
1 |
Rs.87.79 |
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Euro |
1 |
Rs.70.43 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.