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Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
EASTERN COTTON COMPANY SAE |
|
|
|
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Registered Office : |
Borg El
Saghr Building, Safia Zaghou Square, Alexandria 21511 |
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|
|
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Country : |
Egypt |
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|
|
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Financials (as on) : |
31.12.2012 |
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|
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Date of Incorporation : |
1920 |
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|
|
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Com. Reg. No.: |
98418, Alexandria |
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
Distributors of
Egyptian cotton. |
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|
|
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No. of Employees : |
380 |
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 : |
Satisfactory |
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Payment Behaviour : |
Regular |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Egypt - ECONOMIC OVERVIEW
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.
|
Source : CIA |
Company Name : EASTERN
COTTON COMPANY SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1920
Commercial
Registration Number : 98418,
Alexandria
Export Registration
Number : 100-323-863
Issued Capital : £E
55,000,000
Paid up Capital : £E 55,000,000
Total Workforce : 380
Activities :
Distributors of Egyptian cotton.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EASTERN COTTON COMPANY SAE
Building : Borg El
Saghr Building
Street : Safia
Zaghou Square
Town : Alexandria
21511
Country : Egypt
Telephone : (20-3) 3937127
/ 3937125 / 3937120 / 3937126 / 3939900 / 3938099
Facsimile : (20-3) 3913494
Email : eastern-cotton@dataxprs.com.eg
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Alexandria.
Name Position
·
Dr Ahmed Moustafa Chairman
·
Mahmoud Radwan Administration
Manager
·
Mohamed El Rakhawi Technical
Manager
·
Ahmed Fouad Abd El Halim Benwan Finance
Manager
·
El Sayed Shenawy Marketing
Manager
·
Nagwa Mounir Export
Manager
·
Safia
Tawfik Commercial
Manager
Date of Establishment : 1920
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 98418,
Alexandria
Export Reg. No. :
100-323-863
Issued Capital : £E 55,000,000
Paid up Capital : £E 55,000,000
·
Cotton, Spinning, Weaving & Garments Holding 100%
8 El Taher Street
Abdin
Cairo
Tel: (20-2) 33953447
Activities: Engaged in the
distribution of Egyptian cotton as raw and cotton yarn.
Export Countries: United States of
America, India, Netherlands, Italy, Spain and the United Kingdom.
Operating Trend: Steady
Subject has a
workforce of approximately 380 employees.
Financial highlights
provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E 361,950,000 £E 394,446,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
·
Central
Bank of Egypt
3 Mahmoud Azmy Street
El Attarin
Alexandria
Tel: (20-3) 4848132
No complaints
regarding subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.