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Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
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Name : |
EGYCOT FOR INTERNATIONAL TRADING |
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Registered Office : |
Building No. 4, Moustafa Kamel Istehmari, El Safwa Tower, Alexandria 21311 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the import and export of Egyptian cotton, yarns and
man-made fabrics. |
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No of Employees : |
21 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 growth. Poor living conditions
combined with limited job opportunities for the average Egyptian contribute to
public discontent. After unrest erupted in January 2011, the Egyptian
Government backtracked on economic reforms, drastically increasing 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 were among the
hardest hit sectors of the Egyptian economy, pushing up unemployment levels, and
economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
|
Source
: CIA |
Company Name :
EGYCOT FOR INTERNATIONAL TRADING
Also Known As :
EGYCOT CO
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1995
Issued Capital :
£E 5,000,000
Paid up Capital :
£E 5,000,000
Total Workforce : 21
Activities :
Import and export of Egyptian cotton, yarns and man-made fabrics
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mahmoud El Sayed, Commercial Manager
EGYCOT FOR INTERNATIONAL TRADING
ALSO KNOWN AS: EGYCOT CO
Location : Building No.
4, Moustafa Kamel Istehmari, El Safwa Tower
Town : Alexandria 21311
Country : Egypt
Telephone : (20-3) 5449371 / 5459808 / 5443515
Facsimile : (20-3) 5448381
Mobile : (20-122) 3488880 / 7753558 / 3488881
Email :
egycot@egycotrading.com
Please note that subject’s previous address was, El Dobat Moustafa Kamel Building, 12th Floor, Apt No. 116, Sidi Gaber,
Alexandria.
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria.
Name Position
· Dr Amgad Hassan
Attia El Attal Managing
Director
· Dr Hassan Attia El Attal Director
· Pankin Hassan Attia El Attal Director
· Salwa Ibrahim Al Desouki Director
· Ibrahim Kamal
Ibrahim Administration
Manager
· Mahmoud El Sayed Commercial
Manager
Date of
Establishment : 1995
Legal Form : Egyptian Joint Stock Company
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Dr Amgad Hassan
Attia El Attal
· Dr Hassan Attia El Attal
· Pankin Hassan Attia El Attal
· Salwa Ibrahim Al Desouki
Activities: Engaged in the
import and export of Egyptian cotton, yarns and man-made fabrics.
Import Countries: Greece, India and Sudan
International
Suppliers:
· Indo RAMA India
Export Countries: Spain, United States of America, India, Pakistan, Russia and Lithuania
Operating Trend: Steady
Subject has a workforce of 21 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E
242,650,000 £E
250,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mahmoud El Sayed, Commercial Manager
·
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
Regular
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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 |
|
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.