|
Report No. : |
307798 |
|
Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN NILE COTTON
CO SAE |
|
|
|
|
Registered Office : |
68 Gameat El
Dewal |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
30.06.2014 (Estimated) |
|
|
|
|
Year of Establishments : |
1994 |
|
|
|
|
Com. Reg. No.: |
99752, |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged in the
manufacture and distribution of clothing and textiles [NOTE: We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
|
|
|
|
No of Employees : |
220 (Approximately) |
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 |
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
|
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 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 : 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 (Approximately)
Activities : Manufacture and distribution of clothing and textiles.
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Raafat Mohamed Adam, Accounts Manager
MODERN NILE COTTON CO SAE
Registered &
Physical Address
Street : 68 Gameat El Dewal El Arabia
Street
Area : Mohandessin, Giza 12311
Town : Cairo
Country :
Telephone : (20-2) 33364031 / 33361516 / 33368562
/ 33378183
Facsimile : (20-2) 33361481
Mobile : (20-100) 1600806 / 1613105
Email : info@modernnile.com / raafat@modernnile.com
Premises
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
·
12 El
Pharaana Street Office
premises
Azarita
Alexandria
Tel: (20-3) 4857322
Name Position
·
Ahmed
Khaled Moustafa El Bosaty Chairman
·
Karim
Mohamed Youssef Saada Director
·
Amr
Mohamed Osman El Sharnouby 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
Name of Shareholder
(s) Percentage
·
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 30/06/13: Year
Ending 30/06/14:
Total Revenue £E 589,000,000 £E 314,000,000
Local sources
consider subject’s financial condition to be Fair.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
UK Pound |
1 |
Rs.95.99 |
|
Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.