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Report No. : |
309915 |
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Report Date : |
27.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
UNITED COMPANY
FOR GINNING & COTTON EXPORT |
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Registered Office : |
3 El Shabab Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
30.07.2014 |
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Year of Establishment : |
2004 |
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Com. Reg. No.: |
11052, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged
in the ginning and distribution of cotton. |
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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 |
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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 – 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 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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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 : 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
75,000,000
Paid up Capital : £E
75,000,000
Total Workforce : 200
Activities :
Ginning and distribution of cotton.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Hosny, Financial Controller
UNITED COMPANY FOR
GINNING & COTTON EXPORT
Street : 3 El Shabab Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24020835 / 24020837
Facsimile : (20-2) 240208354
Mobile : (20-100) 7518552 / 3423415
Email : united@united-cotton.com / headoffice@united-cotton.com / m.hosny@united-cotton.com
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
·
68 El
Horria Avenue Office
premises
Alexandria
Tel: (20-3) 4831352 / 4839883 / 4831343 / 4831391
Fax: (20-3) 4539882
·
Egypt
Ginning Cotton Buildings Factory
premises
Bahr El Azam Avenue
El Fashn Bani Souef
Beni Suef
Tel: (20-82) 7668999
Fax: (20-82) 7665121
·
Misr
Ginning Cotton Co Buildings Office
premises
Abu Akhdar
Sharkeya
Tel: (20-55) 2403213
·
Rehab
Tower Office
premises
Ahmed El Wakeel Street
Abu El Rish
Beheira
·
Banha
El Gideda Street Office
premises
Benha
Beheira
·
Maghagha Office
premises
Minia
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
·
Mohamed
Hassan Commercial
Manager
·
Hamed
Awad Technical
Manager
·
Ms
Marwa El Sayed Export
Manager
·
Mohamed Hosny Financial
Controller
Date of Establishment : 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 11052, Cairo
Issued Capital : £E 75,000,000
Paid up Capital : £E 75,000,000
·
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%
Activities: Engaged in the ginning and distribution of
cotton.
Import
Countries: India and
Pakistan.
Export
Countries: India, Pakistan,
China, Turkey, Thailand, Germany, Bangladesh, Italy, France, Brazil, and Japan
Operating Trend: Steady
Subject has a
workforce of 200 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year Ending
30/07/13: Year Ending
30/07/14:
Total Sales £E 185,000,000 £E 190,000,000
Local sources
consider subject’s financial condition to be Good.
The above financial
figures were confirmed by Mohamed
Hosny, Financial Controller.
·
National
Bank of Egypt
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
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.61.94 |
|
|
1 |
Rs.96.24 |
|
Euro |
1 |
Rs.70.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
NIT |
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 |
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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.