|
Report Date : |
03.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL BARAKAT COTTON
CO LTD |
|
|
|
|
Registered Office : |
Apartment No.
301, 3rd Floor, Tower D, Kiroseiz Building, Smouha Towers, Tutankhamun
Street, Smouha, Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2013 (Estimated) |
|
|
|
|
Date of Incorporation : |
August 2003 |
|
|
|
|
Com. Reg. No.: |
4244 |
|
|
|
|
Legal Form : |
Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in the
import and export of cotton gin dice [We tried to confirm / obtain the detailed activity but the same is not available from any sources.] |
|
|
|
|
No of Employees : |
12 |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 : AL BARAKAT COTTON CO LTD
Country of Origin : Egypt
Legal Form : Limited Liability Company
Start Date : August 2003
Commercial Registration Number : 4244
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 12
Activities : Import and export of cotton gin dice
Financial Condition : Fair
Payments : No Complaints
Operating Trend : Steady
Person Interviewed : Al Saed Mohamed Rezk Barkat, Chairman
AL BARAKAT COTTON CO LTD
Registered &
Physical Address
Building : Apartment No. 301, 3rd
Floor, Tower D, Kiroseiz Building, Smouha Towers
Street : Tutankhamun Street
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 34276540
Facsimile : (20-3) 34276540
Mobile : (20-100) 1614763 / (20-102)
3048540
Email : barakat_hossam@yahoo.com
Premises
Subject operates
from a small suite of offices that are owned and located in the Central
Business Area of Alexandria.
Branch Offices
Location Description
·
Safwat
Al Ashraf Tower Factory
premises
Damanhour
Beheira
Name Position
·
Al Saed
Mohamed Rezk Barkat Chairman
·
Hossam
El Din Al Saed Mohamed Rezk Barkat Director
& General Manager
·
Ibrahim
Mahfouz Finance
Manager
·
Hoda
Ali Office
Manager
Date of Establishment : August 2003
Legal Form :
Limited Liability Company
Commercial
Reg. No. : 4244
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Partner
(s)
·
Al Saed
Mohamed Rezk Barkat
·
Hossam El
Din Al Saed Mohamed Rezk Barkat
·
Emad El Deen Al Saed Mohamed Rezk Barkat
·
Mohamed
Al Saed Mohamed Rezk Barkat
·
Shaimaa
Al Saed Mohamed Rezk Barkat
·
Esraa
Al Saed Mohamed Rezk Barkat
Activities: Engaged in the import and export of cotton
gin dice.
Export
Countries: Switzerland,
Germany, Pakistan and India.
Clients:
·
Misr
Iran Textiles Egypt
·
Nile
Fine Spinning & Weaving SAE Egypt
·
Giza
Spinning & Weaving Company Egypt
·
Reinhart Switzerland
·
Auto
Cotton Trading Germany
Operating Trend: Steady
Subject has a
workforce of 12 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 Revenue £E 14,000,000 £E 14,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
Misr
Borg El Selselah
95 26th July Road
El Azarita
Alexandria
·
National
Bank of Egypt
21 Tosson Street
Alexandria
Tel: (20-3) 4824802 / 4825715
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.63.29 |
|
|
1 |
Rs.98.39 |
|
Euro |
1 |
Rs.76.31 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.