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Report No. : |
310152 |
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Report Date : |
07.03.2015 |
IDENTIFICATION DETAILS
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Name : |
COTTONIL MASR FOR MANUFACTURING CLOTHES AND SOCKS SAE |
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Registered Office : |
4 Misr - Ismailia Road, End of Giser El Suez Street, Industrial Area,
El Salam, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
21.12.2006 |
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Com. Reg. No.: |
21796 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of underwear and socks. |
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No. of Employee : |
600 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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) |
|
United States |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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 :
COTTONIL MASR FOR MANUFACTURING CLOTHES
AND SOCKS SAE
Also Known As :
COTTONIL MASR CO
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
21st December 2006
Commercial Registration Number :
21796
Authorised Capital :
£E 100,000,000
Issued Capital :
£E 30,000,000
Paid up Capital :
£E 25,000,000
Total Workforce : 600
Activities :
Manufacturers of underwear and socks.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Recommended Credit Limit :
US$ 800,000
COTTONIL MASR FOR
MANUFACTURING CLOTHES AND SOCKS SAE
COTTONIL MASR CO
Street : 4 Misr -
Ismailia Road, End of Giser El Suez Street
Area : Industrial
Area, El Salam
Town : Cairo
Country : Egypt
Telephone : (20-2) 26989040
/ 26989041
Facsimile : (20-2)
26637330
Mobile : (20-100)
1809714 / 0087317
Email : info@cottonilvega.com
Subject operates from a medium sized suite of offices and a warehouse that
are owned and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
· 452 El Horreya
Road Office
premises
Roushdy
Alexandria
· 6 Mostafa Fahmy
Street Office
premises
Glim
Alexandria
· Villages Road Office
premises
Hurghada
· 3 El Mostashfa El
Aam Street Office
premises
Mansoura
· Al Rehab City
Phase 3 Office
premises
Cairo
· 47 Shehab Street Office
premises
Mohandessin
Giza
Cairo
· Khanka El Shrok City Factory
premises
· Belbeis El Shrkayah Factory
premises
· 10th of
Ramadan City Factory premises
Name Position
· Mohamed Basl Rdwan
Smakiah Chairman
· Rana Mohamed Nser Director
· Mohamed Aissa Ali
Aissa Director
& General Manager
· Mohamed Atef El
Agozah Finance
Manager
Date of
Establishment : 21st
December 2006
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 21796
Authorised Capital :
£E
100,000,000
Issued Capital : £E 30,000,000
Paid up Capital : £E 25,000,000
· Mohamed Basl Rdwan
Smakiah
· Rana Mohamed Nser
· Mohamed Aissa Ali
Aissa
Activities: Engaged in the manufacture of underwear and socks.
Production
Capacity: 6,000 pieces per day.
Import Countries: Germany, Italy, Turkey, United Kingdom and China.
International Suppliers:
· Maier Germany
· Terrot Germany
· Lonata Company Italy
Local Suppliers:
· Plast 80 Company
· Aftigon Company
· Egyptian Canadian
Company
Local Clients:
· Misr Spinning Weaving & Beida Dyers Co
· Carrefour
· Delta Tex
· Shebien Tex
Export Countries: Qatar, Bahrain and the United Arab Emirates.
Brand Names: VEGA
Operating Trend: Steady
Subject has a workforce of approximately 600 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/13: Year Ending 31/12/14:
Total Sales £E
300,000,000 £E
330,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
QNB Al Ahli
Beirut Street
Heliopolis
Cairo
·
National Bank of Egypt
Qebaa City
Giser El Suez
Cairo
·
Barclays Bank
Omar Ibn El Khattab Street
Heliopolis
Cairo
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 |
|
|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
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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.