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MIRA
INFORM REPORT
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Report Date : |
17.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
INTERNATIONAL
TRADE OFFICE (ITO) |
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Registered Office : |
8 El
Mathalf El Romany Street, P. O. Box 898, Alexandria 21516 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1978 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged
in the import and distribution of chemicals. Wholesalers
of mechanical equipment, including pumps, motors and related accessories. Suppliers
of textile machinery and spare parts as well as exporters of textile
products. Distributors
of heavy duty equipment, including tools, cranes, fork lift trucks and
loaders. Dealing
in iron, steel, ferrous and non-ferrous products and scrap metals. Involved
in customs clearance and freight forwarding. |
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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Maximum Credit Limit : |
US$
200,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : INTERNATIONAL TRADE OFFICE (ITO)
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1978
Invested Capital : £E 1,500,000
Total Workforce : 70
Line of Business : Subject operates several divisions (see below for
details)
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
INTERNATIONAL
TRADE OFFICE (ITO)
ADDRESS
Registered & Physical
Address
Location : 8 El Mathalf El Romany Street
PO Box : 898
Town : Alexandria 21516
Country : Egypt
Telephone : (20-3) 4834423 / 4861580 / 4871960
Facsimile : (20-3) 4834502 / 4874423
Premises
Subject
operates from a medium sized suite of offices and a warehouse that are rented
and located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
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Emarat
El Obour Building Rented
sales office
11 Saleh Salem Street
Nasr City
Cairo
Tel : (20-2) 2610229 / 4019679
Fax : (20-2) 2613882
KEY PRINCIPALS
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Karim
Ashmawi Proprietor
& General Manager
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Mohamed
Shaban Assistant
General Manager
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Walid
Zaki Commercial
Manager
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Ahmed
Salmeen Sales
Manager
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Ali
Mohamed Purchasing
Manager
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Gihan
Mohamed Administration
Executive
LEGAL FORM & OWNERS
Date of Establishment : 1978
Legal Form : Mouassasa Khassa (Sole Proprietorship)
Invested
Capital : £E 1,500,000
Mr Karim
Ashmawi is the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
AFFILIATED COMPANIES
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International
Coke Co
Alexandria
·
International
Shipping Co
Alexandria
LINE OF BUSINESS
Operations
: Subject’s
activities are performed through the following divisions:
- Chemical Division :
Engaged in the import and
distribution of chemicals.
- Mechanical Division :
Wholesalers of mechanical equipment, including pumps, motors and related
accessories.
- Textile Division :
Suppliers of textile machinery
and spare parts as well as exporters of textile products.
- Heavy Equipment Division :
Distributors of heavy duty equipment, including tools, cranes, fork lift
trucks and loaders.
- Mineral Division :
Dealing in iron, steel, ferrous and non-ferrous products and scrap
metals.
- Custom Clearance Division :
Involved in customs clearance and freight forwarding.
Import
Countries :
Europe, the Middle East and the United States of America.
Operating
Trend : Steady
Subject
has a workforce of 70 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Egyptian Pound (£E)
Year Ending
31/12/04 Year
Ending 31/12/05
Total
Revenue £E 15,270,000 £E
17,120,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Bank
of Alexandria
Main Branch
Alexandria
Tel : (20-3) 4399541
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HSBC Egypt
47 El Sultan Hussain Street
Azarita
Alexandria
Tel: (20-3) 4872949
Fax: (20-3) 4872925
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
Date of transaction June 2006
Credit
amount 100,000
Amount
overdue 0
Payment
terms 60 days
Payment
Method Letters of
Credit
Paying
record No Complaints
Currency US
Dollars
GENERAL COMMENTS
Subject
is owned and managed by Mr Karim Ashmawi and has been in business since 1978.
Its operations are performed through a number of divisions and it has a good
reputation for the quality of its products and services.
According
to local sources subject meets its payment obligations in a timely manner and
is considered a sound trade risk.
Maximum
suggested credit figure: US$ 200,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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