MIRA
INFORM REPORT
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Report Date : |
27.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
EL WEDAD TRADING |
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Registered Office : |
18th
Khalil El Arousi, Heliopolis, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
113337, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import, wholesale and distribution of general auto spare parts and
accessories. |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EL WEDAD TRADING
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1998
Commercial Registration Number : 113337, Cairo
Invested Capital : £E 100,000
Total Workforce : 6
Line of Business : Import, wholesale and distribution of general auto
spare parts and accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EL WEDAD TRADING
ADDRESS
Registered & Physical Address
Street : 18th Khalil El
Arousi
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 4855280
Facsimile : (20-2) 5910365
Mobile : (20-10) 5600188
Email : haythema@yahoo.com
Premises
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Cairo.
KEY PRINCIPALS
·
Hathem Abdul
Bagi Proprietor
& General Manager
·
Mohsen Zaki Assistant
General Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1998
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Commercial Reg. No. : 113337, Cairo
Invested Capital
: £E 100,000
Mr Hathem Abdul
Bagi 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.
LINE OF BUSINESS
Operations : Engaged in the import, wholesale and
distribution of general auto spare parts and accessories.
Import Countries
: Italy, France and India.
Operating Trend
: Steady
Subject has a
workforce of 6 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pound (£E)
Year
Ending 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 3,020,000 £E 3,780,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Export
Development Bank of Egypt
Plot 3/1
4th Industrial Region
Giza
6th of October City
Tel : (20-11) 330577 / 330599
Fax : (20-11) 330570 / 330551
Acc No. 306/8
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
Date of transaction April 2005
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
El Wedad Trading is
engaged in the import, wholesale and distribution of general auto spare parts
and accessories. The business is run in a professional manner and is owned by
Mr Hathem Abdul Bagi, a respected member of the local business community.
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
business is considered to be a fair trade risk.
Maximum suggested credit
figure: US$ 100,000
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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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%)