MIRA
INFORM REPORT
|
Report Date : |
23.01.2007 |
IDENTIFICATION
DETAILS
|
Name : |
MOHAMED
ABU EL HASSAN & MOHAMED AWAD |
|
|
|
|
Registered Office : |
Elmona
Building, 1st Floor, Hamed Elalfy & Atef Elsadat Street, Port
Said |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2005 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Com. Reg. No.: |
43271, Port Said |
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
Line of Business : |
Engaged
in the import and distribution of scarves and fabrics. |
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 |
|
Maximum Credit Limit : |
US$
100,000 |
|
|
|
|
Status : |
Satisfactory
|
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
SUMMARY
Company Name : MOHAMED ABU EL HASSAN & MOHAMED AWAD
Also Known As : FRIENDS TRADING IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 1998
Commercial Registration Number : 43271, Port Said
Partners Capital : £E 50,000
Total Workforce : 12
Line of Business : Distributors of scarves and fabrics.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
MOHAMED
ABU EL HASSAN & MOHAMED AWAD
ALSO KNOWN AS
FRIENDS
TRADING IMPORT & EXPORT
ADDRESS
Registered & Physical Address
Building : Elmona Building, 1st
Floor
Street : Hamed Elalfy & Atef Elsadat
Street
Town : Port Said
Country : Egypt
Telephone : (20-66) 3338910
Facsimile : (20-66) 3233505
Email : friends_2mohamed@yahoo.com
Premises
Subject
operates from a small suite of offices that are rented and located in the
Central Business Area of Port Said.
KEY PRINCIPALS
· Mohamed El Sayed Mahmoud Abu El
Hassan Managing Partner
· Mohamed Awad Gomma Partner
· Marwa Sayed Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1998
Legal Form : Sharikat Tadhamun (General Partnership)
Commercial Reg. No. : 43271, Port Said
Partners
Capital : £E 50,000
Name of Partner (s)
· Mohamed El Sayed Mahmoud Abu El
Hassan
· Mohamed Awad Gomma
Note to the Legal Form
The Company Law defines “Sharikat Tadhamun” as a company established between two or more general partners who will jointly and unlimitedly, to the extent of their personal assets, be responsible for the liabilities of the company. Creditors may claim the debts from either the company as a separate legal entity or from the general partners.
Notwithstanding the English translation of its name, this type of company should not be compared to the partnership concept under English Law. A Sharikat Tadhamun is considered a company and has the attributes of a corporation similar to that of a partnership under Scottish Law or to the “Societe en Nom Collectif” under French Law.
There are no legal requirements concerning the amount of capital of a general partnership. The shares of each partner, presented in cash, kind or rights, must not be issued in the form of negotiable instruments, nor can they be transferred or assigned without the unanimous approval of the partners unless the memorandum specifically provides otherwise.
LINE OF BUSINESS
Operations
: Engaged in the
import and distribution of scarves and fabrics.
Import
Countries :
Europe and the Far East.
Operating
Trend : Steady
Subject
has a workforce of 12 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency
: Egyptian Pounds (£E)
Year
Ending 31/12/04 : Year
Ending 31/12/05 :
Total
Revenue £E
3,900,000 £E
4,230,000
Local
sources consider subject’s financial condition to be Fair.
BANKERS
·
Port
Said National Bank for Development
Ourabi & El Negela Street
Port Said
Tel
: (20-66) 33329462
Fax
: (20-66) 3237601
PAYMENT HISTORY
No
complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion
on the credit figure of US$ 100,000:
Established
in 1998, subject is owned and managed by Mr Mohamed El Sayed Mahmoud Abu El
Hassan and Mr Mohamed Awad Gomma who are both well respected in the local
business community.
Local
sources report that payment obligations are met in a generally timely manner
and the operating history is clear. As such the company is deemed a fair trade
risk and the above credit figure is considered to be within subject’s financial
means.
Maximum
suggested credit figure: US$ 100,000
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|