MIRA INFORM REPORT

 

 

Report Date :

28.02.2007

 

IDENTIFICATION DETAILS

 

Name :

RICCO IMPORT EXPORT

 

 

Registered Office :

68, Al Kodah City, Alhay Althamen, Nasr City, 8th District, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2006

 

 

Date of Incorporation :

1999

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the import and distribution of all industrial chemicals, such as chlorobyrofya, malsion, clothes washing additives, and sodium cabritate used in soap and paints colours.

 

 

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                         : RICCO IMPORT EXPORT

Also Known As                                      : RESEARCH & INDUSTRIAL CHEMICALS

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Registration Date                                   : 1999

Partners Capital                                     : £E 100,000

Total Workforce                                     : 8

Line of Business                                    : Import and distribution of all industrial chemicals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

RICCO IMPORT EXPORT

 

 

ALSO KNOWN AS

 

RESEARCH & INDUSTRIAL CHEMICALS

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 68, Al Kodah City

Area                 : Alhay Althamen, Nasr City, 8th District

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 2720254

Facsimile          : (20-2) 2712319

Mobile               : (20-10) 1229938

Email                : rikochem@link.net

 

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

·       Ahmed Sadek                                                                       Managing Partner

 

·       Atef Zekry                                                                             Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Sharikat Tadhamun (General Partnership)

 

Partners Capital           : £E 100,000

 

 

Name of Partner (s)

 

·       Ahmed Sadek

 

·       Atef Zekry

 

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 all industrial chemicals, such as chlorobyrofya, malsion, clothes washing additives, and sodium cabritate used in soap and paints colours.

 

Import Countries : India, Germany and Spain.

 

Operating Trend : Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL HIGHLIGHTS

 

Financial highlights provided by outside sources are given below :

 

Currency : Egyptian Pounds (£E)

 

                                                Year Ending 31/12/05:                Year Ending 31/12/06:

 

Total Revenue                            £E 4,290,000                             £E 4,670,000

 

Local sources consider subject’s financial condition to be Fair.

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel : (20-2) 3912711 / 3912106

Fax : (20-2) 3919779

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Opinion on the credit figure of US$ 100,000

 

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 and the above credit figure is 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

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions