MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
EL SAHEL SONS CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1992 |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
import and distribution of agricultural machinery and horticultural products such
as plants, flowers, seeds and gardening 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$ 200,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : EL SAHEL SONS CO
Country of Origin :
Legal Form : General Partnership
Registration Date : 1992
Partners Capital : £E 500,000
Total Workforce : 12
Line of Business : Import and distribution of agricultural machinery and horticultural
products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
EL SAHEL SONS CO
ADDRESS
Registered & Physical Address
Street : 1295-1315 Corniche El Nil
Street
Area : Sahel Rod El Farag
Town :
Country : Egypt
Telephone : (20-2) 4306300 / 2055407
Facsimile : (20-2) 4306442
Mobile : (20-12) 2117912 / 3116111
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Cairo.
KEY PRINCIPALS
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·
Eng.
Naem Aziz Mawad Partner
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Adel
Aziz Mawad Partner
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Majdi
Sami Sales
Manager
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Ms
Mirvat Hussain Administrative
Secretary
LEGAL FORM &
OWNERS
Date of Establishment : 1992
Legal Form :
Sharikat Tadhamun (General
Partnership)
Partners Capital : £E 500,000
Name of Partner (s)
·
Eng.
Ezzat Aziz Mawad
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Eng.
Naem Aziz Mawad
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Adel
Aziz Mawad
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
agricultural machinery and horticultural products such as plants, flowers,
seeds and gardening accessories.
Import Countries
: Italy, Germany, France
and Canada.
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 31/12/05: Year
Ending 31/12/06:
Total Revenue £E 5,270,000 £E 5,440,000
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
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National
Bank of Egypt
24, Sherif Street
Cairo
Tel : (20-2) 3924175
Fax : (20-2) 3924143
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Arab International Bank (AIB)
1113
Corniche El Nil Street
El Tahrir
Cairo
Tel: (20-2) 5743448
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of transaction July 2002 October 2005
Credit amount 75,000 146,938
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars Canadian
Dollars
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
El Sahel Sons Co
has been trading for approximately 15 years, engaged in the import and
distribution of agricultural machinery and horticultural products.
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 and the above credit figure is
deemed to be admissible.
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. |
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%)