MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
REDA FOR INVESTMENT & COMMERCIAL DEVELOPMENT |
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Registered Office : |
10 Ali Reda Street, Ibn Hakam Square, Helmiet El Zeitoun, El
Matariya, Town Cairo, |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
1834, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Import and Distribution of Automotive Spare Parts
Specialising in Peugeot, Citroen and Renault Brands. |
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 : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
REDA FOR INVESTMENT & COMMERCIAL DEVELOPMENT
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1991
Commercial Registration Number :
1834, Cairo
Issued Capital :
£E 1,000,000
Paid up Capital :
£E 1,000,000
Total Workforce :
10
Activities :
Import and distribution of automotive spare parts
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 100,000
COMPANY NAME
REDA FOR INVESTMENT & COMMERCIAL DEVELOPMENT
ADDRESS
Registered & Physical Address
Street : 10 Ali Reda Street
Area : Ibn Hakam Square, Helmiet El Zeitoun, El Matariya
Town : Cairo
Country : Egypt
Telephone : (20-2) 26393625
Facsimile : (20-2) 22411061
Email : elrada_co_inv2003@hotmail.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.
Branch Office (s)
Location Description
89 Port Said Street Rented
showroom premises
Amireya, Hadayek El Qobba
Cairo
Tel: (20-2) 22574333
25 Damascus Street Rented
showroom premises
Roxy, Heliopolis
Cairo
Tel: (20-2) 24553953
KEY PRINCIPALS
Name Position
Ashmawy Sadek Ashmawy Managing
Director
Safwat Ashmawy Director
Ragaa Rizk Youssef Director
Mohamed Abd El Tawab Finance
Manager
Shaimaa Mohamed Abd El Tawab Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1991
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 1834, Cairo
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Name of Shareholder
(s)
Ashmawy Sadek Ashmawy
Safwat Ashmawy
Ragaa Rizk Youssef
OPERATIONS
Activities: Engaged in the import and distribution of
automotive spare parts specialising in Peugeot, Citroen and
Renault brands.
Import Countries: France, Spain, Germany
and India
Operating Trend: Steady
Subject has a workforce of 10 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E
6,100,000 £E
6,850,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
Islamic International Bank for Investment & Development
4 Addi Street
Dokki, Giza
Cairo
Tel: (20-2) 7489973
Fax: (20-2) 3498501
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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%)