MIRA
INFORM REPORT
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Report Date : |
27.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
AL MUSTANEER IMPORT & EXPORT CO |
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Registered Office : |
18 Mohamed Ali Basyounin Street, El Villa Station, Shoubra El Khaimah,
PO Box 16, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
2003 |
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Com. Reg. No.: |
18557, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of Tea, Spices and Herbs. |
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 : AL MUSTANEER IMPORT & EXPORT CO
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 2003
Commercial Registration Number : 18557, Cairo
Partners Capital : £E 100,000
Total Workforce : 10
Line of Business : Distributors of tea, spices and herbs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
AL MUSTANEER IMPORT & EXPORT CO
ADDRESS
Registered & Physical Address
Street : 18 Mohamed
Ali Basyounin Street
Area : El Villa
Station, Shoubra El Khaimah
PO Box : 16
Town : Cairo
Country : Egypt
Telephone : (20-2) 2223345
Facsimile : (20-2) 2221207
Email : hatemnager@hotmail.com
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
· Fouzi Al Mustaneer Managing
Partner
· Khalif Al
Mustaneer Partner
· Ibrahim Mohamed Al
Fouli Partner
· Ramdan
Mohamed Sales
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2003
Legal Form : Sharikat Tadhamun
(General Partnership)
Commercial Reg.
No. : 18557, Cairo
Partners Capital : £E 100,000
Name of Partner (s)
· Fouzi Al Mustaneer
· Khalif Al
Mustaneer
· Ibrahim Mohamed Al
Fouli
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 tea,
spices and herbs.
Import Countries : Vietnam, Brazil and Guatemala.
Brand Names : AL MUSTANEER
Operating Trend : Steady
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Financial highlights provided by outside sources are given below :
Currency : Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Revenue £E
6,380,000 £E
7,100,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
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National Bank of Egypt
24 Sherif Street
Cairo
Tel :
(20-2) 3924175
Fax :
(20-2) 3924143
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Established in 2003, subject is involved in the import and distribution
of tea, spices and herbs from Vietnam, Brazil and Guatemala.
According to local sources subject is making steady progress in the
local business market and nothing detrimental has been reported regarding 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 admissible.
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. |
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%)