MIRA
INFORM REPORT
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Report Date : |
28.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL MAZAYA REAL ESTATE DEVELOPMENT CO |
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Registered Office : |
25 El Khalifa El Mamoun Street, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2000 |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Tourism and land development projects. |
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$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EL MAZAYA REAL ESTATE DEVELOPMENT CO
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2000
Issued Capital : £E
10,000,000
Paid up Capital : £E
10,000,000
Total Workforce : 150
Line of Business : Tourism and land development projects.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY NAME
EL MAZAYA REAL ESTATE DEVELOPMENT CO
ADDRESS
Registered & Physical Address
Location : 25 El Khalifa El Mamoun Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 26903012 / 26303985
Facsimile : (20-2) 26903012
Email : info@mazayaegypt.com
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 3 El
Battal Ahmed Abdulaziz Street Rented
sales office
Mohandessin
Cairo
Tel:
(20-2) 33045049
· 49 El
Betash Street Rented
sales office
Alexandria
Tel: (20-3) 3094782
KEY PRINCIPALS
· Mahmoud
Eid Chairman
· Naser
Ahmed Hamid Managing
Director
· Amro
Abu El Yazid Legal
Affairs Manager
· Mohamed
Sulaiman Purchasing
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 2000
Legal Form : Societe Anonyme
Egyptienne – SAE (Egyptian Joint Stock
Company)
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder (s)
· Mahmoud
Eid
· Naser Ahmed
Hamid
· Egyptian
businessmen & private investors
Note to the Legal Form
The Egyptian Company Law provides that the capital of a
Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares
are offered to the public and £E 250,000 if not. If shares are offered to the
public they are freely transferable, if not, transfer may be restricted.
Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in tourism and land
development projects. Subject’s current projects
are located Marsa Matrouh, Fatima Beach Resort and Al
Sahil.
Subject has a workforce of approximately 150 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
BANKERS
·
Misr International Bank (MIBANK)
14, Alfy Street
PO Box :
631
Cairo
Tel :
(20-2) 5931002
Fax :
(20-2) 5912306
·
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
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.
Maximum suggested credit figure: US$ 250,000
GENERAL COMMENTS
Upon investigation
local sources were unable to locate a company called “Mazaya Real Estate
Development Co” in Cairo. They also consulted local business directories and
journals, as well as the local telephone operator however there was no mention
of the subject of your enquiry. The contact numbers were tried on numerous
occasions but remained unanswered.
Enquiries made with
the Cairo Chamber of Commerce also proved unsuccessful as they had no listing
under the name of “Mazaya Real Estate Development Co”.
Should you be able to
provide us with any further information on the subject of your enquiry we shall
re-investigate and endeavour to send you a full report as soon as possible.
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%)