MIRA INFORM REPORT
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Report Date : |
24.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
DEVELOP CO FOR CONSTRUCTION SUPPLIES |
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Registered Office : |
261 New Maadi El Borg Building, 5th Floor,19 Street, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
August 2003 |
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Com. Reg. No.: |
49231, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the Import and Distribution of Marble
and Granite. |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : DEVELOP CO FOR CONSTRUCTION SUPPLIES
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : August 2003
Commercial Registration Number : 49231, Cairo
Partners Capital : £E 100,000
Total Workforce : 10
Activities : Import and distribution of marble and granite
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
DEVELOP CO FOR CONSTRUCTION SUPPLIES
ADDRESS
Registered &
Physical Address
Building : 261 New Maadi El Borg
Building, 5th Floor
Street : 19 Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 25164594
Facsimile : (20-2) 25164594
Mobile : (20-12) 3373251 / 7382808
Email : developconst@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
KEY PRINCIPALS
Name Position
· Edward
Murad Managing
Partner
· Wagdy
Mahrous Partner
LEGAL FORM & OWNERS
Date of
Establishment : August 2003
Legal Form : General
Partnership
Commercial Reg.
No. : 49231, Cairo
Partners Capital : £E 100,000
Name of Partner (s)
· Edward
Murad
· Wagdy
Mahrous
OPERATIONS
Activities: Engaged in the import and distribution of marble
and granite.
Import Countries: India and Turkey
International Suppliers:
· Karnawat India
· Vishwanz
Marble India
· Mirastone Turkey
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
8,800,000 £E
9,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures were confirmed by Wagdy
Mahrous, Partner.
BANKERS
·
Misr International Bank (MIBANK)
14, Alfy Street
PO Box :
631
Cairo
Tel :
(20-2) 5931002
Fax :
(20-2) 5912306
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 and
the above credit figure is within subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.96 |
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UK Pound |
1 |
Rs.83.78 |
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Euro |
1 |
Rs.65.82 |
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%)