MIRA
INFORM REPORT
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Report Date : |
04.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL SHENNAWY TRADING & SUPPLY CO |
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Registered Office : |
72 Abu El Derdaa
Street, El Mansheya, Labban, PO Box
51, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1964 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and Distribution of Gas and Oilfield Equipment as well
as Thermal Insulation Materials. |
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 : EL SHENNAWY TRADING & SUPPLY CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1964
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
Total Workforce : 18
Activities : Import and distribution of gas and oilfield equipment as well as thermal
insulation materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
EL SHENNAWY TRADING
& SUPPLY CO
ADDRESS
Registered & Physical Address
Street : 72 Abu El Derdaa Street
Area : El Mansheya, Labban
PO Box : 51
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4861963 / 4846360
Facsimile : (20-3) 4861903 / 4830903
Premises
Subject operates from
a small suite of offices and a warehouse that are rented and located in the
Industrial Area of Alexandria.
KEY PRINCIPALS
Name Position
·
Mahmoud
Mohamed El Shennawy Managing
Partner
·
Mohamed
Mohamed El Shennawy Partner
·
Ahmed Mohamed Commercial
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1964
Legal Form :
Limited Liability
Partnership
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
Name of Shareholder (s)
·
Mahmoud
Mohamed El Shennawy
·
Mohamed Mohamed
El Shennawy
OPERATIONS
Activities: Engaged in the import and distribution of
gas and oilfield equipment such as valves, joinery and related accessories, as
well as thermal insulation materials.
Import
Countries: Turkey, India,
United States of America and Canada.
Operating Trend: Steady
Subject has a
workforce of 18 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 7,100,000 £E 7,450,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
National Bank
of Egypt
21, Tosson Street
Alexandria
Tel : (20-3) 4824802 / 4825715
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction October
2004
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
El Shennawy Trading
& Supply Co is a very well established business with operations dating back
over 40 years. It is engaged in the import and distribution of gas and oilfield
equipment.
During the course
of this investigation nothing detrimental was uncovered regarding the manner in
which payment obligations are fulfilled. The operating history is clear and the
financial situation is satisfactory. As such we are of the opinion that the
subject is a fair trade risk.
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%)