MIRA INFORM
REPORT
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Report Date : |
12.04.2011 |
IDENTIFICATION DETAILS
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Name : |
ISLAMIC OFFICE FOR ENGINEERING AND TRADE |
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Registered Office : |
Al Masanie El Corniche
Road, El Tebeen, Helwan, Cairo |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
15568, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacturers of spare parts for ovens and electrical
kitchen appliances |
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 |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : ISLAMIC OFFICE FOR ENGINEERING AND TRADE
Country of Origin :
Legal Form : Sole Proprietorship
Registration Date : 1989
Commercial Registration Number : 15568,
Invested Capital : £E 1,500,000
Total Workforce : 80
Activities : Manufacturers of spare parts for ovens and electrical kitchen
appliances.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY
NAMe
ISLAMIC OFFICE FOR ENGINEERING AND TRADE
company
ADDRESS
Registered & Physical
Address
Street :
Area : El Tebeen, Helwan
Town :
Country : Egypt
Telephone : (20-2) 25010196 / 25010197
Facsimile : (20-2) 25021903
Premises
Subject operates
from a small suite of offices and a factory that are rented and located in the
Central Business Area of Helwan.
Branch Office (s)
Location Description
·
Street
No. 286 Office
premises
New Maadi
KEY
PRINCIPALS
Name Position
·
Gamal
Abd El Ghany Ragheb Proprietor
& General Manager
·
Mohamed
Abd El Ghany Ragheb Assistant
General Manager
LEGAL
FORM & OWNERS
Date of Establishment : 1989
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 15568,
Invested Capital
: £E 1,500,000
Mr Gamal Abd El
Ghany Ragheb is the sole proprietor of the business.
AFFILIATED
COMPANIES
·
Islamic
Centre For Engineering & Industry
El Tebeen, Helwan
Tel: (20-2) 25010196 / 25010197
Fax: (20-2) 25021903
OPERATIONS
Activities: Engaged in the manufacture of spare parts
for ovens and electrical kitchen appliances.
Import
Countries: Europe and the
Clients:
·
IKEA
·
Zanussi
·
Techno
·
Smeg
Operating Trend: Steady
Subject has a
workforce of 80 employees.
FINANCIAL
DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/09: Year Ending
31/12/10:
Total Sales £E 17,225,000 £E 18,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
International Bank (CIB)
PO Box: 2430
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
PAYMENT
HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL
COMMENTS
Local sources report
that payment obligations are met in a generally timely manner and the operating
history is clear. As such the business is deemed a fair trade risk and the
above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.44.22 |
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|
1 |
Rs.72.26 |
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Euro |
1 |
Rs.63.90 |
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 |
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.