MIRA INFORM REPORT

 

 

Report Date :           

10.08.2011

 

IDENTIFICATION DETAILS

 

Name :

MIDDLE EAST FOR IMPORT & EXPORT

 

 

Registered Office :

6A El Muzafer Street, El Helimya El Gedidiah, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1969

 

 

Com. Reg. No.:

3192, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of yarn, viscose and dyeing materials

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Maximum Credit Limit :

US$ 150,000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : MIDDLE EAST FOR IMPORT & EXPORT

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Start Date                                             : 1969

Registration Date                                   : 2001

Commercial Registration Number            : 3192, Cairo

Invested Capital                                     : £E 10,000

Total Workforce                                     : 12

Activities                                               : Distributors of yarn, viscose and dyeing materials.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 150,000

 

COMPANY NAME

 

MIDDLE EAST FOR IMPORT & EXPORT

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 6A El Muzafer Street

Area                 : El Helimya El Gedidiah

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25145401

Facsimile          : (20-2) 25125693

Mobile               : (20-10) 2137744

Email                : adel.alashkar@hotmail.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

 

·       Adel Wahid Al Askar                                                                         Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1969, however subject was registered in 2001

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 3192, Cairo

 

Invested Capital           : £E 10,000

 

Mr Adel Wahid Al Askar is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of yarn, viscose and dyeing materials.

 

Import Countries: Europe and the Far East.

 

Operating Trend: Steady

 

Subject has a workforce of 12 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 8,375,000                             £E 8,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Al Watany Bank of Egypt

Maadi Branch

Street No. 10

New Maadi

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

Acc No. 512222

 

 

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 business is considered to be a fair trade risk.

Bottom of Form

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.17

UK Pound

1

Rs.73.72

Euro

1

Rs.64.26

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.