MIRA INFORM REPORT

 

 

Report Date :

15.07.2011

 

IDENTIFICATION DETAILS

 

Name :

EL WEDAD TRADING

 

 

Registered Office :

18th Khalil Elarousi Street Fatima Square, El Nozha, Heliopolis Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

01.02.2001

 

 

Com. Reg. No.:

337009, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of automotive spare parts and welding equipment

 

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$ 100,000

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                                     : EL WEDAD TRADING

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1st February 2001

Commercial Registration Number            : 337009, Cairo

Invested Capital                                     : £E 10,000

Total Workforce                                     : 6

Activities                                               : Distributors of automotive spare parts and welding equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 100,000

Person Interviewed                                 : Haytham Abdul Bagi Mohamed Bayoumi, Proprietor & General Manager

 

COMPANY NAME

 

EL WEDAD TRADING

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 18th Khalil Elarousi Street

Area                 : Fatima Square, El Nozha, Heliopolis

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 26071507 / 24855280

Facsimile          : (20-2) 26071507

Mobile               : (20-12) 3416911 / (20-10) 5600188

Email                : haythema@yahoo.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Haytham Abdul Bagi Mohamed Bayoumi                                             Proprietor & General Manager

 

·       Emil Hana                                                                                        Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 2001

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 337009, Cairo

 

Invested Capital           : £E 10,000

 

Mr Haytham Abdul Bagi Mohamed Bayoumi is the sole proprietor of the business.

 

OPERATIONS

 

Activities: Engaged in the import and distribution of automotive spare parts and welding equipment.

 

Import Countries: Italy, France, India, South Korea, Indonesia and Turkey.

 

International Suppliers:

 

·       K-Krix                      South Korea

·       MAD Industries         Indonesia

·       Ayfar                        Turkey

 

Operating Trend: Steady

 

Subject has a workforce of 6 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 8,100,000                             £E 8,850,000

 

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

 

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

 

 

BANKERS

 

·       Export Development Bank of Egypt

     4th Industrial Region, Plot 3/1

Giza

6th of October City

Tel: (20-2) 8330577 / 8330599

Fax: (20-2) 8330570 / 8330551

     Acc No. 306/8

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              April 2005

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

 

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.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.53

UK Pound

1

Rs.71.80

Euro

1

Rs.63.15

 

 

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.