MIRA INFORM REPORT

 

 

Report Date :           

06.05.2011

 

IDENTIFICATION DETAILS

 

Name :

AFROARAB CO

 

 

Registered Office :

25 Abou Sawan Street, El Basateen, P O Box 11432, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2008

 

 

Com. Reg. No.:

20172, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturers of cutting tools for the marble and granite industry

 

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

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                                     : AFROARAB CO

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 2008

Commercial Registration Number            : 20172, Cairo

Tax Card Number                                   : 288-963-857

Invested Capital                                     : £E 250,000

Total Workforce                                     : 14

Activities                                               : Manufacturers of cutting tools for the marble and granite industry.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 100,000

 

COMPANY NAME

 

AFROARAB CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 25 Abou Sawan Street

Area                 : El Basateen

PO Box             : 11432

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 27033883 / 27034083 / 27025596

Facsimile          : (20-2) 27033883

Mobile               : (20-11) 1351199 / (20-12) 6642830

Email                : info@afroarab.org

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       7 Mohamed Allam Street                                                                   Office premises

El Basateen

Cairo

 

·       Industrial Area                                                                                   Factory premises

Shak El Thoban

Helwan

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Mohamed Ahmed                                                                              Proprietor & General Manager

 

·       Ashraf Hussein                                                                                 Production Manager

 

·       Samir Sabry                                                                                     Export Manager

 

·       Hamada Mahrous                                                                              Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2008

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 20172, Cairo

 

Tax Card No.               : 288-963-857

 

Invested Capital           : £E 250,000

 

Mr Mohamed Ahmed is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cutting tools for the marble and granite industry.

 

Import Countries: India, China, Italy, Spain and the United States of America

 

Agencies Held:

 

·       Gisbert

 

Operating Trend: Steady

 

Subject has a workforce of 14 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 6,800,000                             £E 7,300,000

 

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

PO Box: 750

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

 

 

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 company 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

Indian Rupees

US Dollar

1

Rs.44.57

UK Pound

1

Rs.73.58

Euro

1

Rs.66.23

 

 

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.