MIRA INFORM REPORT

 

 

Report Date :

29.08.2012

 

IDENTIFICATION DETAILS

 

Name :

EL NASSER STAR

 

 

Registered Office :

61 El Kablat Street El Amreya, El Zeitoun Cairo 12111

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

09.02.1998

 

 

Com. Reg. No.:

311589

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Import and distribution of seafood products.

 

 

No. of Employees :

30

 

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

 

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 NASSER STAR

Trading As                                             : EL NASSER STAR COMPANY

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Registration Date                                   : 9th February 1998

Commercial Registration Number            : 311589

Invested Capital                                     : £E 5,000,000

Total Workforce                                     : 30

Activities                                               : Import and distribution of seafood products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

EL NASSER STAR

 

TRADING AS: EL NASSER STAR COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 61 El Kablat Street

Area                 : El Amreya, El Zeitoun

 

Town                 : Cairo 12111

Country             : Egypt

 

Telephone         : (20-2) 22821071

Facsimile          : (20-2) 22821524

Mobile               : (20-11) 1654772 / (20-12) 1832838

Email                : naim@el-nasser.net

 

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

 

·       Naim Nasser Ramsis                                                             Managing Partner

 

·       Mahmoud Ahmed Hussain                                                                 Partner

 

·       Wajih Zareef                                                                                     Sales Manager

 

·       Ahmed Ali                                                                                        Finance Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th February 1998

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 311589, Ramsis Cairo

 

Invested Capital           : £E 5,000,000

 

Name of Partners

 

·       Naim Nasser Ramsis

 

·       Mahmoud Ahmed Hussain

 

 

AFFILIATED COMPANIES

 

·       Sunfield LLC

Dubai

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of seafood products.

 

Import Countries: Spain, Vietnam, China, Yemen and Peru

 

International Suppliers:

 

·       Frigomar                                           Spain

·       Baranidica                                        Spain

·       Franscico Munez & Hijo SA               Spain

·       Tafishco                                           Vietnam

·       BT Food                                           Vietnam

·       Sabico                                             Vietnam

·       Tamimi                                             Yemen

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                £E 14,100,000                           £E 14,485,000

 

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

 

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

 

 

BANKERS

 

·       Ahli United Bank

     64 Gamaet El Dewal El Arabeya St

     Mohandessin, Giza

     Cairo

     Tel: (20-2) 37493381

 

 

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.55.78

UK Pound

1

Rs.88.04

Euro

1

Rs.69.62

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.