MIRA INFORM REPORT

 

 

Report Date :

09.02.2012

 

IDENTIFICATION DETAILS

 

Name :

EL SAHEL SONS CO

 

 

Registered Office :

1295-1315 Corniche El Nil Street, Sahel Rod El Farag, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1992

 

 

Com. Reg. No.:

1869

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Distributors of agricultural crops, machinery and horticultural products.

 

 

No. of Employees :

12

 

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$ 500,000

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

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 SAHEL SONS CO

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Start Date                                             : 1986

Registration Date                                   : 1992

Commercial Registration Number            : 1869

Tax Card Number                                   : 320-212-587

Partners Capital                                     : £E 500,000

Total Workforce                                     : 12

Activities                                               : Distributors of agricultural crops, machinery and horticultural products.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

 

COMPANY NAME

 

EL SAHEL SONS CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 1295-1315 Corniche El Nil Street

Area                 : Sahel Rod El Farag

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24306300 / 24306301 / 22055407

Facsimile          : (20-2) 24306301 / 24306442 / 22055307

Mobile               : (20-12) 2117912 / 3116111

Email                : elsahelsons_2010@hotmail.com

 

Premises

 

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

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Adel Aziz Mawad                                                                              Managing Partner

 

·       Ezzat Aziz Mawad                                                                            Partner

 

·       Nashed Naeem Mawad                                                                      Partner

 

·       Majdi Sami                                                                                       Sales Manager

 

·       Ms Mirvat Hussain                                                                             Administrative Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : Subject’s operations date back to 1986, however it was registered in 1992 under its current style.

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 1869

 

Tax Card No.               : 320-212-587

 

Partners Capital           : £E 500,000

 

Name of Partner (s)

 

·       Adel Aziz Mawad

 

·       Ezzat Aziz Mawad

 

·       Nashed Naeem Mawad

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of agricultural machinery and horticultural products such as plants,

     flowers, seeds and gardening accessories. Subject also deals in agricultural crops such as cereals, wheat,

     barley, oats, fruit and berries.

 

Import Countries: Italy, Germany, United Kingdom, France, Australia, China and Canada

 

Operating Trend: Steady

 

Subject has a workforce of 12 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

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

 

Total Sales                                £E 38,400,000                           £E 40,000,000

 

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

 

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

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Arab International Bank (AIB)

     1113 Corniche El Nil Street

El Tahrir

Cairo

     Tel: (20-2) 35743448

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                  July 2002                      October 2005                September 2007

Credit amount                            75,000                          146,938             100,000

Amount overdue             0                                  0                                  0

Payment terms                          60 days                         60 days                         60 days

Payment Method                       Letters of Credit             Letters of Credit             Letters of Credit

Paying record                            No Complaints               No Complaints               No Complaints

Currency                                   US Dollars                     Canadian Dollars            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.49.06

UK Pound

1

Rs.78.08

Euro

1

Rs.65.15

 

 

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.