MIRA INFORM REPORT

 

 

Report Date :

13.02.2012

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL TRADE OFFICE (ITO)

 

 

Registered Office :

8 Batris Lombo Street El Hay El Latini, Bab Sharq Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1978

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of iron, coke, coal, steel and overhead cranes.

 

 

No. of Employees :

80

 

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$ 250,000

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                                     : INTERNATIONAL TRADE OFFICE (ITO)

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1978

Invested Capital                                     : £E 500,000

Total Workforce                                     : 80

Activities                                               : Distributors of iron, coke, coal, steel and overhead cranes.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 250,000

Person Interviewed                                 : Nasr Ahmed, Administration Manager

 

COMPANY NAME

 

INTERNATIONAL TRADE OFFICE (ITO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 8 Batris Lombo Street

Area                 : El Hay El Latini, Bab Sharq

 

Town                 : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4953924 / 4953971 / 3902118 / 4953890

Facsimile          : (20-3) 4953935

Mobile               : (20-100) 3479666 / (20-122) 2190395

Email                : info@ito-group.com.eg

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Alexandria.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Salah Salem Street                                                                           Office premises

Cairo

Tel: (20-2) 24022056

 

·       Switzerland                                                                                       Office premises

Tel: (62) 3349954

Fax: (62) 3349953

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Karim Fathi Mohamed El Sayed Ashmawi                                           Proprietor

 

·       Ali Mohamed Ali                                                                                General Manager

 

·       Ashraf Salah                                                                                     Public Relations Manager

 

·       Nasr Ahmed                                                                                     Administration Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1978

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : £E 500,000

 

Mr Karim Fathi Mohamed El Sayed Ashmawi is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       International Coke Co (ICC)

4th Industrial Zone

Borg El Arab

Alexandria

 

·       International Shipping Co (ISC)

Alexandria Port

Alexandria

 

·       International Crane Factory (ICF)

8 Batris Lombo Street

El Hay El Latini

Bab Sharq

Alexandria

Tel: (20-3) 4953890 / 4953971

Fax: (20-3) 4953995

 

·       International Integrated Systems (IIS)

8 Batris Lombo Street

El Hay El Latini

Bab Sharq

Alexandria

Tel: (20-3) 4953890 / 4953971

Fax: (20-3) 4953995

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of iron, coke, coal, steel and overhead cranes.

 

Import Countries: Europe, the Middle East and the United States of America.

 

Operating Trend: Steady

 

Subject has a workforce of 80 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 23,000,000                           £E 24,250,000

 

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

 

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

 

 

BANKERS

 

·       HSBC Egypt

47 El Sultan Hussain Street

Azarita

Alexandria

Tel: (20-3) 4872949

Fax: (20-3) 4872925

 

 

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.49.64

UK Pound

1

Rs.78.35

Euro

1

Rs.65.79

 

 

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.