MIRA INFORM REPORT

 

 

Report Date :

13.06.2012

 

IDENTIFICATION DETAILS

 

Name :

EL NEKITY EL ATTAR FOR IMPORT & EXPORT

 

 

Registered Office :

First of Salakhana Street, Sheikh Hassanin Square Dakahleya PO Box  16855

Mansoura

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1979

 

 

Com. Reg. No.:

61898, Dakahleya

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Distribution of spices, seeds, herbs, rice, olive oil, dried fruits, incense                                                sticks, sisal fibre and hibiscus & chamomile flowers.

 

 

No. of Employees :

250

 

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 NEKITY EL ATTAR FOR IMPORT & EXPORT

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1979

Commercial Registration Number            : 61898, Dakahleya

Issued Capital                                        : £E 250,000

Paid up Capital                                      : £E 250,000

Total Workforce                         : 250

Activities                                               : Distribution of spices, seeds, herbs, rice, olive oil, dried fruits, incense

                                                             sticks, sisal fibre and hibiscus & chamomile flowers.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

EL NEKITY EL ATTAR FOR IMPORT & EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : First of Salakhana Street, Sheikh Hassanin Square

Area                 : Dakahleya

 

PO Box             : 16855

 

Town                 : Mansoura

Country : Egypt

 

Telephone         : (20-50) 2241123 / 2375002

Facsimile          : (20-50) 2380094 / 2375003

Mobile               : (20-100) 9976788

Email                : alaaelnekity@hotmail.com / imp@elnekityelattar.com

 

Premises

 

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

 

Branch Offices

 

     Location                                                                                           Description

 

·       2 Mansoura Street                                                                             Warehouse premises    

Mansheya

Tel: (20-50) 2262121 / 2380015

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mohamed Ali Ali Abdallah                                                   Chairman

 

·       Al Adawy Ali Ali Abdallah                                                                   Managing Director

 

·       Mossad Ali Ali Abdallah                                                                     Director

 

·       Ahmed Mohamed Ali Ali Abdallah                                                       Director

 

·       Fatma Abd El Kerim Hassan Abed                                                     Director

 

·       Alaa El Din Ali Abdallah                                                                     Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment: 1979

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 61898, Dakahleya

 

Issued Capital              : £E 250,000

 

Paid up Capital            : £E 250,000

 

Name of Shareholder (s)                                    

 

·       Al Adawy Ali Ali Abdallah                                                                  

 

·       Mossad Ali Ali Abdallah                                                                    

 

·       Mohamed Mohamed Ali Ali Abdallah                                                  

 

·       Ahmed Mohamed Ali Ali Abdallah                                                      

 

·       Fatma Abd El Kerim Hassan Abed

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of spices, seeds, herbs, rice, olive oil, dried fruits, incense sticks, sisal fibre and hibiscus and chamomile flowers.

 

Import Countries: India, Syria, Turkey, China, Switzerland, Brazil, United Arab Emirates, Italy, United States of

                              America, Venezuela and Panama.

 

Export Countries: Libya, Algeria, Spain, Italy, France, United Kingdom, Qatar, United Arab Emirates and Saudi

                              Arabia.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 14,800,000                           £E 15,000,000

 

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

 

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

 

 

BANKERS

 

·       Societe Arabe Internationale de Banque

PO Box: 124

Cairo

Tel: (20-2) 33499464 / 33603489

Fax: (20-2) 33603497 / 33603487

 

·       National Societe General Bank

Dakahleya

Mansoura

 

 

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.56.05

UK Pound

1

Rs.86.69

Euro

1

Rs.69.98

 

 

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.