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Report Date : |
18.05.2012 |
IDENTIFICATION DETAILS
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Name : |
MARMO |
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Formerly Known As : |
FATHI AHMED ATTIYA & PARTNER |
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Registered Office : |
Badr Industrial Area, 6th Zone,
Plot No. 12 Cairo |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
26.01.2005 |
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Com. Reg. No.: |
6102 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Cutting, processing and polishing of marble and granite as well as stone crushing. |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company Name :
MARMO
Also Known As : FATHI AHMED ATTIYA & PARTNER
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 26th January 2005
Commercial Registration Number : 6102
Tax Card Number : 306-087-748
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 110
Activities : Cutting, processing and polishing of marble and granite as well as stone crushing.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abdul Moniem Fakr, Finance Manager
MARMO EGYPT FOR MARBLE & GRANITE
FATHI AHMED ATTIYA & PARTNER
Registered &
Physical Address
Location : Badr Industrial Area, 6th Zone, Plot No. 12
Town : Cairo
Country : Egypt
Mobile : (20-10)
7888002 / 6679285 / 7718694
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Cairo.
Name Position
· Fathi Ahmed Attiya Managing
Partner
· Manal Mostafa Attiya Partner
· Abdul Moniem Fakr Finance
Manager
· Mohamed El Sayed Sales
Manager
Date of
Establishment : 26th
January 2005
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 6102
Tax Card No. : 306-087-748
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of
Shareholder (s)
· Fathi Ahmed Attiya
· Manal Mostafa Attiya
Activities: Engaged in the cutting, processing and polishing of marble and granite
as well as stone crushing.
Operating Trend: Steady
Subject has a workforce of 110 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales £E
41,380,000 £E
45,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Abdul Moniem
Fakr, Finance Manager
·
Arab Investment Bank
Cairo
Tel: (20-2)
27355012
No complaints regarding subject’s payments have been reported.
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 company is considered to be a fair trade risk.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small, nimble
and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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UK Pound |
1 |
Rs.86.61 |
|
Euro |
1 |
Rs.68.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.