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Report Date : |
06.11.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Qatamia, Shak El-Thoaban True, Industrial Zone Cairo |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
2002 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Processors and distributors of marble, granite and other natural stone |
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No. of Employees : |
65 |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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 |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast corner
of the African continent, Egypt is bisected by the highly fertile Nile valley,
where most economic activity takes place. Egypt's economy was highly
centralized during the rule of former President Gamal Abdel NASSER but opened
up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni
MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to
attract foreign investment and facilitate GDP growth. Despite the relatively
high levels of economic growth in recent years, living conditions for the
average Egyptian remained poor and contributed to public discontent. After
unrest erupted in January 2011, the Egyptian Government drastically increased
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction are among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow at least through 2012. The government is utilizing foreign exchange
reserves to support the Egyptian pound and Egypt may seek a loan from the
International Monetary Fund.
Source : CIA
Company Name : RED SEA MARBLE
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 2002
Invested Capital : £E 1,000,000
Total Workforce : 65
Activities : Processors and distributors of marble, granite and other natural stone
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hajer Jamal, Administration Secretary
RED SEA MARBLE
Location : Qatamia, Shak
El-Thoaban True, Industrial Zone
Town : Cairo
Country : Egypt
Telephone : (20-2) 29700841
Facsimile : (20-2)
29700833
Mobile : (20-122)
7460557 / 37871002
Email : info@redsea-marble.com
/ h_redsea1@yahoo.com
Subject operates from a suite of offices and a factory, covering 10,000
m2 that are rented and located in the Industrial Area of Cairo.
Branch Office (s)
Location Description
· El Sheikh Fadl Quarry
Name Position
· Hassan Salamah Proprietor
& General Manager
· Rasha Abdullatif
Sulaiman Administration
Manager
· Hajer Jamal Administration
Secretary
Date of
Establishment : 2002
Legal Form : Sole
Proprietorship
Invested Capital : £E 1,000,000
Mr Hassan Salamah is the sole proprietor of the business.
Activities: Engaged as processors and distributors of marble, granite and other
natural stone.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 65 employees.
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
13,880,000 £E
14,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2)
33919779
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.08 |
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1 |
Rs.86.68 |
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Euro |
1 |
Rs.69.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.