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Report Date : |
21.11.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1986 |
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Com. Reg. No.: |
24658, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of canned foodstuffs |
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No. of Employees : |
50 employees |
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 (31.03.2012) |
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.
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Source : CIA |
Company Name :
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1986
Commercial Registration Number : 24658, Port Said
Tax Card Number : 18752
Invested Capital : £E 100,000
Total Workforce : 50
Activities : Distributors of canned foodstuffs.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yasir Ramdan, Administration Manager
SUDAN SHIPPING & TRADING
Registered &
Physical Address
Street : 4 El
Selehdar Street
Area : Roxy,
Heliopolis
PO Box : 113
Town : Cairo
Country : Egypt
Telephone : (20-2) 24523022
/ 22568147
Facsimile : (20-2) 24523022
/ 22562247
Mobile : (20-12) 2147914
Email : sudantrade@bec.com.eg
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Central Business Area of Cairo.
Branch Office
(s)
Location Description
·
37 El Horreya Street Rented
Sales Office
El Sharq
Port Said
Tel: (20-66) 3325119
/ 3346119 / 3227092
Fax: (20-66) 3325119
Mob: (20-12) 3165592
Name Position
·
Tarek Mohamed Sudan Proprietor
& General Manager
·
Somaya
Abd El Ghany Belal Commercial
Manager
·
Sanaa Abdel Aziz Finance
Manager
·
Ihab El
Embabi Sales
Manager
·
Yasir
Ramdan Administration
Manager
Date of Establishment : 1986
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 24658, Port Said
Tax
Card No. : 18752
Invested Capital
: £E 100,000
Mr Tarek Mohamed Sudan is the sole proprietor of the
business.
Activities: Engaged as
commercial agents in the field of canned foodstuffs, such as canned fruits,
olive oil, macaroni, apple vinegar and pickles.
Import
Countries: Greece, Italy,
India, China, Peru, Singapore, Paraguay and the United States of America.
Brand Names: GATO HELLAS,
BORGES NUTS, NEW CLASS, GROWERSPAONE, VILUX ACEITES BORGES, and ACEITES BORGES
FOST
Operating Trend: Steady
Subject has a
workforce of 50 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 21,000,000 £E 22,650,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Mohandes
Bank SAE
23 July Street
Port Said
Tel: (20-66) 239684
Fax: (20-66) 239685
·
National
Bank of Egypt
52 El Gomhouria Street
Port Said
Tel: (20-66) 224816 / 226637
Fax: (20-66) 327008
·
Alexandria
Commercial & Maritime Bank
10 Talaat Harb Street
Cairo
Tel: (20-2) 25767233
No complaints regarding
subject’s payments have been reported.
Sudan Shipping & Trading has been in
business for over 25 years and operates as commercial agents in the field of
canned foodstuffs, such as canned fruits, olive oil, macaroni, apple vinegar
and pickles.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.91 |
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UK Pound |
1 |
Rs.87.38 |
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Euro |
1 |
Rs.70.24 |
INFORMATION DETAILS
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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 |
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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 |
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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.