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Report Date : |
04.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
AL NOUR CO FOR
IMPORT & EXPORT |
|
|
|
|
Registered Office : |
19/4 Street, Port
Fouad Area, |
|
|
|
|
Country : |
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|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
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Date of Incorporation : |
01.03.1999 |
|
|
|
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Com. Reg. No.: |
36794, Port Said |
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|
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Legal Form : |
General
Partnership |
|
|
|
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Line of Business : |
Distributors of
fresh and frozen seafood products. |
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|
|
|
No. of Employees : |
8 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : AL NOUR CO FOR IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : General
Partnership
Registration Date : 1st
March 1999
Commercial
Registration Number : 36794,
Port Said
Partners Capital : £E 50,000
Total Workforce : 8
Activities :
Distributors of fresh and frozen seafood products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Abbas Abdulrahman Mohamed El
Sharkway, Managing Partner
AL NOUR CO FOR
IMPORT & EXPORT
Street : 19/4 Street
Area : Port Fouad Area
Town : Port Said
Country : Egypt
Telephone : (20-66) 3223356
Facsimile : (20-66) 3248775
Mobile : (20-122) 3837322
Email : alameerabbas74@hotmail.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Port Said.
Name Position
·
Abbas Abdulrahman Mohamed El Sharkway Managing
Partner
·
Diya Abdulrahman
Mohamed El Sharkway General
Manager
Date of Establishment : 1st
March 1999
Legal Form :
General Partnership
Commercial Reg. No. : 36794, Port
Said
Partners Capital : £E 50,000
·
Abbas Abdulrahman Mohamed El Sharkway
·
Sidi Abdulrahman Co
Port Said
Activities: Engaged in the import and distribution of
fresh and frozen seafood products.
Import
Countries: Yemen, Oman,
India and Australia.
Operating Trend: Steady
Subject has a
workforce of 8 employees.
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 8,750,000 £E 9,400,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
El Gomhouria Street
Port Said Free Zone
Port Said
Tel: (20-66) 336801
Fax: (20-66) 325956
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.33 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.67.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.