|
Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
AFROARAB CO |
|
|
|
|
Registered Office : |
25 Abou Sawan Street,
El Basateen, P O Box 11432, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
Year of Establishment : |
2008 |
|
|
|
|
Com. Reg. No.: |
20172, Cairo |
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|
|
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Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Manufacturers of cutting tools for the marble and granite industry |
|
|
|
|
No. of Employees : |
14 employees |
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 |
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 : AFROARAB CO
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 2008
Commercial Registration Number : 20172, Cairo
Tax Card Number : 288-963-857
Invested Capital : £E 250,000
Total Workforce : 14
Activities : Manufacturers of cutting tools for the marble and granite industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AFROARAB CO
Registered &
Physical Address
Street : 25 Abou Sawan Street
Area : El Basateen
PO Box : 11432
Town : Cairo
Country : Egypt
Telephone : (20-2) 27033883 / 27034083 / 27025596
Facsimile : (20-2) 27033883
Mobile : (20-11) 1351199 / (20-12)
6642830
Email : info@afroarab.org
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
7
Mohamed Allam Street Office
premises
El Basateen
Cairo
·
Industrial
Area Factory
premises
Shak El Thoban
Helwan
Name Position
·
Mohamed
Ahmed Proprietor
& General Manager
·
Ashraf
Hussein Production
Manager
·
Samir
Sabry Export
Manager
·
Hamada
Mahrous Marketing
Manager
Date of Establishment : 2008
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 20172, Cairo
Tax Card No. : 288-963-857
Invested Capital
: £E 250,000
Mr Mohamed Ahmed is
the sole proprietor of the business.
Activities: Engaged in the manufacture of cutting tools
for the marble and granite industry.
Import
Countries: India, China,
Italy, Spain and the United States of America
Agencies Held:
·
Gisbert
Operating Trend: Steady
Subject has a workforce
of 14 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 7,300,000 £E 7,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.34 |
|
UK Pound |
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.