MIRA INFORM REPORT

 

 

Report Date :

26.09.2012

 

IDENTIFICATION DETAILS

 

Name :

AL FATH COMPANY FOR IMPORT AND EXPORT SEA FOOD

 

 

Formerly Known As :

SALAH AL TAWARGY EST

 

 

Registered Office :

Al Fanar Street, Al Mosalth, Ezbet Borg City, Damietta

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1994

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of seafood.

 

 

No. of Employees :

28

 

 

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

SUMMARY

 

Company Name                                    : AL FATH COMPANY FOR IMPORT AND EXPORT SEA FOOD

Also Known As                                        : SALAH AL TAWARGY EST

Country of Origin                                   : Egypt

Legal Form                                           : Sole Proprietorship

Start Date                                             : 1994

Registration Date                                  : 23rd September 2007

Invested Capital                                    : £E 50,000

Total Workforce                                     : 28

Activities                                               : Distributors of seafood.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Salah Eddine Abdullatif Al Tawargy, Proprietor & General Manager

 

 

 

COMPANY NAME

 

AL FATH COMPANY FOR IMPORT AND EXPORT SEA FOOD

 

ALSO KNOWN AS: SALAH AL TAWARGY EST

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Fanar Street

Area                 : Al Mosalth, Ezbet Borg City

 

Town                : Damietta

Country : Egypt

 

Telephone         : (20-57) 2712000

Facsimile          : (20-57) 2713000

Mobile              : (20-100) 5188029

Email                : mahmoud_bdc@yahoo.com / fath@tawargy.com

 

Premises

 

Subject operates from a medium sized suite of offices and a warehouse that are rented and located in the Suburban Business Area of Damietta.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Salah Eddine Abdullatif Al Tawargy                                                   Proprietor & General Manager

 

·       Mahmoud Salama                                                                             Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1994, however subject was registered on 23rd September 2007

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : £E 50,000

 

Mr Salah Eddine Abdullatif Al Tawargy is the sole proprietor of the business.

AFFILIATED COMPANIES

 

·       Al Tawargy Packaging

Damietta

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of seafood, including shrimp, mackerel, mullet, cuttlefish and

      lobster.

 

Import Countries: Pakistan, Bangladesh, China, Saudi Arabia, Yemen, Vietnam, Mauritania and the United Arab

                 Emirates.

 

Operating Trend: Steady

 

Subject has a workforce of 28 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/10:               Year Ending 31/12/11:

 

Total Revenue                           US$ 3,750,000                           US$ 4,200,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Egyptian Saudi Finance Bank

60 Mohey El Din Abou El Ezz Street

Dokki, Giza

Cairo

Tel: (20-2) 37481222

 

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.53.53

UK Pound

1

Rs.86.82

Euro

1

Rs.68.02

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.