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Report Date : |
19.04.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPT FACTORS SAE |
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Registered Office : |
Public Free Zone,
Block H-11, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
14.11.2006 |
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Com. Reg. No.: |
21145, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Providers of financial solutions and services |
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No. of Employees : |
45 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 backtracked on economic reforms, drastically increasing 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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of
unsuccessful negotiations with the International Monetary Fund over a
multi-billion dollar loan agreement which have dragged on more than 20 months -
could precipitate fiscal and balance of payments crises in 2013.
|
Source : CIA |
Company Name : EGYPT FACTORS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 14th November 2006
Commercial Registration Number : 21145, Cairo
Journal Issue Number : 1193
Issued Capital : £E 8,000,000
Paid up Capital : £E 8,000,000
Total Workforce : 45
Activities : Providers of financial solutions and services.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPT FACTORS SAE
Registered &
Physical Address
Location : Public Free Zone, Block H-11
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 26720787 / 26719358 / 22718113
/ 26720984
Facsimile : (20-2) 26720986 / 26719356
Email : info@egyptfactors.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Cairo.
Name Position
·
Hisham
Ezz El Din Haikal Chief
Executive Officer
·
Ahmed
Ali Megahed Shaheen General
Manager
·
Hisham
Amin Finance
Manager
·
Dooa
Hafez Client
Services Manager
·
Tamer
Wasfy Marketing
Manager
·
Shady
Nasr Human
Resources Manager
Date of Establishment : 14th
November 2006
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 21145, Cairo
Journal Issue No. : 1193
Issued Capital : £E 8,000,000
Paid up Capital : £E 8,000,000
Name of Shareholder
(s) Percentage
·
FIM
Bank 40%
Malta
·
Commercial
International Bank 39%
Egypt
·
International
Finance Corporation 20%
United States of America
·
CIB
Social Insurance Fund 1%
Egypt
Activities: Engaged in the provision of financial solutions
and services.
Operating Trend: Steady
Subject has a
workforce of 45 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Revenue £E 12,824,407 £E 13,615,087
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)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints
regarding subject’s payments have been reported.
According to local sources,
subject meets its payment obligations in a timely manner and the company is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
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.