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Report Date : |
01.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
AL LOTUS FOR IMPORT & EXPORT |
|
|
|
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Registered Office : |
El Gomhouria, Hosh Eissa,
Beheira |
|
|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
01.01.2009 |
|
|
|
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Com. Reg. No.: |
68161 |
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Legal Form : |
Sole Proprietorship |
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|
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Line of Business : |
Distributors of rice, seeds and dried foods. |
|
|
|
|
No. of Employees : |
6 |
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 |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 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 : AL LOTUS FOR IMPORT & EXPORT
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
1st January 2009
Commercial Registration Number :
68161, Beheira
Invested Capital :
£E 100,000
Total Workforce :
6
Activities :
Distributors of rice, seeds and dried foods.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed :
Alaa Mohamed Mahmoud, Sales Manager
AL LOTUS FOR IMPORT & EXPORT
Registered &
Physical Address
Location : El Gomhouria,
Hosh Eissa
Town : Beheira
Country : Egypt
Telephone : (20-45) 2700386
Facsimile : (20-45)
2705911
Mobile : (20-109)
8888710 / (20-122) 1577774 / (20-100) 9284893
Email : alltous_import_export@yahoo.com
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Industrial Area of Beheira.
Name Position
Mohamed Mostafa Abdulaziz Zain Al Abdin Proprietor
& General Manager
Alaa Mohamed Mahmoud Sales
Manager
Date of Establishment : 1st
January 2009
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 68161, Beheira
Invested Capital : £E 100,000
Mr Mohamed Mostafa Abdulaziz Zain Al Abdin is the sole proprietor of the
business.
Activities: Engaged in the import and
distribution of rice, seeds and dried foods, including broad beans, white
beans, lentils, pumpkin seeds, water melon seeds, peanuts, peas, chickpeas,
caraway seeds ,fennel seeds, sesame seeds, broad beans and popcorn.
Import Countries: Europe
and the Far East.
Operating Trend: Steady
Subject has a workforce of 6 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
9,000,000 £E
9,750,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local sources.
Arab Bank Plc
28 Talaat Harb Street
PO Box: 2006
Cairo
Tel: (20-2) 22746218
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 and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.93 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.