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Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
MINA TRADING COMPANY |
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|
|
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Registered Office : |
10 Mahmoud Fahmy El Nokrashy Street, El Manshia,
Alexandria |
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|
|
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Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
2000 |
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|
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Com. Reg. No.: |
156848 |
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Legal Form : |
Limited Liability Partnership |
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|
|
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Line of Business : |
Distributors of spices and chemicals used in the paint and detergent
industries. |
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|
|
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No. of Employees : |
10 |
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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|
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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 :
MINA TRADING COMPANY
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
2000
Commercial Registration Number : 156848
Tax Card Number :
298-287-358
Issued Capital :
£E 50,000
Paid up Capital :
£E 50,000
Total Workforce :
10
Activities :
Distributors of spices and chemicals used in the paint and detergent industries.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MINA TRADING COMPANY
Registered &
Physical Address
Street : 10 Mahmoud
Fahmy El Nokrashy Street
Area : El Manshia
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4861792
/ 4850853
Facsimile : (20-3) 4832992
Mobile : (20-12)
2338089
Email : mina_blamon@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria.
Branch Offices
Location Description
Kabary High Road Warehouse
premises
Alexandria
Name Position
Mina Blamon Aziz Managing
Partner
Shanoda Blamon Aziz Partner
Baron Aziz General
Manager
Abdou Wagdy Import
Manager
Date of Establishment : 2000
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 156848
Tax Card No. : 298-287-358
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Name of
Shareholder (s)
Mrs Mina Blamon Aziz
Shanoda Blamon Aziz
Activities: Engaged in the import and
distribution of spices and chemicals used in the paint and detergent
industries.
Import Countries: Canada,
Turkey, India, Brazil and Argentina.
Operating Trend: Steady
Subject has a workforce of 10 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 Sales £E
7,900,000 £E
8,075,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Suez Canal Bank
60 El Horreya Road
Raml Station
Alexandria
Tel: (20-3) 4865514
No complaints regarding subject’s payments have been reported.
Date of transaction April
2012
Credit amount US$
125,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
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.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
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.