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Report Date : |
31.12.2013 |
IDENTIFICATION DETAILS
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Name : |
AL RADWAN FOR TRADING AND SUPPLYING
INDUSTRIAL DEVELOPMENT |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1978 |
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Com. Reg. No.: |
197700 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of electrical
distribution boards, steel products, lighting poles and domestic furniture. |
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No. of Employees : |
70 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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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.
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Source : CIA |
Company Name : AL RADWAN FOR TRADING AND SUPPLYING INDUSTRIAL
DEVELOPMENT
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1978
Commercial Registration Number : 197700
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 70
Activities : Manufacturers of electrical distribution boards, steel products, lighting
poles and domestic furniture
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Roushdy El Agouz, Finance Manager
AL RADWAN FOR
TRADING AND SUPPLYING INDUSTRIAL DEVELOPMENT
Registered &
Physical Address
Street : 327 Shubra Street
Area : El Sahel
Town : Cairo
Country : Egypt
Telephone : (20-2) 22040506
Facsimile : (20-2) 22040504
Email : info@radwangroup@rocketmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Offices
Location Description
·
Om
Zeghio Road Factory
premises
Alexandria
·
Misr
Belbis Desert Road, Km 18 Warehouse
premises
Cairo
Name Position
·
Aly
Radwan Ahmed Managing
Director
·
Ahmed
Aly Radwan Ahmed Director
·
Roushdy
El Agouz Finance
Manager
·
Mohamed
Abd El Khalek Marketing
Manager
·
Samar
Abd El Aal Office
Manager
·
Hana El
Hussaini Commercial
Manager
Date of Establishment : 1978
Legal Form :
Egyptian Joint Stock
Company
Commercial
Reg. No. : 197700
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder (s)
·
Aly Radwan
Ahmed
·
Ahmed
Aly Radwan Ahmed
Activities: Engaged in the manufacture of electrical
distribution boards, steel products, lighting poles and domestic furniture.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 70 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 18,300,000 £E 19,100,000
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.
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 company
is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.00 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.85.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.