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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN TURKISH TRADING CENTER (ETTC) |
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Registered Office : |
34 Lebanon Street, Mohandessin, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1991 |
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Com. Reg. No.: |
88027, Giza |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of hotel table ware and restaurant equipment |
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No. of Employees : |
100 |
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 – 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 |
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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 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 |
Company Name : EGYPTIAN TURKISH TRADING CENTER (ETTC)
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1991
Commercial Registration Number :
88027, Giza
Issued Capital :
£E 150,000
Paid up Capital :
£E 150,000
Total Workforce :
100
Activities :
Import and distribution of hotel table ware and restaurant equipment
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
EGYPTIAN TURKISH TRADING CENTER (ETTC)
Street : 34 Lebanon
Street
Area : Mohandessin,
Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33454240
/ 33454270 / 33020229
Facsimile : (20-2)
33454250
Mobile : (20-10)
1279310
Email : ettc@ettcegypt.com
Subject operates from a suite of offices, covering 1,200 square metres
that are rented and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· Arab
University Street Rented
showroom premises
Sphinx Square, Mohandessin
Cairo
Tel:
(20-2) 33459545 / 33461001
· El
Nasr Road Rented
showroom premises
Hurghada
Tel:
(20-65) 3556217
Fax:
(20-65) 3556433
· Hadabet
Om, El-Seid-Mashrabeya Mall Rented
showroom premises
Sharm
El Sheikh
Tel:
(20-69) 3661183
Fax:
(20-69) 3661183
· El Menauora Street Rented showroom premises
Luxor
Tel: (20-95) 2357301
Fax: (20-95) 2357302
Name Position
· Dr Mohsen Mohamed Salahuddine Nour Managing
Partner
· Mohsen Attiyah Partner
· Eid Ahmed Finance
Manager
· Mohamed El Asly Sales
Manager
· Nader Khalil Administration
Manager
· Abeer
Adel Import
Manager
Date of
Establishment : 1991
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 88027, Giza
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
· Dr Mohsen Mohamed Salahuddine Nour
· Mohsen Attiyah
Activities: Engaged in the import and distribution of hotel tableware, including
dishes, spoons, knifes and stainless
steel cutlery, as well as restaurant equipment.
Import Countries: Turkey, Italy, Germany, United Kingdom, Sweden,
Tunisia, India and the United States of America
International Suppliers:
· Pasabahce Turkey
· Denizli Turkey
· Ze Pe Buffets Italy
· Schott Zwiesel Germany
· Oneida United
States of America
· Potterhaus
Singapore Pte Ltd Singapore
Operating Trend: Steady
Subject has a workforce of 100 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
13,800,000 £E
14,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
American Express Bank (Amex)
PO
Box: 1824
Cairo
Tel:
(20-2) 23608228
Fax:
(20-2) 23608227
·
Societe Arabe Internationale de Banque
56 Gameat
El Dewal El Arabia Street
Mohandessin, Giza
Cairo
Tel: (20-2)
27499460
Fax: (20-2)
23603497
·
Arab Banking Corporation
PO Box: 781
Cairo
Tel: (20-2)
25745488 / 25780417
Fax: (20-2)
25780416
No complaints regarding subject’s payments have been reported.
Established in 1991, Egyptian Turkish Trading
Center ( ETTC ) has made steady progress in the local business
market. The company specialises in the import and distribution of hotel table ware.
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.53.56 |
|
UK Pound |
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
|
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.