MIRA INFORM REPORT

 

 

Report Date :

17.01.2013

 

IDENTIFICATION DETAILS

 

Name :

MOSSASIT TIPA FOR IMPORT

 

 

Registered Office :

101 El Gamhouria Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

12.04.2006

 

 

Com. Reg. No.:

166993

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of insulation, sound proofing and thermal products

 

 

No. of Employees :

8

 

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

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

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 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

 

 

 

SUMMARY

 

Company Name                                     : MOSSASIT TIPA FOR IMPORT

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 12th April 2006

Commercial Registration Number            : 166993, Cairo

Invested Capital                                     : £E 50,000

Total Workforce                                     : 8

Activities                                               : Distributors of insulation, sound proofing and thermal products

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Safwat Ahmed Al Akkad, Proprietor & General Manager

 

COMPANY NAME

 

MOSSASIT TIPA FOR IMPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Location            : 101 El Gamhouria Street

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 25895222 / 25895333

Facsimile          : (20-2) 25890330

Mobile               : (20-122) 1105200

Email                : info@safwatco.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

Location                                                                                              Description

 

58 Tirsa Street                                                                           Warehouse premises

Al Harm

Giza

Cairo

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Safwat Ahmed Al Akkad                                                             Proprietor & General Manager

 

Fouad Hegazi                                                                            Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 12th April 2006

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 166993, Cairo

 

 

Invested Capital           : £E 50,000

 

Mr Safwat Ahmed Al Akkad is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

Safwatco For Thermal Insulation

Cairo

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of insulation, sound proofing and thermal products.

 

Import Countries:         India, Belgium, Portugal and China.

 

International Suppliers:

 

A M Industries               India

Quadrum                       Belgium

Amorio                          Portugal

Najabo Firewall              China

 

Operating Trend:         Steady

 

Subject has a workforce of 8 employees.

 

 

FINANCIAL DATA

 

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 6,150,000                             £E 6,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Banque du Caire SAE

22 Adly Street

PO Box: 1495

Cairo

Tel: (20-2) 33904554

Fax: (20-2) 33908992

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.54.82

UK Pound

1

Rs.87.9

Euro

1

Rs.72.83

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.