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Report Date : |
13.07.2013 |
IDENTIFICATION DETAILS
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Name : |
EL SALAM IMPORT & EXPORT |
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Registered Office : |
13 Elasaily Street Attaba Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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|
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Year of Incorporation : |
1997 |
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Com. Reg. No.: |
153868, Giza |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and retail of hand tools, power tools and related accessories. |
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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 |
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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 – 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 : EL SALAM IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Start Date : 1997
Registration Date : 23rd June 2003
Commercial Registration Number : 153868, Giza
Tax Card Number : 733-044-719
Invested Capital : £E 100,000
Total Workforce : 8
Activities : Wholesale and retail of hand tools, power tools and related accessories.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Saad Mohamed Abdul Samie, Proprietor
EL SALAM IMPORT & EXPORT
Street : 13 Elasaily
Street
Area : Attaba
Town : Cairo
Country : Egypt
Telephone : (20-2) 27865343
Facsimile : (20-2) 22590618
Mobile : (20-111) 5557574 / (20-100) 7369997
Email : smatool@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Cairo.
Branch Offices
Location Description
· 19 Yousef Najeeb
Street Office
premises
Attaba
Cairo
Tel: (20-2) 27878343
Name Position
· Saad Mohamed Abdul Samie Proprietor
& General Manager
· Ibrahim Mohamed
Abdul Samie Assistant
General Manager
Date of
Establishment : Subject’s
operations date back to 1997, however it was registered on 23rd June
2003
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 153868, Giza
Tax Card No. : 733-044-719
Invested Capital : £E 100,000
Mr Saad Mohamed Abdul Samie is the sole
proprietor of the business.
Activities: Engaged in the wholesale and retail of hand
tools, power tools and related accessories.
Import Countries: India and China
International Suppliers:
· Cast & Forge India
· Market Union China
Brand Names: SMA
Operating Trend: Steady
Subject has a workforce of 8 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
10,400,000 £E
11,600,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Saad Mohamed
Abdul Samie, Proprietor
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Credit Agricole Egypt
4/6 Hassan Sabry
Street
Cairo
Tel: (20-2)
27382661
Fax: (20-2)
27380450
·
Barclays Bank
Qasr Ad Dobarah
Cairo
Tel: (20-2)
23662715
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.59.89 |
|
|
1 |
Rs.90.88 |
|
Euro |
1 |
Rs.78.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.