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Report Date : |
31.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOMAI ENGINEERING & SUPPLIES |
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|
|
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Registered Office : |
79 Abu Dawoud El Zahry Street, Nasr City, 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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Date of Incorporation : |
1988 |
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|
|
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Com. Reg. No.: |
16968 |
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|
|
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Legal Form : |
Limited Liability Partnership |
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|
|
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Line of Business : |
Distributors of production requisites for the plastics industry |
|
|
|
|
No. of Employees : |
7 |
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 – 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 :
MOMAI ENGINEERING & SUPPLIES
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1988
Commercial Registration Number :
16968, Cairo
Tax Card Number :
410-249-890
Issued Capital :
£E 50,000
Paid up Capital : £E 50,000
Total Workforce :
7
Activities :
Distributors of production requisites for the plastics industry
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
MOMAI ENGINEERING & SUPPLIES
Registered &
Physical Address
Street : 79 Abu
Dawoud El Zahry Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22871234
/ 26710725
Facsimile : (20-2)
22871234
Mobile : (20-12)
2139614
Premises
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Cairo.
Name Position
Raouf Tawfik Managing
Partner
Mohamed El Behary Partner
Lana Ahmed General
Manager
Date of Establishment : 1988
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 16968, Cairo
Tax Card No. : 410-249-890
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Name of Shareholder
(s)
Raouf Tawfik
Mohamed El Behary
Activities: Engaged in the import and distribution of production requisites for the
plastics industry.
Import Countries: Europe and GCC countries
Agencies Held:
Formosa Chemicals & Fiber Corp
Berlinoldisa
Nova PET
Sudarshan
Arkema
Operating Trend: Steady
Subject has a workforce of 7 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
8,200,000 £E
8,550,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
Banque du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
No complaints regarding subject’s payments have been reported.
Date of transaction October
2010
Credit amount US$
100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the company is deemed
a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.83 |
|
|
1 |
Rs.91.76 |
|
Euro |
1 |
Rs.79.33 |
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.