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Report Date : |
14.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MARMO EGYPT FOR MARBLE & GRANITE |
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Formerly Known As : |
FATHI AHMED ATTIYA & PARTNER |
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Registered Office : |
Badr Industrial Area, 6th Zone,
Plot No. 12, Maadi, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
26.01.2005 |
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Com. Reg. No.: |
6102 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Cutting, processing and polishing of marble and granite as well as
stone crushing. |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 |
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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.
|
Source
: CIA |
Company Name :
MARMO EGYPT FOR MARBLE & GRANITE
Also Known As :
FATHI AHMED ATTIYA & PARTNER
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
26th January 2005
Commercial Registration Number :
6102
Tax Card Number :
306-087-748
Issued Capital :
£E 20,000,000
Paid up Capital :
£E 20,000,000
Total Workforce :
110
Activities :
Cutting, processing and polishing of marble and granite as well as stone crushing.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Person Interviewed :
Abdul Moniem Fakr, Finance Manager
MARMO EGYPT FOR MARBLE & GRANITE
FATHI AHMED ATTIYA & PARTNER
Registered & Physical
Address
Location : Badr Industrial Area, 6th Zone, Plot No. 12, Maadi
Town : Cairo
Country : Egypt
Mobile : (20-100)
7888002 / 6679285 / 7718694 / 6632533 / (20-122) 8264949
Email : marmot_egypt@hotmail.com / engineering_co1@yahoo.com
Please note that subject moved from 49B Abas El Akad Street, Cairo in
2009.
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Cairo.
Name Position
Fathi Ahmed Attiya Ramadan Managing
Partner
Manal Mostafa Attiya Ramadan Partner
Abdul Moniem Fakr Finance
Manager
Mohamed El Sayed Sales
Manager
Date of Establishment : 26th
January 2005
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 6102
Tax Card No. : 306-087-748
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Name of Shareholder
(s)
Fathi Ahmed Attiya Ramadan
Manal Mostafa Attiya Ramadan
Activities: Engaged in the cutting, processing and polishing of marble and granite
as well as stone crushing.
Subject has a workforce of 110 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales £E
45,000,000 £E
46,600,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Abdul Moniem
Fakr, Finance Manager
Arab Investment Bank
Cairo
Tel: (20-2) 27355012
No complaints regarding subject’s payments have been reported.
Local correspondents spoke to Mr Fathi Ahmed Attiya Ramadan, Managing
Partner, who stated that he has never used the address 43 Lusaka Street, Nasr
City, Cairo. Furthermore he stated that he could not divulge any further
information as the subject was entering liquidation with the intention of
ceasing to trade in the next three months.
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.58.41 |
|
|
1 |
Rs.91.62 |
|
Euro |
1 |
Rs.78.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
<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.