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Report Date : |
21.06.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYCROPS IMPORT AND EXPORT |
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Registered Office : |
14A |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
2005 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Distributors of agricultural crops |
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No. of Employees : |
15 |
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 |
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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 – 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 : EGYCROPS IMPORT AND EXPORT
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2005
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 15
Activities : Distributors of agricultural crops
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYCROPS IMPORT AND
EXPORT
Registered &
Physical Address
Street : 14A El Nasr Street, 1st
Floor
Area : El Mansheya, El Labban
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4842996
Facsimile : (20-3) 4842996 / 4842993
Email : meky229@yahoo.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
Hosh
Eissa Warehouse
premises
Beheira
Tel: (20-45) 2702777 / 2703777 / 2706500
Name Position
·
Makarem
Mohamed El Shatoury Managing
Director
·
Khaled
El Aalaky Director
Date of Establishment : 2005
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of Shareholder
(s)
·
Makarem
Mohamed El Shatoury
·
Khaled
El Aalaky
Activities: Engaged in the import and distribution of
agricultural crops such as corn, beans and herbs.
Subject is ISO 9001-2000 accredited.
Import Countries: China, Morocco and Chile.
Export
Countries: Syria, Lebanon,
United Kingdom, Italy, Portugal and Morocco.
Operating Trend: Steady
Subject has a
workforce of 15 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 11,100,000 £E 11,375,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
No complaints
regarding subject’s payments have been reported.
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.59.70 |
|
UK Pound |
1 |
Rs.92.22 |
|
Euro |
1 |
Rs.79.19 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.