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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
FRENCH CO FOR DISTRIBUTION AND IMPORT SPARE
PARTS |
|
|
|
|
Registered Office : |
22 El Mahrousa
Street, Mohandessin, Giza, Cairo |
|
|
|
|
Country : |
Egypt |
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|
|
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Financials (as on) : |
31.12.2012 |
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|
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Year of Establishments: |
1996 |
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|
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Com. Reg. No.: |
105216 |
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Legal Form : |
Limited Liability Partnership |
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|
|
|
Line of Business : |
Distributors of automotive spare parts |
|
|
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No. of Employees : |
12 |
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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|
|
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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 – 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 |
Company Name : FRENCH CO FOR DISTRIBUTION AND IMPORT SPARE PARTS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1996
Commercial Registration Number : 105216
Tax Card Number : 437-695-506
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 12
Activities : Distributors of automotive spare parts
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
FRENCH CO FOR DISTRIBUTION
AND IMPORT SPARE PARTS
Registered &
Physical Address
Street : 22 El Mahrousa Street
Area : Mohandessin, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33024721 / 33041870
Facsimile : (20-2) 33041098
Email : george_henry@yahoo.com
Premises
Subject operates
from a small suite of offices and a warehouse that are owned and located in the
Central Business Area of Cairo.
Name Position
·
George Henry
George Managing
Partner
·
Suzanne
Sameh Partner
·
Magdy
Roushdy Finance
Manager
Date of Establishment : 1996
Legal Form :
Limited Liability
Partnership
Commercial
Reg. No. : 105216
Tax
Card No. : 437-695-506
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of Partner
(s)
·
George
Henry George
·
Suzanne
Sameh
Activities: Engaged in the import and distribution of
automotive spare parts.
Import
Countries: France
Brand Names: PEUGEOT
Operating Trend: Steady
Subject has a
workforce of 12 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 16,915,724 £E 18,719,640
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Egyptian
Saudi Finance Bank
60 Mohy El Din Abu El Ezz Street
Giza
Cairo
Tel: (20-2) 27481222
Fax: (20-2) 27611436
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.54.29 |
|
UK Pound |
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.01 |
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.