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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
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Name : |
MODERN HOME FOR TRADING & DISTRIBUTION SAE |
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Registered Office : |
El Nour Tower Ahmed Maher Street Mansoura |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.04.1998 |
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Com. Reg. No.: |
7224 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Distributors of household products |
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No. of Employees : |
110 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 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 : MODERN HOME FOR TRADING & DISTRIBUTION SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 16th April 1998
Commercial Registration Number : 7224
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Total Workforce : 110
Activities : Distributors of household products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MODERN HOME FOR TRADING & DISTRIBUTION SAE
Building : El Nour Tower
Street : Ahmed Maher
Street
Town : Mansoura
Country : Egypt
Telephone : (20-50) 2374777
Facsimile : (20-50)
2215445
Email : modern_home.eg@yahoo.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Mansoura.
Branch Office (s)
Subject has branch offices located in Cairo, Suhaj
and Beheira.
Name Position
· Essam Mohamed
Salamoni Managing
Director
· Mahmood Essam
Mohamed Salamoni Director
Date of
Establishment : 16th April
1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 7224
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
· Essam Mohamed
Salamoni
· Mahmood Essam
Mohamed Salamoni
· Mrs Essam Salamoni
· Local businessmen
and private investors
· Modern Home
Trading Co
Jeddah
Saudi Arabia
Activities: Engaged in the import and distribution of household products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 110 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
33,500,000 £E
34,750,000
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
139 El Gomhoreya Street
El Mansoura
Tel: (20-50) 2377076
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.54.33 |
|
|
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
|
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 |
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<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.