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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Cairo Maadi for INVESTMENTS |
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|
|
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Registered Office : |
3A/2 Sayed Nada
Street, New Maadi, Laslkey District, Cairo |
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|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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|
|
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Year of Establishment : |
1993 |
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|
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Com. Reg. No.: |
36043, Cairo |
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Legal Form : |
Limited Liability Partnership |
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|
|
|
Line of Business : |
Wholesale and retail of
kitchenware, household utensils and home appliances. |
|
|
|
|
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 |
|
|
|
|
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 |
B1 |
B1 |
|
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 : CAIRO
MAADI FOR INVESTMENTS
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1993
Commercial
Registration Number : 36043, Cairo
Issued Capital : £E
75,000
Paid up Capital : £E 75,000
Total Workforce : 12
Activities :
Wholesale and retail of kitchenware, household utensils and home
appliances.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yasser Abdul
Hakam Abdul Hamid, Managing
Partner
CAIRO MAADI FOR
INVESTMENTS
Street : 3A/2 Sayed Nada Street
Area : New Maadi, Laslkey District
Town : Cairo
Country : Egypt
Telephone : (20-2) 25161801 / 25161872
Facsimile : (20-2) 25161294
Mobile : (20-100) 1725160
Email : cairo_group@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Cairo.
Name Position
·
Yasser Abdul Hakam Abdul Hamid Managing
Partner
·
Maha
Farooq Allam Partner
·
Ahmed El Sayed Hamed Purchasing
Manager
·
Reda Abdullah Finance
Manager
Date of Establishment : 1993
History : Subject started in 1993 as a sole
proprietorship, however in 2009 it changed legal form and became a
limited liability partnership.
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 36043, Cairo
Issued Capital : £E 75,000
Paid up Capital : £E 75,000
Name of Partner (s) Percentage
·
Yasser Abdul Hakam Abdul Hamid 80%
·
Maha
Farooq Allam ]
]
20%
·
Mr Yasser Abdul
Hakam Abdul Hamid’s children ]
Activities: Engaged
in the wholesale and retail of kitchenware, household utensils, and home appliances.
Import
Countries: India and Europe.
International
Suppliers:
·
Hamilton Industries India
·
Celo
Group India
·
Tokyo
Plastic India
Operating Trend: Steady
Subject has a
workforce of 12 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E 9,500,000 £E 10,000,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
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.54.24 |
|
|
1 |
Rs.84.30 |
|
Euro |
1 |
Rs.71.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.