MIRA INFORM REPORT
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Report Date : |
10.05.2013 |
IDENTIFICATION DETAILS
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Name : |
EL SHEIKH ABD
ELHAMED COMPANY |
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Registered Office : |
7 Zaki Street, Area:
Tawfika, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
15.03.1994 |
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Com. Reg. No.: |
322709, Cairo |
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Legal Form : |
General
Partnership |
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Line of Business : |
Import and distribution of spare parts for tractors and
ploughing machinery for agriculture. |
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No. of Employees : |
15 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
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 : EL SHEIKH
ABD ELHAMED COMPANY
Country of Origin : Egypt
Legal Form :
General Partnership
Registration Date : 15th
March 1994
Commercial
Registration Number : 322709,
Cairo
Import Licence
Number : 320128
Partners Capital : £E 25,000
Total Workforce : 15
Activities :
Import and distribution of spare parts for tractors
and ploughing machinery for
agriculture.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Yahya Hassan
Ali, Financial
Controller
EL SHEIKH ABD
ELHAMED COMPANY
Street : 7 Zaki Street
Area : Tawfika
Town : Cairo
Country : Egypt
Telephone : (20-2) 25766230
Facsimile : (20-2) 25161463 / 25766230
Mobile : (20-122) 3152517 / (20-100)
3868358
Email : mahmodutb@hotmail.com
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Offices
Location Description
·
90 Saqr Quraish Street Office
premises
Cairo
Tel: (20-2) 25161463
Name Position
·
Mahmoud
Abd El Hamed Mahmoud Managing
Partner
·
Yahya
Hassan Ali Financial
Controller
Date of Establishment : 15th
March 1994
Legal Form :
General Partnership
Commercial Reg. No. : 322709,
Cairo
Import Licence No. : 320128
Partner’s
Capital : £E 25,000
·
Mahmoud
Abd El Hamed Mahmoud
·
Members
of Mr Mahmoud Abd El Hamed Mahmoud’s family
Activities: Engaged in the import
and distribution of spare parts for tractors and ploughing machinery for
agriculture.
Import
Countries: Romania, India
and Turkey.
International
Suppliers:
·
Gold Automotive India
·
S S Engineering India
·
UTV India
·
Kirloskar India
·
Helwan Diesel Egypt
·
Nasr Egypt
·
UTB Romania
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 8,325,000 £E 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 23924175
Fax: (20-2) 23924143
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
business 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
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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 |
|
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.