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Report Date : |
17.05.2013 |
IDENTIFICATION DETAILS
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Name : |
STONEFIELD IMPORT & EXPORT |
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Formerly Known As : |
STONEFIELD FOR MARBLE & GRANITE |
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Registered Office : |
568B Al Horreya Avenue, Gleem, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.01.2007 |
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Com. Reg. No.: |
11356 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Processors, cutters and installers of marble and granite. |
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No. of Employees : |
80 |
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 |
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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 :
STONEFIELD IMPORT & EXPORT
Also Known As :
STONEFIELD FOR MARBLE & GRANITE
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1st January 2007
Commercial Registration Number :
11356, Alexandria
Tax Card Number :
480-114-356
Issued Capital :
£E 500,000
Paid up Capital :
£E 500,000
Total Workforce :
80
Activities :
Processors, cutters and installers of marble and granite.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Abdulaziz El Sayed, Managing Partner
STONEFIELD IMPORT & EXPORT
STONEFIELD FOR MARBLE & GRANITE
Registered &
Physical Address
Street : 568B Al
Horreya Avenue
Area : Gleem
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5851345
Facsimile : (20-3) 5851345
Mobile : (20-111)
1505033 / (20-121) 1551157
Email : stone-field@link.net
/ import@stonefield.com.eg
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Alexandria.
Branch Office (s)
Location Description
Al Amreya Industrial Area Factory
premises
Alexandria
Name Position
Mohamed Abdulaziz El Sayed Managing
Partner
Ahmed Abdulaziz El Sayed Partner
Date of Establishment : 1st
January 2007
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 11356, Alexandria
Tax Card No. : 480-114-356
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Partner
(s)
Mohamed Abdulaziz El Sayed
Ahmed Abdulaziz El Sayed
Activities: Engaged
in the import, processing, cutting and installing of marble and granite.
Import Countries: India,
Brazil and Portugal
International Suppliers:
Rockmet Granulti India
Stone Eagle For Granite India
Stone Export Ltd India
Easter Stone Ltd India
BRB Granite India
Raja Ram Tile India
Azul Bahia Brazil
Roso Portuges Portugal
Operating Trend: Steady
Subject has a workforce of 80 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
12,250,000 £E
13,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Abdulaziz El Sayed,
Managing Partner
Bank of Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
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.54.77 |
|
|
1 |
Rs.83.31 |
|
Euro |
1 |
Rs.70.46 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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.