MIRA INFORM REPORT

 

 

Report Date :

09.11.2013

 

IDENTIFICATION DETAILS

 

Name :

EL HADISA CO

 

 

Registered Office :

14-16 Tawafakya Street, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

2004

 

 

Com. Reg. No.:

1272, Cairo

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Wholesale and retail of automotive spare parts and related accessories.

 

 

No. of Employees :

7

 

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

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

 

SUMMARY

 

Company Name                                    : EL HADISA CO

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Start Date                                             : 2004

Registration Date                                  : 25th December 2006

Commercial Registration Number           : 1272, Cairo

Issued Capital                                       : £E 50,000

Paid up Capital                                     : £E 50,000

Total Workforce                                     : 7

Activities                                               : Wholesale and retail of automotive spare parts and related accessories.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : George Abdul Masih Rizzq, Managing Partner

COMPANY NAME

 

EL HADISA CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 14-16 Tawafakya Street

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 25777130

Facsimile          : (20-2) 25777130 / 25777955

Mobile              : (20-122) 1007473

Email                : elhadisa_gb@yahoo.com

 

Premises

 

Subject operates from a small suite of offices and a showroom that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

George Abdul Masih      Rizzq                                                    Managing Partner

 

Beshoy George Abdul Masih Rizzq                                            Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2004, however subject was registered on 25th December 2006

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 1272, Cairo

 

Issued Capital              : £E 50,000

 

Paid up Capital            : £E 50,000

 

Name of Shareholder (s)

 

George Abdul Masih      Rizzq

 

Beshoy George Abdul Masih Rizzq

 

 

AFFILIATED COMPANIES

 

El Manahry Co

Cairo

Tel: (20-2) 25777130

Fax: (20-2) 25777955

Mob: (20-122) 1007473

 

 

OPERATIONS

 

Activities:                     Engaged in the wholesale and retail of automotive spare parts and related accessories. Subject specialises in Peugeot parts.

 

Import Countries:         France, Germany, India and Italy.

 

International Suppliers:

 

Jagan Lamps Ltd          India

 

Operating Trend:          Steady

 

Subject has a workforce of 7 employees.

 

 

FINANCIAL DATA

 

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 6,320,000                             £E 6,500,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

 

BANKERS

 

Misr International Bank (MIBANK)

14 Alfy Street

PO Box: 631

Cairo

Tel: (20-2) 25931002

Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the business is considered to be a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.73

UK Pound

1

Rs.100.92

Euro

1

Rs.84.06

 

 

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

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%)

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