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Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMI FOR IMPORT & EXPORT |
|
|
|
|
Registered Office : |
Mogarwa 26, Villa No 295 10th
of Ramadan City |
|
|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
16.01.2007 |
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|
|
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Com. Reg. No.: |
6172 |
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Legal Form : |
Sole Proprietorship |
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|
|
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Line of Business : |
Distributors of textile
raw materials, auxiliary chemicals, gaur gum and dyeing materials |
|
|
|
|
No. of Employees : |
06 |
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
Company Name : EMI FOR IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 16th January 2007
Commercial Registration Number : 6172, 10th of Ramadan City
Import Licence Number : 57780
Tax Card Number : 200-278-738
Invested Capital : £E 100,000
Total Workforce : 6
Activities :
Distributors of textile raw materials,
auxiliary chemicals, gaur gum and
dyeing materials
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hanan Fouzi Sand, Proprietor
EMI FOR IMPORT & EXPORT
Location : Mogarwa 26, Villa No 295
Town : 10th
of Ramadan City
Country : Egypt
Telephone : (20-15) 379365
Facsimile : (20-15) 379364
Mobile : (20-100)
1113048
Email :
Please note that subject’s previous address was, Mogawra 13 Square C
Building 11 Flat 6, 10th of Ramadan City.
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of 10th of Ramadan City.
Name Position
· Ms Hanan Fouzi Sand Proprietor
· Saleh Abdul Majeed General
Manager
Date of
Establishment : 16th
January 2007
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 6172, 10th of Ramadan City
Import Licence No. : 57780
Tax Card No. : 200-278-738
Invested Capital : £E 100,000
Ms Hanan Fouzi Sand is the sole
proprietor of the business.
Activities: Engaged in the import and distribution of textile raw materials, auxiliary chemicals, gaur gum and dyeing
materials.
Import Countries: Europe and India.
International
Suppliers:
· Encoure India
Operating Trend: Steady
Subject has a workforce of 6 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
7,200,000 £E
7,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Misr International Bank (MIBANK)
Main Branch
10th of
Ramadan City
Tel: (20-15)
378435
Fax: (20-15)
378327
No complaints regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally
timely manner and the operating history is clear. As such the business is
deemed a fair trade risk and the above credit figure is considered to be within
subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.