|
Report Date : |
16.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
ELSHIMI AHMED YASEEN MOHAMED |
|
|
|
|
Registered Office : |
12 El Hatem Street Smouha Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
13.11.2011 |
|
|
|
|
Com. Reg. No.: |
1754, Alexandria |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Import and distribution of spices, dried foodstuffs, cocoa and coconut
powder. |
|
|
|
|
No. of Employees : |
05 |
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 : ELSHIMI AHMED YASEEN MOHAMED
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Start Date : 2010
Registration Date : 13th November 2011
Commercial Registration Number : 1754, Alexandria
Tax Card Number : 376-229-403
Invested Capital : £E 10,000
Total Workforce : 5
Activities : Distributors of spices, dried foodstuffs, cocoa and coconut powder
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Elshimi Ahmed Yaseen Mohamed, Proprietor & General Manager
ELSHIMI AHMED YASEEN MOHAMED
Street : 12 El Hatem
Street
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3620242
Facsimile : (20-3) 3620242
Mobile : (20-109)
1228660
Email : mohamedelshimi2012@yahoo.com / mina.s.anwer@gmail.com
Subject operates from a small suite of offices and a showroom that are
rented and located in the Central Business Area of Alexandria.
Name Position
· Elshimi Ahmed
Yaseen Mohamed Proprietor
& General Manager
· Mina S Anwer Commercial Manager
Date of
Establishment : 2010, however
subject was registered on 13th November 2011
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 1754, Alexandria
Tax Card No. : 376-229-403
Invested Capital : £E 10,000
Mr Elshimi Ahmed Yaseen Mohamed is the sole proprietor of the business.
Activities: Engaged in the import and distribution of spices, dried foodstuffs,
cocoa and coconut powder.
Import Countries: India
International
Suppliers:
· Chingotix India
· Gruver & Sons India
Operating Trend: Steady
Subject has a workforce of 5 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
6,380,000 £E
7,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Elshimi Ahmed Yaseen Mohamed,
Proprietor & General Manager
·
Bank of Alexandria
6 Salah Salem
Street
Alexandria
Tel: (20-3)
4824056
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.61.69 |
|
|
1 |
Rs.98.59 |
|
Euro |
1 |
Rs.83.67 |
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.