|
Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MOHAMED SADEK ESTABLISHMENT FOR IMPORT &
EXPORT |
|
|
|
|
Registered Office : |
4 Salama Hegazy Street, El Hussinia,
Mansoura |
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|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2012 |
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|
|
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Date of Incorporation : |
1988 |
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|
|
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Com. Reg. No.: |
77013 |
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Legal Form : |
Sole Proprietorship |
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|
|
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Line of Business : |
Distributors of agricultural equipment and related accessories. |
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|
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No. of Employees : |
6 |
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 |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
|
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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 |
|
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 :
MOHAMED SADEK ESTABLISHMENT FOR IMPORT & EXPORT
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
1988
Commercial Registration Number :
77013, Mansoura
Invested Capital :
£E 50,000
Total Workforce :
6
Activities :
Distributors of agricultural equipment and related accessories.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Sadek El Sayed, Proprietor & General Manager
MOHAMED SADEK ESTABLISHMENT FOR IMPORT & EXPORT
Registered &
Physical Address
Street : 4 Salama
Hegazy Street
Area : El Hussinia
Town : Mansoura
Country : Egypt
Telephone : (20-50) 2232239
Facsimile : (20-50)
2331911
Mobile : (20-100)
5258255 / 1917167
Email : el_sadekgroup@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and located
in the Central Business Area of Mansoura.
Name Position
Mohamed Sadek El Sayed Proprietor
& General Manager
Ahmed Mohamed Sadek El Sayed Assistant
General Manager
Date of Establishment : 1988
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 77013, Mansoura
Invested Capital : £E 50,000
Mr Mohamed Sadek El Sayed is the sole proprietor of the business.
Activities: Engaged in the
import and distribution of agricultural equipment and related accessories.
Import Countries: India,
Spain and Italy.
International Suppliers:
Topland India
Opex India
Avan 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
12,230,000 £E
12,310,000
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
55 El Kholafaa El Rashedeem Street
Mansoura
Tel: (20-50) 2233792
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.03 |
|
|
1 |
Rs.104.32 |
|
Euro |
1 |
Rs.88.24 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.