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Report Date : |
07.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NILE RIVER CO FOR EXPORT & IMPORT |
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Registered Office : |
54 Michael Pakhoum Street, Dokki, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
07.09.2011 |
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Com. Reg. No.: |
53794, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject engaged in the import and distribution of general foodstuffs, including olive oil, juices, beverages as well as
packaging materials, bottles, containers , carton and plastic for packaging. |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
B1 |
B1 |
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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.
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Source : CIA |
Company Name :
NILE RIVER CO FOR EXPORT & IMPORT
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
7th September 2011
Commercial Registration Number :
53794, Cairo
Issued Capital :
£E 250,000
Paid up Capital :
£E 250,000
Total Workforce :
12
Activities :
Distributors of general foodstuffs, packaging materials,
bottles,
containers, carton and plastic
for packaging.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Osama Mohamed Saeed, Chairman
NILE RIVER CO FOR EXPORT & IMPORT
Street : 54 Michael
Pakhoum Street
Area : Dokki, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 37618190
Facsimile : (20-2) 37618190
Mobile : (20-115) 4020047 / 8881200 / (20-114) 8881200
Email : nileriverco@yahoo.com
Subject operates from a small suite of offices and a warehouse that are
rented and located in the Central Business Area of Cairo.
Name Position
· Osama Mohamed Saeed Chairman
· Ali Eddine El Sayed Managing
Director
· Fatin Mohamed Director
· Rania Mahmoud Sales
Manager
Date of Establishment : 7th September 2011
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 53794, Cairo
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
· Osama Mohamed Saeed
· Ali Eddine El Sayed
· Fatin Mohamed
Activities: Engaged in the import and distribution of general foodstuffs, including olive oil, juices, beverages as well as
packaging materials, bottles, containers , carton and plastic for packaging.
Import Countries: Europe and the Far East.
International
Suppliers:
· Comat Industry China
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12:
Total Sales £E
10,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Osama Mohamed
Saeed, Chairman
·
Arab African International Bank
Mokatm Branch
Cairo
Acc No. 509180
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.65.96 |
|
UK Pound |
1 |
Rs.102.91 |
|
Euro |
1 |
Rs.86.58 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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26-40 |
B |
Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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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 |
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<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.