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Report Date : |
16.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL TRADE OFFICE (ITO) |
|
|
|
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Registered Office : |
8 Batris Lombo Street, El Hay El Latini, Bab Sharq, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1978 |
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|
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of iron, coke, coal,
steel and overhead cranes. |
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|
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No. of Employees : |
85 |
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 |
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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 : INTERNATIONAL TRADE OFFICE (ITO)
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1978
Invested Capital : £E 500,000
Total Workforce : 85
Activities : Distributors of iron, coke, coal, steel and overhead cranes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL TRADE
OFFICE (ITO)
Registered &
Physical Address
Street : 8 Batris Lombo Street
Area : El Hay El Latini, Bab Sharq
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4953924 / 4953971 / 3902118
/ 4953890
Facsimile : (20-3) 4953935
Mobile : (20-100) 3479666 / (20-122)
2190395
Email : info@ito-group.com.eg
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
Salah
Salem Street Office
premises
Cairo
Tel: (20-2) 24022056
·
Switzerland Office
premises
Tel: (62) 3349954
Fax: (62) 3349953
Name Position
·
Karim Fathi Mohamed El Sayed Ashmawi Proprietor
·
Ali Mohamed Ali General
Manager
·
Ashraf Salah Public
Relations Manager
·
Nasr
Ahmed Administration
Manager
Date of Establishment : 1978
Legal Form :
Sole Proprietorship
Invested Capital
: £E 500,000
Mr Karim Fathi Mohamed El Sayed Ashmawi is the sole
proprietor of the business.
·
International Coke Co (ICC)
4th Industrial Zone
Borg El Arab
Alexandria
·
International Shipping Co (ISC)
Alexandria Port
Alexandria
·
International Crane Factory (ICF)
8 Batris Lombo Street
El Hay El Latini
Bab Sharq
Alexandria
Tel: (20-3) 4953890 / 4953971
Fax: (20-3) 4953995
·
International Integrated Systems (IIS)
8 Batris Lombo Street
El Hay El Latini
Bab Sharq
Alexandria
Tel: (20-3) 4953890 / 4953971
Fax: (20-3) 4953995
Activities: Engaged in the import and distribution of
iron, coke, coal, steel and overhead cranes.
Import
Countries: Europe, the
Middle East and the United States of America.
Operating Trend: Steady
Subject has a
workforce of 85 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 24,250,000 £E 25,100,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
HSBC Egypt
47 El Sultan Hussain Street
Azarita
Alexandria
Tel: (20-3) 4872949
Fax: (20-3) 4872925
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.79 |
|
UK Pound |
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.