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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
MIDDLE EAST FOR IMPORT & EXPORT |
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|
|
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Registered Office : |
6A El Muzafer Street,
El Helimya El Gedidiah, Cairo |
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|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1969 |
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|
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Com. Reg. No.: |
3192, Cairo |
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Legal Form : |
Sole Proprietorship |
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|
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Line of Business : |
importer and distributor of yarn, viscose and
dyeing materials. |
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|
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No. of Employees : |
12 |
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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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 : MIDDLE EAST FOR IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Start Date : 1969
Registration Date : 2001
Commercial Registration Number : 3192, Cairo
Invested Capital : £E 10,000
Total Workforce : 12
Activities : Distributors of yarn, viscose and dyeing materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MIDDLE EAST FOR
IMPORT & EXPORT
Registered &
Physical Address
Street : 6A El Muzafer Street
Area : El Helimya El Gedidiah
Town : Cairo
Country : Egypt
Telephone : (20-2) 25145401
Facsimile : (20-2) 25125693
Mobile : (20-100) 2137744
Email : adel.alashkar@hotmail.com / middleeat2013@gmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Adel Wahid
Al Askar Proprietor
& General Manager
·
Amer
Moosa Sales
Manager
·
Dina
Hussain Accountant
Date of Establishment : 1969, however
subject was registered in 2001
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 3192, Cairo
Invested Capital
: £E 10,000
Mr Adel Wahid Al
Askar is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
yarn, viscose and dyeing materials.
Import
Countries: Europe and
India.
International Suppliers:
·
Winsome Textile Industries Ltd India
· Tekima for Import
& Export India
Operating Trend: Steady
Subject has a
workforce of 12 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 9,200,000 £E 9,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Al
Watany Bank of Egypt
Maadi Branch
Street No. 10
New Maadi
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
Acc No. 512222
·
Arab
African International Bank
Maadi
Cairo
Tel: (20-2) 33545094
Fax: (20-2) 33558493
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
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.