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Report Date : |
25.09.2013 |
IDENTIFICATION DETAILS
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Name : |
MJM MARKETING LLC |
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Formerly Known As : |
EGYPTIAN MARKETING CONSULTANT (EMARCO) |
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Registered Office : |
Flat No. 2 9 Ghenia Street Heliopolis Cairo 11341 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
01.02.1988 |
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Com. Reg. No.: |
287537, Cairo |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Distributors of chemical raw materials. |
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No. of Employees : |
5 |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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 : MJM MARKETING LLC
Previously Known As : EGYPTIAN MARKETING CONSULTANT (EMARCO)
Country of Origin : Egypt
Legal Form : Limited Liability Company
Registration Date : 1st February 1988
Commercial Registration Number : 287537, Cairo
Import Licence Number : 66688
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Total Workforce : 5
Activities : Distributors of chemical raw materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ms. Iman, Secretary
MJM MARKETING LLC
PREVIOUSLY KNOWN
AS:
EGYPTIAN MARKETING CONSULTANT (EMARCO)
Building : Flat No. 2
Street : 9 Ghenia
Street
Area : Heliopolis
Town : Cairo 11341
Country : Egypt
Telephone : (20-2) 24530327
/ 24534797 / 24534793
Facsimile : (20-2)
24522282
Mobile : (20-111)
1505037
Email : mardigbalayan@hotmail.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
· Mardius Nobar
Balayan Managing
Director
· Garyar Mardius
Nobar Balayan Director
· Maral Mardius
Nobar Balayan Director
· Ms Iman Secretary
Date of
Establishment : 1st
February 1988
History : Subject began in
1988 as a Sole Proprietorship called “Egyptian Marketing Consultant
(EMARCO)”. However in 2013 it re-registered
as a Limited Liability Company under the
new
name
of “MJM Marketing LLC”.
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 287537, Cairo
Import Licence No. : 66688
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Name of
Shareholder (s)
· Mardius Nobar
Balayan
· Garyar Mardius
Nobar Balayan
· Maral Mardius
Nobar Balayan
Activities: Engaged in the import and distribution of chemical raw materials for
the paint, footwear and adhesives
industries.
Import Countries: Europe and India.
International Suppliers:
· Pidilite Industries India
· Venus Industries India
· J J Organic India
· York Chem Ltd United Kingdom
· Lamirsa Spain
Operating Trend: Steady
Subject has a workforce of 5 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
11,215,000 £E
12,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2)
33908992
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.66 |
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|
1 |
Rs.100.46 |
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Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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NB |
New Business |
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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.