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Report Date : |
09.04.2014 |
IDENTIFICATION DETAILS
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Name : |
EL AMREETY COMPANY |
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Registered Office : |
11 Hosny Moubarak Street El Mashaya El Sofliya, Dakahleya Mansoura |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
111639, Dakahleya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the import and distribution of dairy products such as milk,
milk powder, whey, ghee, butter and cocoa. |
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No. of Employees |
55 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
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Source
: CIA |
Company Name : EL AMREETY COMPANY
Also Known As : MOHAMED & MAGDI EL SAYED AWAD EL AMREETY
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1976
Commercial Registration Number : 111639, Dakahleya
Tax Card Number : 218-320-019
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 55
Activities : Distributors of dairy products
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EL AMREETY COMPANY
MOHAMED
& MAGDI EL SAYED AWAD EL AMREETY
Street : 11 Hosny
Moubarak Street
Area : El Mashaya
El Sofliya, Dakahleya
Town : Mansoura
Country : Egypt
Telephone : (20-50) 2216756
Facsimile : (20-50)
2378994
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Mansoura.
Branch Office (s)
Location Description
· Souk El Togger
Street Office
premises
Mansoura
· 583 Port Said
Street Office
premises
Down Town, Cairo
· El Obour City Office
premises
Cairo / Ismailia
Road
Cairo
· Eskan El Shabab Factory
premises
El Obour City
Cairo / Ismailia
Road
· Abou El Maaly
Street Showroom
premises
Agouza
Giza
Name Position
· Mohamed El Sayed
Awad El Amreety Managing
Director
· Magdy El Sayed
Awad El Amreety Director
· Taghreed Magdy Accounts
Manager
· Ibrahim Hamed
Mohamed Financial
Manager
Date of
Establishment : 1976
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 111639, Dakahleya
Tax Card No. : 218-320-019
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
· Mohamed El Sayed
Awad El Amreety 50%
· Magdy El Sayed
Awad El Amreety 50%
Activities: Engaged in the import and distribution of dairy products such as milk,
milk powder, whey, ghee, butter and
cocoa.
Import Countries: France, India, Sri
Lanka, Netherlands, Russia, Singapore, Ukraine, United States of America,
Belgium, United Arab
Emirates, China, New Zealand and Malaysia.
Export Countries: Sudan, Libya and Jordan.
Operating Trend: Steady
Subject has a workforce of 55 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales £E
560,000,000 £E
575,000,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
6 El Guish Street
Mansoura
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
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|
1 |
Rs.99.36 |
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Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.