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Report Date : |
11.04.2014 |
IDENTIFICATION DETAILS
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Name : |
EL FATH CO |
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Registered Office : |
El Tareeq El Saree, El Hejaniya Village, Damanhour, Beheira |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1992 |
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Com. Reg. No.: |
69162 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of pesticides,
insecticides and chemicals. |
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No. of Employees |
06 |
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) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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, pushing up unemployment levels, and economic
growth is likely to remain slow amid political uncertainty. Cairo since 2011
has drawn down foreign exchange reserves and depended on foreign assistance to
finance imports and prevent further devaluation of the Egyptian pound, fearing
higher inflation from a weaker currency.
|
Source : CIA |
Concern Name : EL FATH CO
Also Known As : EL FATH IMPORTATION & DISTRIBUTION
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1992
Commercial Registration Number : 69162
Invested Capital : £E 10,000
Total Workforce : 6
Activities : Distributors of pesticides, insecticides and chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Rajab Mostafa Tawfiq El Najjar, General Manager
EL FATH CO
EL FATH IMPORTATION
& DISTRIBUTION
Registered & Physical
Address
Building : El Tareeq
El Saree, El Hejaniya
Village
Area : Damanhour
Town : Beheira
Country : Egypt
Telephone : (20-45) 3030614
Facsimile : (20-45) 3030614
Mobile : (20-100) 3442991 / (20-102) 28090353 / 28090356
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Beheira.
Name Position
·
Mrs Samia Ibrahim Taha
El Najjar Proprietor
·
Rajab Mostafa Tawfiq El Najjar General
Manager
·
Ibrahim Mohamed
El Najjar Sales
Manager
Date of Establishment : 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 69162
Invested Capital
: £E 10,000
Mrs. Samia Ibrahim Taha
El Najjar is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
pesticides, insecticides and chemicals.
Import
Countries: Europe and India
International
Suppliers:
·
United
Phosphorous Ltd (UPL) India
·
Ferex Agri France
Operating Trend: Steady
Subject has a
workforce of 6 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E 7,850,000 £E
8,200,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Rajab Mostafa
Tawfiq El Najjar, General
Manager
·
National
Bank of Egypt
Gamal Abdel Nasser
Street
Beheira
Tel: (20-45) 2910482
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.21 |
|
UK Pound |
1 |
Rs.101.05 |
|
Euro |
1 |
Rs.83.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
div |
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|
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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 |
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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 |
|
|
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 |
-- |
|
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.