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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AL KARM CO |
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Registered Office : |
Kar Saad, Al Balad, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.02.2010 |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject is engaged in the import and
distribution of jute materials as well as jute sacks and bags. |
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No of Employees : |
06 |
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 |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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.
|
Source
: CIA |
Company Name :
AL KARM CO
Country of Origin :
Egypt
Legal Form :
General Partnership
Registration Date :
16th February 2010
Partners Capital :
£E 50,000
Total Workforce :
6
Activities :
Import and distribution of jute materials as well as
jute sacks and bags
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Tariq Faraj, Accountant
AL KARM CO
Registered &
Physical Address
Location : Kar Saad, Al
Balad
Town : Damietta
Country : Egypt
Telephone : (20-57) 3763852
Facsimile : (20-57) 3763852
Mobile : (20-122)
5666131 / (20-120) 6020304
Email : elmadinajode@yahoo.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Damietta.
Name Position
Mahmoud Abdo El Gazzar Managing
Partner
Abdo Mahmoud Abdo El Gazzar Partner
Tariq Faraj Accountant
Date of Establishment : 16th
February 2010
Legal Form :
General
Partnership
Partners Capital : £E 50,000
Name of Partner
(s)
Mahmoud Abdo El Gazzar
Abdo Mahmoud Abdo El Gazzar
El Madina El Manawara Co
Kafr Saad, Al Balad
Damietta
Tel: (20-57) 3763852
Fax: (20-57) 3763852
Activities: Engaged in the import and distribution
of jute materials as well as jute sacks and bags.
Import Countries: India and Bangladesh
International Suppliers:
Otara Jute Bangladesh
Monami Jute Bangladesh
Gold Jute Bangladesh
Operating Trend: Steady
Subject has a workforce of 6 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
6,500,000 £E
6,750,000
Local sources consider subject’s financial condition to be fair.
The above financial figures are based on estimations by our local
sources.
Banque du Caire SAE
El Galaa Street
Damietta
Tel: (20-57) 322994
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.60.73 |
|
|
1 |
Rs.101.47 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.