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Report Date : |
22.08.2014 |
IDENTIFICATION DETAILS
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Name : |
IMAGE FURNITURE SAE |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
10646, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Import and
Distribution of Furniture and Soft Furnishings. |
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No. of Employees : |
150 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
|
B1 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
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 : IMAGE FURNITURE SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2003
Commercial
Registration Number : 10646, Cairo
Issued Capital : £E
50,000,000
Paid up Capital : £E
50,000,000
Total Workforce : 150
Activities :
Distributors of furniture and soft furnishings.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ayman El Dessawi, Finance
Manager
IMAGE FURNITURE SAE
Street : 11 Abou El Maatey Street
Area : El Agouza
Town : Cairo 12611
Country : Egypt
Telephone : (20-2) 33043951 / 33043952 / 33043953
Facsimile : (20-2) 3304 3951
Email : info@image-eg.com
Subject operates
from a medium sized suite of offices and a showroom that are rented and located
in the Central Business Area of Cairo.
Branch Office
(s)
Location Description
·
12
Obour Building Showroom
premises
Salah Salem Street
Cairo
Tel: (20-2) 24014568
Fax: (20-2) 24053824
·
8 El
Wrood Street Showroom
premises
Mohandessin
Cairo
Tel: (20-2) 37624682
Fax: (20-2) 37624685
·
Zahra
El Maadi Tower Showroom premises
Corniche El Nil
Maadi
Cairo
Tel: (20-2) 25287683
Fax: (20-2) 25287681
·
Km 38,
Cairo
Tel: (20-2) 38571947
Name Position
·
Mohamed Ashraf Mosad Abu El Makarim Chairman
·
Hana Mosad Abu El Makarim Director
·
Hala Mosad Abu El Makarim Director
·
Reem Mohamed Ashraf Mosad Abu El Makarim Director
·
Ayman El Dessawi Finance
Manager
·
Mohamed Rafaat Financial
Controller
·
Hossam Taha Commercial
Manager
Date of Establishment : 2003
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 10646, Cairo
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
·
Mohamed Ashraf Mosad Abu El Makarim
·
Hana Mosad Abu El Makarim
·
Hala Mosad Abu El Makarim
·
Reem Mohamed Ashraf Mosad Abu El Makarim
Activities: Engaged in the import and distribution of
furniture and soft furnishings.
Import
Countries: Europe and the
Far East.
Brand Names: NATUZZI and KUKA
Operating Trend: Steady
Subject has a
workforce of 150 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 46,320,000 £E 48,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Ayman El Dessawi, Finance Manager
·
Deutsche
Bank
New York
United States of America
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.77 |
|
|
1 |
Rs.100.72 |
|
Euro |
1 |
Rs.80.56 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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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.