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Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
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Name : |
NOUR EL |
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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 Establishments : |
2001 |
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Com. Reg. No.: |
37980, Mansoura |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of general foodstuff products, including rice, lentils,
beans and pulses. |
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No of Employees : |
08 |
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 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B1 |
B2 |
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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.
|
Source
: CIA |
Concern Name : NOUR EL SABAH IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 2001
Commercial Registration Number : 37980, Mansoura
Invested Capital : £E 60,000
Total Workforce : 8
Activities : Distributors of general foodstuff products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hamada Hussain, Sales Manager
NOUR EL SABAH
IMPORT & EXPORT
Registered &
Physical Address
Street : 23 Ahmed Gad Street
Area : Sheikh Hasanin Square,
Dakhaliya
Town : Mansoura
Country : Egypt
Telephone : (20-50) 2248006
Facsimile : (20-50) 2225001
Mobile : (20-122) 3117381 / (20-100)
6210310
Email : hyber1@hotmail.com / hyber.one@hotmail.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Mansoura.
Name Position
·
Hassan
Mahmood Morsi Proprietor
& General Manager
·
Mohamed
Hassan Mahmood Morsi Assistant
General Manager
·
Hamada Hussain Sales
Manager
·
Mahmood Mishaal Marketing
Manager
Date of Establishment : 2001
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 37980,
Mansoura
Export Licence No. : 70045
Invested Capital
: £E 60,000
Mr Hassan Mahmood
Morsi is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
general foodstuff products, including rice, lentils, beans and
pulses.
Import Countries: India, China, Thailand, Argentina and the
United States of America.
International
Suppliers:
·
Dhaval Agri Export Ltd India
·
Raj Foods International India
·
Androlli SA Argentina
·
Star Food Ltd China
·
Tianjin Jainjhi Guixinjyuan Foods Co Ltd China
·
Bionner Ltd China
·
Asanee Ltd Thailand
·
Erker Inc United
States of America
Operating Trend: Steady
Subject has a
workforce of 8 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Revenue US$ 8,350,000 US$ 9,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Hamada Hussain, Sales Manager
·
Egyptian
Saudi Finance Bank
Suez Canal Street
Mansoura
Tel: (20-50) 2334505
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.61.89 |
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|
1 |
Rs.96.83 |
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Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
-- |
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.