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Report Date : |
13.02.2014 |
IDENTIFICATION DETAILS
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Name : |
HAYAT CO |
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Registered Office : |
58 Abdullah Abu El Saoud Street, El Nozha, Heliopolis, PO Box : 2987,
Cairo 11361 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.01.2004 |
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Com. Reg. No.: |
363724, Cairo |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of
industrial materials, fertilizers, chemicals and pharmaceutical products. |
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No. of Employees : |
13 |
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 |
|
Status : |
Satisfactory |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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, and economic growth is likely to remain slow during the next
several years. The government drew down foreign exchange reserves by more than
50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign
financial assistance - as a result of unsuccessful negotiations with the
International Monetary Fund over a multi-billion dollar loan agreement which
have dragged on more than 20 months - could precipitate fiscal and balance of
payments crises in 2013.
|
Source
: CIA |
Company Name :
HAYAT CO
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
16th January 2004
Commercial Registration Number :
363724, Cairo
Tax Card Number :
208-147-608
Issued Capital :
£E 200,000
Paid up Capital :
£E 200,000
Total Workforce :
13
Activities :
Distributors of industrial materials, fertilizers, chemicals and pharmaceutical
products
Financial Condition :
Fair
Payments : Nothing
detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Khaled Saleh, Financial Controller
HAYAT CO
Registered &
Physical Address
Building : 58 Abdullah
Abu El Saoud Street
Area : El Nozha,
Heliopolis
PO Box : 2987
Town : Cairo 11361
Country : Egypt
Telephone : (20-2) 26444421
Facsimile : (20-2)
26326299
Mobile : (20-12)
73222443
Email : info@hayatco.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
Adeeb Yousef Graiss Managing
Partner
Wagdy Yousef Graiss Partner
Khaled Saleh Financial
Controller
Date of Establishment : 16th January 2004
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 363724,
Cairo
Tax Card No. : 208-147-608
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
Name of Partner
(s)
Adeeb Yousef Graiss
Wagdy Yousef Graiss
Activities: Engaged in the import and
distribution of industrial materials, fertilizers, chemicals and pharmaceutical
products.
Import Countries: Europe
and the Far East
Operating Trend: Steady
Subject has a workforce of 13 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
8,240,000 £E
9,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Khaled Saleh, Financial Controller
Arab African Bank
5, El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 33545094
Fax: (20-2) 33558493
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.13 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.