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Report Date : |
28.02.2014 |
IDENTIFICATION DETAILS
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Name : |
AL REDA GROUP FOR TRADING & DEVELOPMENT |
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Registered Office : |
Shop No. 4 & 15 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the import an distribution of fish |
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No. of Employees : |
50 |
RATING & COMMENTS
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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 – 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 |
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Moderate |
B1 |
|
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 |
Company Name : AL REDA GROUP FOR TRADING & DEVELOPMENT
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1990
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
Total Workforce : 50
Activities : Distributors of fish
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AL REDA GROUP FOR TRADING & DEVELOPMENT
Building : Shop No. 4
& 15
Street : Cairo /
Ismailia Road
Area : Section 2,
El Obour Market
Town : Cairo
Country : Egypt
Telephone : (20-2) 44799060
/ 44799070
Facsimile : (20-2)
44799112
Mobile : (20-10)
6577358
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Suburban Business Area of Cairo.
Name Position
· Abd El Baser
Hassan Managing
Director
· Ramadan Ahmed Director
Date of
Establishment : 1990
Legal Form : Egyptian Joint
Stock Company
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
· Abd El Baser Hassan
· Ramadan Ahmed
Activities: Engaged in the import an distribution of fish.
Import Countries: Europe and the Far East
Operating Trend: Steady
Subject has a workforce of 50 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
18,200,000 £E
18,610,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Alexandria
49 Kasr El Nile
Street
Cairo
Tel:
(20-2) 24824056 / 24836073
Fax: (20-2) 24837468
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 company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.94 |
|
|
1 |
Rs.103.31 |
|
Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.