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Report Date : |
02.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AFROARAB CO |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2008 |
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Com. Reg. No.: |
20172, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Manufacture of cutting tools for the marble and granite industry |
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No. of Employees : |
14 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Egypt |
B1 |
B1 |
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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 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
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Source
: CIA |
Company Name : AFROARAB CO
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 2008
Commercial Registration Number : 20172, Cairo
Tax Card Number : 288-963-857
Invested Capital : £E 250,000
Total Workforce : 14
Activities : Manufacturers of cutting tools for the marble and granite industry.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AFROARAB CO
Street : 25 Abou
Sawan Street
Area : El Basateen
PO Box : 11432
Town : Cairo
Country : Egypt
Telephone : (20-2) 27033883
/ 27034083 / 27025596
Facsimile : (20-2)
27033883
Mobile : (20-11)
1351199 / (20-12) 6642830
Email : info@afroarab.org
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 7 Mohamed Allam
Street Office
premises
El Basateen
Cairo
· Industrial Area Factory
premises
Shak El Thoban
Helwan
Name Position
· Mohamed Ahmed Proprietor
& General Manager
· Ashraf Hussein Production
Manager
· Samir Sabry Export
Manager
· Hamada Mahrous Marketing
Manager
Date of
Establishment : 2008
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 20172, Cairo
Tax Card No. : 288-963-857
Invested Capital : £E 250,000
Mr Mohamed Ahmed is the sole proprietor of the business.
Activities: Engaged in the manufacture of cutting tools for the marble and granite
industry.
Import Countries: India, China, Italy, Spain and the United States
of America
Agencies Held:
· Gisbert
Operating Trend: Steady
Subject has a workforce of 14 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
7,750,000 £E
8,300,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Al Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2)
33379363
Fax: (20-2)
33772959
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.61.93 |
|
|
1 |
Rs.102.39 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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.