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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
AL SAFWA TRADING |
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Registered Office : |
10th
Quarter, Building No. 12, 8th Floor, 28 Ahmed Al Zomer
Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1992 |
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Com. Reg. No.: |
45050 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
importer and distributor of textiles, including
silk and cotton. |
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No. of Employees : |
12 |
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 |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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.
|
Source : CIA |
Concern Name : AL SAFWA TRADING
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1992
Commercial Registration Number : 45050
Invested Capital : £E 60,000
Total Workforce : 12
Activities : Distributors of textiles.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mahmoud Ali Taha, Proprietor & General Manager
AL SAFWA TRADING
Registered &
Physical Address
Building : 10th Quarter, Building No. 12, 8th Floor
Street : 28 Ahmed Al Zomer Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24702585
Facsimile :
(20-2) 24710581
Mobile : (20-122) 3157430 / (20-100) 9724000
Email : mahmoudalytaha@gmail.com
Premises
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
·
El Ahlam
Tower, 3rd Floor, Room No. 8 Office
premises
El Tameer Street, Zone A2
PO Box: 732
Port Said
Tel: (20-66) 3720120
Fax: (20-66) 3731666
Name Position
·
Mahmoud
Ali Taha Proprietor
& General Manager
·
Abdulrahman
Mahmoud Taha Assistant General Manager
·
Khalid
Aoun Sales Manager
Date of Establishment : 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 45050
Invested Capital
: £E 60,000
Mr Mahmoud Ali Taha is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
textiles, including silk and cotton.
Import
Countries: Europe and
India.
International Suppliers:
·
Depro Textile India
· Texworld India
Operating Trend: Steady
Subject has a
workforce of 12 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 Revenue £E 9,570,000 £E 9,925,000
Local sources consider
subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Societe
Arabe International De Banque
Shohada Branch
Orbay and El-Negila Street
Port Said
Tel: (20-66) 3237604
Fax: (20-66) 3230714
No complaints
regarding subject’s payments have been reported.\
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the business is deemed a fair trade risk
and the above credit figure is considered to be within subject’s financial
means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.