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Report Date : |
15.01.2014 |
IDENTIFICATION DETAILS
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Name : |
COMFORT FOR
IMPORT & EXPORT |
|
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|
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Registered Office : |
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Country : |
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|
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
16.01.2010 |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Engaged in the import
and distribution of decoration products, ceiling decoration and false ceiling
systems. |
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No of Employees : |
5 |
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 |
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|
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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 |
|
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 :
COMFORT FOR IMPORT & EXPORT
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
16th January 2010
Invested Capital :
£E 50,000
Total Workforce :
5
Activities :
Distributors of decoration products, ceiling decoration and false ceiling
systems
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Hesham Kamal Mohamed, Proprietor & General Manager
COMFORT FOR IMPORT
& EXPORT
Street : Mohamed El
Deeb Street
Area : Kofr Tahla
Town : Banha
Country : Egypt
Mobile : (20-100)
3739302
Email : heshamcomfort@yahoo.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Banha.
Name Position
·
Hesham Kamal Mohamed Proprietor
& General Manager
Date of
Establishment : 16th
January 2010
Legal Form : Sole
Proprietorship
Invested Capital : £E 50,000
Mr Hesham Kamal Mohamed is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
decoration products, ceiling decoration and false ceiling systems.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 5 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E 6,300,000
£E 6,650,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Faisal Islamic Bank
Banha
Tel: (20-2)
27871870
No complaints
regarding subject’s payments have been reported.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.52 |
|
|
1 |
Rs. 101.47 |
|
Euro |
1 |
Rs. 84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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.