MIRA INFORM REPORT

 

 

Report Date :

02.07.2014

 

IDENTIFICATION DETAILS

 

Name :

AL SAIF INTERNATIONAL FOR IMPORT AND EXPORT

 

 

Registered Office :

3 Abdl Fattah Saeed Street, Kofretohormus, Faisal, Giza, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

12.01.2014

 

 

Com. Reg. No.:

231055, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Subject is engaged in the import and distribution of Bakhoor and ultra-marine scents.

 

 

No. of Employees :

5

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

New Business

 

--

 

 

Status :

New company

Payment Behaviour :

Unknown

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 – March 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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 remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency.

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : AL SAIF INTERNATIONAL FOR IMPORT AND EXPORT

Country of Origin                                   : Egypt

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 12th January 2014

Commercial Registration Number           : 231055, Cairo

Invested Capital                                                : £E 10,000

Total Workforce                         : 5

Activities                                               : Distributors of Bakhoor and ultra-marine scents

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

 

COMPANY NAME

 

AL SAIF INTERNATIONAL FOR IMPORT AND EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 3 Abdl Fattah Saeed Street

Area                 : Kofretohormus, Faisal, Giza

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 33354920

Facsimile          : (20-2) 33354920

Mobile              : (20-11) 16116021 (20-12) 2097218

Email                : alsaifintl@gmail.com

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Ashraf Mohram Atta                                                                  Proprietor

 

Taher Yousef                                                                            General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           12th January 2014

 

Legal Form      :                       Sole Proprietorship

 

Commercial Reg. No.   :           231055, Cairo

 

Invested Capital           :           £E 10,000

 

Mr Ashraf Mohram Atta is the sole proprietor of the business.

 

AFFILIATED COMPANIES

 

El Burhan International

Cairo

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of Bakhoor and ultra-marine scents.

 

Import Countries:         China and India.

 

International Suppliers:

 

Sindo Ltd                      India

Shonxi Fuding               China

 

Subject has a workforce of 5 employees.

 

 

FINANCIAL DATA

 

Subject is a newly formed business and as a result financial information is not currently available.

 

 

BANKERS

 

Suez Canal Bank

PO Box: 2620

Cairo

Tel: (20-2) 25769296

Fax: (20-2) 25322064

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

In view of subject’s infancy, extensive payment and financial are not available, therefore dealings are recommended to be on secured terms, and a close monitoring of subject’s business development is advisable.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.14

UK Pound

1

Rs.102.83

Euro

1

Rs.82.28

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

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