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Report Date : |
13.03.2014 |
IDENTIFICATION DETAILS
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Name : |
ISMAILIA FOR IMPORT AND TIMBER TRADING |
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Registered Office : |
21 El Mostashafa El Amiri Street, (El Amiri Hospital Street), El Salam Area, Ismailia |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.01.1983 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of timber |
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No. of Employees : |
25 |
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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Maximum Credit Limit : |
US$ 150,000 |
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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 |
|
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, 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 :
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
1st January 1983
Invested Capital :
£E 30,000
Total Workforce :
25
Activities :
Distributors of timber
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Recommended Credit Limit :
US$ 150,000
ISMAILIA FOR
IMPORT AND TIMBER TRADING
Registered &
Physical Address
Street : 21 El Mostashafa El Amiri Street, (El Amiri Hospital Street)
Area :
El Salam Area
Town : Ismailia
Country : Egypt
Telephone : (20-64) 3370400
Facsimile : (20-64)
3370400
Mobile : (20-122)
2425501 / (20-127) 5557737
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Ismailia.
Name Position
Khalifa Orabi Khalifa Proprietor
& General Manager
Ahmed Khalifa Orabi Khalifa Assistant
General Manager
Alaa Abdul Ghaffar Financial
Controller
Abdul Raouf Sales
Manager
Date of Establishment : 1st January 1983
Legal Form : Sole
Proprietorship
Invested Capital : £E 30,000
Mr Khalifa Orabi Khalifa is the sole
proprietor of the business.
Activities: Engaged in the
import and distribution of timber.
Import Countries: Russia,
Romania, Finland and Sweden.
Operating Trend: Steady
Subject has a workforce of 25 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
11,625,000 £E
11,900,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Banque Misr
El Tahrir Street
Ismailia
Tel: (20-64) 3913801
Fax: (20-64) 3924296
No complaints regarding subject’s payments have been reported.
Recommended credit limit: US$
150,000
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.61.09 |
|
|
1 |
Rs.101.59 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.