MIRA INFORM REPORT

 

 

Report Date :

19.03.2014

 

 

 

Tel. No.:

20 2 25164594/1227382808

Fax No.:

20 2 25164594

 

IDENTIFICATION DETAILS

 

Name :

DEVELOP FOR MARBLE AND GRANITE

 

 

Registered Office :

Building No. 19, 5th Floor, Office No. 58, Street No. 261, El Gazaer Square, New Maadi, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

17.03.2003

 

 

Com. Reg. No.:

73146, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the processing, import and export of marble and granite.

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

No complaints

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

SUMMARY

 

Company Name                                    : DEVELOP FOR MARBLE AND GRANITE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 17th March 2003

Commercial Registration Number           : 73146, Cairo

Tax Card No.                                         : 310-514-533

Issued Capital                                       : £E 5,000,000

Paid up Capital                                     : £E 5,000,000

Total Workforce                                     : 25

Activities                                               : Processing, import and export of marble and granite.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Wagdy Mahrous Mourkos, Director

 

 

 

COMPANY NAME

 

DEVELOP FOR MARBLE AND GRANITE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Building No. 19, 5th Floor, Office No. 58, Street No. 261, El Gazaer Square

Area                 : New Maadi

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 25164594

Facsimile          : (20-2) 25164594

Mobile              : (20-122) 7382808 / 3373251

Email                : develop@developmarble.com / wagdy@developmarble.com / magdy@developmarble.com

 

Premises

 

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

 

Branch Offices

 

Location                                                                                               Description

 

Qattamya                                                                                              Factory premises

Shaq El Teiban

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Edward Murad Edward                                                                          Managing Director

 

Wagdy Mahrous Mourkos                                                                      Director

 

Rania Magdi                                                                                          Director

 

Magdi Fakri                                                                                           Financial Controller

 

Mena Milad                                                                                           Accountant

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           17th March 2003

 

Legal Form      :                       Egyptian Joint Stock Company

 

Commercial Reg. No.   :           73146, Cairo

 

Tax Card No.    :                       310-514-533

 

Issued Capital              :           £E 5,000,000

 

Paid up Capital            :           £E 5,000,000

 

Name of Shareholder (s)

 

Edward Murad Edward

 

Wagdy Mahrous Mourkos

 

Rania Magdi

 

 

OPERATIONS

 

Activities:                     Engaged in the processing, import and export of marble and granite.

 

Import Countries:         Italy and China

 

International Suppliers:

 

Mondial Marble             India

Universal Marble            India

 

Operating Trend:          Steady

 

Subject has a workforce of 25 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                               


Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                £E 8,850,000                             £E 9,330,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Wagdy Mahrous Mourkos, Director

 

 

BANKERS

 

Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is considered to be a fair trade risk.

 

 

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.95

UK Pound

1

Rs.101.37

Euro

1

Rs.84.89

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.