|
Report Date : |
19.03.2014 |
|
|
|
|
Tel. No.: |
20229700757 |
|
Fax No.: |
20229700381 |
IDENTIFICATION DETAILS
|
Name : |
EL SAFWA FOR MARBLE AND GRANITE SAE |
|
|
|
|
Registered Office : |
64 El
Daher Street, Daher, P O Box11271,
Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Year of Establishments: |
1999 |
|
|
|
|
Com. Reg. No.: |
4365, Cairo |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Engaged
in the production, cutting, forming and installation of marble and granite blocks
and sheets. |
|
|
|
|
No. of Employees |
170
(approximately) |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 : EL SAFWA FOR MARBLE AND GRANITE SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration Number : 4365, Cairo
Tax Card Number : 200-186-973
Issued Capital : £E 1,250,000
Paid up Capital : £E 1,250,000
Total Workforce : 170
Activities :
Production, cutting, forming and installation of
marble and granite
blocks and sheets.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EL SAFWA FOR MARBLE
AND GRANITE SAE
Registered &
Physical Address
Location : 64 El
Daher Street, Daher
PO Box : 11271
Town : Cairo
Country :
Telephone : (20-2) 25907529 / 25917771 / 25923021 / 25938285 / 25895786
Facsimile : (20-2) 25917778
/ 26987177
Mobile : (20-12) 2257599 / 3508585 / 2101137
(20-10) 9666686
Email : elsafwa@link.net
Premises
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office (s)
Location Description
·
Industrial Zone for Marble Factory
premises
Autostrad Street, Torah
Shaq
El Thoaaban
Tel: (20-2)
27541470 / 29700757
Fax: (20-2) 27541140
/ 29700381
·
49
Kamel Sedky Street Office
premises
El Faggala
Cairo
Tel: (20-2) 27541140
Fax: (20-2) 25907166
Name Position
·
Abd El Aal Ibrahim El Dessouky Managing
Director
·
Moataz Abd El Aal El Dessouky Director
Mohamed
Abd El Aal Ibrahim El Dessouky Director
·
Khaled Megahed Factory
Manager
·
Ahmed
Ayad Finance
Manager
·
Walid Aiyad Export
Manager
·
Mohamed
Abd El Khalek Import
Manager
Date of Establishment : 1999
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 4365, Cairo
Tax Card No. :
200-186-973
Issued Capital : £E 1,250,000
Paid up Capital : £E 1,250,000
Name of Shareholder
(s) Percentage
·
Abd El Aal Ibrahim El Dessouky 25%
·
Moataz Abd El Aal El Dessouky 25%
·
Mohamed Abd El Aal Ibrahim El Dessouky 25%
·
Local
businessmen and private investors 25%
Activities: Engaged in the
production, cutting, forming and installation of marble and granite blocks and
sheets.
Production
Capacity: 180,000 square metres per annum.
Import
Countries: Italy, Spain, Germany, Portugal, India and Brazil.
Export
Countries: Europe, South
America and Africa.
Subject has a
workforce of approximately 170 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 / 24836073
Fax:
(20-2) 24837468
·
Commercial
International Bank (CIB)
PO Box: 2430
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints
regarding subject’s payments have been reported.
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 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.84.89 |
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.