MIRA INFORM REPORT

 

 

Report Date :

12.05.2014

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL CENTER FOR MARKETING AND TRADING (ICM)

 

 

Registered Office :

34 Mahmoud Khairy Street, Abbas El Akkad, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1994

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the import and distribution of agricultural equipment, scissors, sprayers and pesticides.

 

 

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 – 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                                     : INTERNATIONAL CENTER FOR MARKETING AND TRADING (ICM)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1994

Issued Capital                                        : £E 3,000,000

Paid up Capital                                      : £E 3,000,000

Total Workforce                                     : 25

Activities                                               : Distributors of agricultural equipment.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

INTERNATIONAL CENTER FOR MARKETING AND TRADING (ICM)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 34 Mahmoud Khairy Street

Area                 : Abbas El Akkad, Nasr City

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24054740 / 22600597

Facsimile          : (20-2) 24054744 / 22626494

Mobile               : (20-100) 560603 / 1681668

Email                : hussicm_@hotmail.com / icmgroup@yahoo.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

 

Ahmed Kamal Radwan                                                               Chairman

 

Mahmoud Radwan                                                                     Accounts Manager

 

Hussein Kamal Radwan                                                              Sales Manager

 

Hossam El Shafie                                                                      Technical Manager

 

Moustafa Radwan                                                                      Import Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           1994

 

Legal Form      :                       Egyptian Joint Stock Company

 

Issued Capital              :           £E 3,000,000

 

Paid up Capital            :           £E 3,000,000

 

Name of Shareholder (s)                                              Percentage

 

Ahmed Kamal Radwan                                                   60%

 

Local businessmen and private Investors                          40%

 

 

OPERATIONS

 

Activities:                     Engaged in the import and distribution of agricultural equipment, scissors, sprayers and pesticides.

 

Import Countries:         United Kingdom, United States of America, Taiwan, Saudi Arabia, India, Italy and Spain.

 

Agencies Held:

 

Agropharm Ltd

Fogmaster

Henkel

Ta Nong

Arbin Trading and Service

Vanaz Engineering Ltd

Wintmire Micro Gen

Baharat Arisan

Scidico

 

Export Countries:         Saudi Arabia, Yemen and Sudan.

 

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 50,320,000                           £E 52,645,000

 

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

The above financial figures are based on estimations by our local sources.

 

 

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

 

Misr Iran Development Bank

355 Road

El Horreya Square

Maadi

Cairo

Tel: (20-2) 23800112

 

 

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.60.05

UK Pound

1

Rs.101.65

Euro

1

Rs.83.07

 

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