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Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
14 Zakaria Ahmed Street, Tawfekia, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1974 |
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Com. Reg. No.: |
819317 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the import and distribution of motor vehicle spare parts |
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No of Employees : |
45 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate 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 |
Company Name : AUTO IVECO PARTS CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1974
Commercial Registration Number : 819317, Cairo
Tax Card Number : 271-098-635
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 45
Activities : Distributors of motor vehicle spare parts.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
AUTO IVECO PARTS CO
Street : 14 Zakaria
Ahmed Street
Area : Tawfekia
Town : Cairo
Country : Egypt
Telephone : (20-2) 25799636
/ 25741008 / 27883165
Facsimile : (20-2)
25799636 / 25741008
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area Cairo.
Branch Office (s)
Location Description
·
253 Shoubra Street Office
premises
El Khalafaw
Shoubra
Cairo
Tel: (20-2)
25241008
·
Dawlatian Street Showroom
premises
Shoubra
Cairo
·
Guesr El Suez Warehouse
premises
Heliopolis
Cairo
Name Position
·
Ayman
El Masarany Managing
Partner
·
Amgad
El Masarany Partner
·
Michel
El Masarany Partner
·
Lucy
Nadar General
Manager
Date of
Establishment : 1974
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 819317, Cairo
Tax Card No. :
271-098-635
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
·
Ayman El Masarany
·
Amgad El Masarany
·
Michel El Masarany
Activities: Engaged in the import and distribution of motor vehicle spare parts.
Import Countries: Italy
Operating Trend: Steady
Subject has a workforce of 45 employees.
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 17,900,000
£E 18,325,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Ahli United Bank
40 Shoubra Street
Cairo
Tel: (20-2) 24603778 / 24596896
Fax: (20-2) 24603889
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. 58.86 |
|
|
1 |
Rs. 98.82 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.