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Report Date : |
04.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
OTAIBA CENTER FOR
IMPORT AND EXPORT |
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|
|
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Registered Office : |
20 Dr Sabongy Street, Saba Pasha, Alexandria |
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|
|
|
Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1992 |
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|
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Com. Reg. No.: |
50649, Alexandria |
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Legal Form : |
General Partnership |
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|
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Line of Business : |
Engaged in the wholesale and retail of decoration materials and
hardware products. |
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|
|
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No of Employees : |
56 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
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 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 :
OTAIBA CENTER FOR IMPORT AND EXPORT
Country of Origin :
Egypt
Legal Form :
General Partnership
Registration Date :
1992
Commercial Registration Number :
50649, Alexandria
Partners Capital :
£E 250,000
Total Workforce :
56
Activities :
Wholesale and retail of decoration materials and hardware products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Esslam Hegazy, Public
Relations Manager
OTAIBA CENTER FOR
IMPORT AND EXPORT
Street : 20 Dr
Sabongy Street
Area : Saba Pasha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5834762
/ 5834662 / 5833897
Facsimile : (20-3) 5834861
Email : otaiba_import.export@yahoo.com
/ esslam.hegazy@otaiba4decor.com
/ otaiba4decor@gmail.com / otaiba.decormaster@gmail.com
Subject operates from a medium sized suite of offices and a showroom
that are rented and located in the Central Business Area of Alexandria.
Branch Offices
Location Description
· Ahmed Shawqi
Street Office
premises
Alexandria
Tel: (20-3)
5446756
· Said Gowhar Street Office
premises
El Manshiya
Alexandria
Tel: (20-3)
4877817
Name Position
· Faisal Fouzi
Otaiba Managing
Partner
· Fahd I Fouzi
Otaiba Partner
· Mohamed Abu El Fattah Import
Manager
· Mamdouh Masoud Marketing
Manager
· Esslam Hegazy Public
Relations Manager
Date of
Establishment : 1992
Legal Form : General
Partnership
Commercial Reg.
No. : 50649, Alexandria
Tax Card No. : 515-375-446
Partners Capital : £E 250,000
· Faisal Fouzi
Otaiba
· Fahd I Fouzi
Otaiba
· I Ranan For
Folding Doors
Amerya
Alexandria
· Violet For
Decoration
Amerya
Alexandria
Activities: Engaged in the wholesale and retail of decoration materials and
hardware products.
Subject’s product range includes PVC Folding
Doors, PVC Floor Tiles, All Kinds of Floor Coverings, All Kinds of Ceiling
Boards, Ceiling Suspension System, Wallpaper Covering Rolls, Metal Ladders,
Coir & Rubber Door Mats, Bath Mats, Ironing Boards, Wallpaper Adhesives,
Self-Adhesive Rolls, All Kinds of Door Curtains (Wood, Bamboo, and Plastic),
Glass Blocks, as well as all kinds of hardware products, such as Door Handles,
Furniture Handles, Bolts, Hinges, Bathroom Accessories, Kitchen Accessories,
Bathroom Curtains, and Curtain Rods.
Import Countries: China, Vietnam, Taiwan, Turkey, Netherlands,
Germany, Belgium, Hungary, Poland, India, Italy
Ukraine, China and Russia
International Suppliers:
· Sareel Turkey
· Gruteen Global Taiwan
· Scan Asia Taiwan
· Zeinjin China
· Rasch Germany
· Emiliana Pratti Italy
· Zambaiti China
· Edem Ukraine
Operating Trend: Steady
Subject has a workforce of 56 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
10,100,000 £E
10,930,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Bank of Alexandria
Mohandessin
Branch
Cairo
Tel:
(20-2) 33034830
Fax:
(20-2) 33454233
·
National Bank of Egypt
21 Tosson Street
Alexandria
Tel: (20-3)
4824802 / 4825715
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.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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.