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Report Date : |
04.10.2014 |
IDENTIFICATION DETAILS
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Name : |
EL TAKADOM ADVANCED CO FOR TRADING |
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Registered Office : |
6 Al Obour Building, 8th Floor, Flat No. 5, Salah Salem Road, Nasr City Cairo |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
350261, |
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Legal Form : |
General Partnership |
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Line of Business : |
Engaged in the
import and distribution of chemicals and related raw materials, as well as
general foodstuff products and tea. |
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No. of Employees : |
50 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 : EL TAKADOM ADVANCED CO FOR TRADING
Country of Origin : Egypt
Legal Form :
General Partnership
Registration Date : 2002
Commercial
Registration Number : 350261,
Cairo
Tax Card Number : 320-458-253
Partners Capital : £E
100,000
Total Workforce : 50
Activities :
Import and distribution of chemicals and related raw materials, as well as general foodstuff products and tea
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Amer Abdulaziz, Sales Manager
EL TAKADOM ADVANCED
CO FOR TRADING
Building : 6 Al Obour Building, 8th
Floor, Flat No. 5
Street : Salah Salem Road
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22604607 / 24036438
Facsimile : (20-2) 22604607
Mobile : (20-100) 1061788 /
(20-111) 3335690
Email : eltakadom@yahoo.com / info@eltakadom.com
/ aayounes@eltakadom.com /
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Cairo.
Name Position
·
Mahmood Hassan Shehada Managing
Partner
·
Abdullah
Abdul Fattah Partner
·
Mohamed
Shoman General
Manager
·
Ihab
Geyatha Assistant
General Manager
·
Ahmed
Younes Finance
Manager
·
Amer Abdulaziz Sales
Manager
Date of Establishment : 2002
Legal Form :
General Partnership
Commercial Reg. No. : 350261, Cairo
Tax
Card No. : 320-458-253
Partners Capital : £E 100,000
·
Mahmood Hassan Shehada
·
Abdullah
Abdul Fattah
·
El Jamhouria Tea Factory
Mina El Qamah
Egypt
·
El
Takadom Tea Factory
Cairo
·
El
Takadom Food Industries
Cairo
Activities: Engaged in the import and distribution of chemicals
and related raw materials, as well as general foodstuff products and tea.
Import
Countries: India and Europe
International
Suppliers:
·
Shah Brother India
·
Anita Export India
· Ampo Export India
· Godfrey Co India
· New Tea Export India
· Vikrama Export India
Brand Names: El JAMHOURIA
Operating Trend: Steady
Subject has a
workforce of 50 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 70,000,000 £E 73,350,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.61.75 |
|
|
1 |
Rs.100.07 |
|
Euro |
1 |
Rs.77.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
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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 |
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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 |
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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 |
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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 |
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<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.