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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
RELIANCE
LOGISTICS SAE |
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|
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Registered Office : |
13 Sharif Street, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.03.2014 |
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Date of Incorporation : |
1998 |
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Com. Reg. No.: |
8328, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the transportation and supply of clinker and cement. |
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No of Employees : |
650 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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Payment Behaviour : |
Regular |
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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 |
B1 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 :
RELIANCE LOGISTICS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1998
Commercial Registration Number :
8328, Cairo
Issued Capital :
£E 50,000,000
Paid up Capital :
£E 50,000,000
Total Workforce :
650
Activities :
Transportation and supply of clinker and cement.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Yousef Rushdy Wagdi, Finance Manager
RELIANCE LOGISTICS
SAE
Location : 13 Sharif
Street
Town : Cairo
Country : Egypt
Telephone : (20-2) 23932262
/ 23957017
Facsimile : (20-2)
23957017
Mobile : (20-122)
3999666
Email : yousefrushdy@relianceegypt.com
/ logistics@relianceegypt.com
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
· Magdy Moheb
Kassbogui Chairman
· Moheb Kassbogui Vice
Chairman
· Dalia Gurguis Director
· Karim E Sabee General
Manager
· Omar Raghib Operations
Manager
· Yousef Rushdy Wagdi Finance
Manager
Date of
Establishment : 1998
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 8328, Cairo
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
· Magdy Moheb
Kassbogui
· Moheb Kassbogui
· Dalia Gurguis
· Reliance Mining
13 Sharif Street
Cairo
· Reliance Readymix
13 Sharif Street
Cairo
Activities: Engaged in the
transportation and supply of clinker and cement.
Operating Trend: Steady
Subject has a workforce of approximately 650 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/03/13: Year Ending
31/03/14:
Total Sales £E
1,135,000,000 £E
1,300,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Yousef Rushdy Wagdi, Finance Manager
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
Regular
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.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.