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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EL MAGAD FOR OIL EXTRACTION AND REFINING |
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Registered Office : |
5th
Industrial Zone, Plot No. 203 & 204, |
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Country : |
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Date of Incorporation : |
01.01.2014 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
process of extracting and refining of vegetable fats. |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
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 : EL MAGAD FOR OIL EXTRACTION AND
REFINING
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1st January
2014
Issued Capital : £E
1,500,000
Paid up Capital : £E
1,500,000
Total Workforce : 100
Activities :
Extracting and refining of vegetable fats.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed : Sharef El
Fishawi, Financial Controller
EL MAGAD FOR OIL
EXTRACTION AND REFINING
Location : 5th Industrial Zone,
Plot No. 203 & 204
Town : Sadat City
Country : Egypt
Telephone : (20-48) 26003458
Facsimile : (20-48) 26003459
Mobile : (20-10) 99199531
Email : elmagadforoils@gmail.com
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Sadat City.
Name Position
·
Hani
Mahmoud Abu El Magad Managing
Partner
·
Sharef
El Fishawi Financial
Controller
·
Hani
Salamah Administration
Manager
Date of Establishment : 1st January
2014
Legal Form :
Limited Liability
Partnership
Issued Capital : £E 1,500,000
Paid up Capital : £E 1,500,000
·
Hani
Mahmoud Abu El Magad
·
Members
of Mr Hani Mahmoud Abu El Magad’s family
Activities: Engaged in the process of extracting and
refining of vegetable fats.
Subject has a
workforce of 100 employees.
Subject is a newly
formed business and as a result financial information is not currently
available.
·
National
Bank of Egypt
Qwesna Branch
Menoufeya
Tel: (20-48) 573034
Fax: (20-48) 573171
No complaints
regarding subject’s payments have been reported.
In view of subject’s
infancy, extensive payment and financial are not available, therefore dealings
are recommended to be on secured terms, and a close monitoring of subject’s
business development is advisable
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
PDT |
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.