MIRA
INFORM REPORT
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Report Date : |
16.09.2014 |
IDENTIFICATION DETAILS
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Name : |
FAST FOR SHIPPING AND TRADING |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
70386, |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject is engaged in the provision of transport and shipping services
by sea, land, and air as well as customs clearance services. Subject also imports and distributes
chemicals and steel raw materials |
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No. of Employees |
12 |
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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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Source
: CIA |
SUMMARY
Company Name : FAST FOR SHIPPING AND TRADING
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 1999
Commercial Registration Number : 70386, Alexandria
Tax Card Number : 337-932-786
Partners Capital : £E 50,000
Total Workforce : 12
Activities : Providers of transport and shipping services
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Samir, Assistant General Manager
COMPANY NAME
FAST FOR SHIPPING AND TRADING
ADDRESS
Registered & Physical Address
Street : 10 Mostafa
El Manfalouty Street
Area : Stanley
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5461235
/ 5223830 / 5226069
Facsimile : (20-3) 5222341
Mobile : (20-100) 1401502
Email : sales@fstco.net
/ info@fstco.net
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria
KEY PRINCIPALS
Name Position
· Mohamed Ahmed
Shaaban Managing
Partner
· Nariman Shaaban Partner
· Mohamed Samir Assistant
General Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1999
History : Subject began in
1999 as a Sole Proprietorship, however in 2013 it changed legal form and
became a General Partnership.
Legal Form : General
Partnership
Commercial Reg. No. : 70386, Alexandria
Tax Card No. :
337-932-786
Partners Capital : £E 50,000
Name of Partner
(s)
· Mohamed Ahmed
Shaaban
· Nariman Shaaban
OPERATIONS
Activities: Engaged in the provision of transport and shipping services by sea, land,
and air as well as customs
clearance services. Subject also
imports and distributes chemicals and steel raw materials.
Import Countries: Europe and India
International
Suppliers:
· City & Group India
· TATA Chemicals India
· Esar Steel India
· Kalyani Steel India
Operating Trend: Steady
Subject has a workforce of 12 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
12,800,000 £E
13,325,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
BANKERS
·
National Societe Generale Bank
15 Mina Street
Kafr Abdou
Alexandria
Tel: (20-3)
5419900
Fax: (20-3)
5419991
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
GENERAL COMMENTS
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.99 |
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1 |
Rs.99.09 |
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Euro |
1 |
Rs.79.03 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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-- |
NB |
New Business |
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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.