|
Report Date : |
20.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
EL SEDIK EXPORT & IMPORT OFFICE |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Establishment : |
1992 |
|
|
|
|
Com. Reg. No.: |
230913 |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
Import and
Distributors of Safety Matches |
|
|
|
|
No. of Employees : |
8 |
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 : EL SEDIK EXPORT & IMPORT OFFICE
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 1992
Commercial
Registration Number : 230913
Tax Card Number : 270-960-562
Invested Capital : £E
300,000
Total Workforce : 8
Activities :
Distributors of safety matches.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Sami Zaki
Mohamed El Malt, Proprietor & General Manager
EL SEDIK EXPORT
& IMPORT OFFICE
Street : 11 Attallah Hanna Street
Area : Shoubra
Town : Cairo
Country : Egypt
Telephone : (20-2) 22395848 / 22330231 / 22384595
/ 22040037
Facsimile : (20-2) 22395848
Mobile : (20-100) 9013088
Email : elsadike@yahoo.com
Please note that
the subject’s previous address was, 15 Attallah Hanna Street, Shoubra, Cairo.
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Sami
Zaki Mohamed El Malt Proprietor
& General Manager
·
Mohamed
Sami Zaki Mohamed Assistant
General Manager
·
Rashad
Abd El Gawad Finance
Manager
Date of Establishment : 1992
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 230913
Tax Card No. : 270-960-562
Invested Capital
: £E 300,000
Mr Sami Zaki
Mohamed El Malt is the sole proprietor of the business.
Activities: Engaged in the import and distribution of safety
matches.
Import
Countries: Saudi Arabia,
India and Pakistan.
International
Suppliers:
·
Al
Khaleej Industries Saudi
Arabia
·
Bilal
Match Industries India
·
Banagora
Match India
·
R G
Match Pvt Ltd Pakistan
·
Asim
Match Pvt Ltd Pakistan
·
Ashraf
Match Pvt Ltd Pakistan
Operating Trend: Steady
Subject has a
workforce of 8 employees.
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
6,400,000 £E
6,550,000
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.
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.81 |
|
|
1 |
Rs.100.06 |
|
Euro |
1 |
Rs.78.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.