MIRA INFORM REPORT

 

 

 

 

Report No. :

293219.2

Report Date :

20.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MOHAMED HESSIEN EL SUKAAN & PARTNER

 

 

Registered Office :

El Sukaan Building, 59 Eglaa Street, Damietta

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014 (Estimated)

 

 

Date of Incorporation :

16.01.2001

 

 

Com. Reg. No.:

57695, Damietta

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Engaged in the import and distribution of tobacco

 

 

No of Employees :

10

           

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Egypt

B2

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

 

SUMMARY

 

Company Name                         : MOHAMED HESSIEN EL SUKAAN & PARTNER

Also Known As                                      : MOHAMED HESSIEN EL SUKAAN & PARTNER FOR IMPORT AND

                                                                       EXPORT

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 16th January 2001

Commercial Registration Number            : 57695, Damietta

Import Licence Number               : 30469

Export Licence Number              : 40493

Tax Card Number                                   : 452-614-147

Issued Capital                                        : £E 250,000

Paid up Capital                                      : £E 250,000

Total Workforce                         : 10

Activities                                               : Distributors of tobacco

Financial Condition                                 : Fair

Payments                                             : No Complaints 

Operating Trend                         : Steady

Person Interviewed                                 : Mohamed Hessien Hassan El Sukaan, Managing Partner

 

 

 

COMPANY NAME

 

MOHAMED HESSIEN EL SUKAAN & PARTNER

 

 

ALSO KNOWN AS

 

MOHAMED HESSIEN EL SUKAAN & PARTNER FOR IMPORT AND EXPORT

 

 

company ADDRESS

 

Registered & Physical Address

Building : El Sukaan Building

Area                 : 59 Eglaa Street

Town                 : Damietta

Country : Egypt

Telephone         : (20-57) 2368780

Facsimile          : (20-57) 2368780

Mobile               : (20-100) 9706030

Email                : mohamedelsukaan@yahoo.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Damietta.

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Mohamed Hessien Hassan El Sukaan                                                Managing Partner

·       Ahmed Mohamed Mohamed Abdulrazzaq                                            Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 16th January 2001

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 57695, Damietta

 

Import Licence No.      : 30469

 

Export Licence No.      : 40493

 

Tax Card No.               : 452-614-147

 

Issued Capital              : £E 250,000

 

Paid up Capital            : £E 250,000

 

 

Name of Partner (s)                                               

·       Mohamed Hessien Hassan El Sukaan                                               

·       Ahmed Mohamed Mohamed Abdulrazzaq

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of tobacco.

 

Import Countries: India

 

International Suppliers:

 

·       Universal Leaf Ltd                              India

·       ITC Limited                                       India

·       Associated Tobacco Co Ltd               India

·       Premier Tobacco                               India

·       Madaya Lakshamaya                        India

 

Operating Trend: Steady

 

Subject has a workforce of 10 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:                Year Ending 31/12/14:

 

Total Revenue                            £E 9,100,000                             £E 9,320,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

BANKERS

 

·       Blom Bank

Damietta

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

According to local sources, subject meets its payment obligations in a timely manner and the company is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.25

UK Pound

1

Rs.95.57

Euro

1

Rs.71.01

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

MNL

 

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%)

 

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