MIRA INFORM REPORT

 

 

Report No. :

309083

Report Date :

28.02.2015

 

IDENTIFICATION DETAILS

 

Name :

MOVINGFERT EGYPT FOR IMPORT AND EXPORT SAE

 

 

Registered Office :

24 El Kawsar Street, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

01.07.2010

 

 

Com. Reg. No.:

3439

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the import and distribution of fertilizers and mining materials.

 

 

No. of Employee :

80

 

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                                    : MOVINGFERT EGYPT FOR IMPORT AND EXPORT SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1st July 2010

Commercial Registration Number           : 3439

Tax Card Number                                  : 332-691-624

Issued Capital                                       : £E 4,500,000

Paid up Capital                                     : £E 4,500,000

Total Workforce                                     : 80

Activities                                               : Distributors of fertilizers and mining materials

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

MOVINGFERT EGYPT FOR IMPORT AND EXPORT SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 24 El Kawsar Street

Area                 : Nasr City

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22697017 / 22697018 / 22697019

Email                : hzeid@movingfert.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       9 Mostafa Refaat                                                                              Office premises

Sheraton Buildings

Msr El Gadeda

Cairo

 

·       29 Edmon Fermon                                                                            Office premises

Smouha Commercial Building

Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Sherif Zeid                                                                                       Chairman

 

·       Sherief El Shaboury                                                                          Director

 

·       Hisham Zeid                                                                                     Director

 

·       Ahmed Samir                                                                                   Finance Manager

 

·       Nerman El Shaboury                                                                         Human Resources Manager

 

·       Ramy Magdy                                                                                    Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st July 2010

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 3439

 

Tax Card No.                : 332-691-624

 

Issued Capital              : £E 4,500,000

 

Paid up Capital            : £E 4,500,000

 

Name of Shareholder (s)                                            Percentage

 

·       Sherif Zeid                                                               33.34%

 

·       Sherief El Shaboury                                                  33.33%

 

·       Hisham Zeid                                                             33.33%

 

 

AFFILIATED COMPANIES

 

·       El Shorouk for Trade & Development

Plot 17, 2nd Service Spine

2nd Industrial Zone

6th of October City

Giza

 

·       Wadico – Al Wadi Al Gadid for Mineral Resources

 

·       Bani Suif Investment Group

Bayad El Arab Industrial Zone

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of fertilizers and mining materials.

 

Import Countries: Jordan, Ukraine, Turkey, Russia, Tunisia and Romania.

 

International Suppliers:

 

·       Bagfas                                 Turkey

·       Stirole                                  Ukraine

 

Local Suppliers:

 

·       Al Nasr Mining Co

·       Alex Fert

 

Local Clients:

 

·         Tabark for Trade & General Supplies

 

International Clients:

 

·         Agromate Holdings Group               Malaysia

·         Olam                                              Africa

 

Export Countries: Europe, Zimbabwe, Turkey, Angola, Malawi, Tanzania, Malaysia, India, Germany and Finland.

 

Operating Trend: Steady

 

Subject has a workforce of 80 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 Sales                                            £E 4,500,000                             £E 6,300,000

 

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

 

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

 

 

BANKERS

 

·       Emirates NBD

12 Khaled Ibn El Walid Street

Heliopolis

Cairo

Acc No. 0080256

 

·       HSBC Egypt

90 Beirut Street

Orouba, Almaza

Heliopolis

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.79

UK Pound

1

Rs.95.42

Euro

1

Rs.69.28

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ASH

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.