MIRA INFORM REPORT

 

 

Report No. :

302141

Report Date :

13.01.2015

 

IDENTIFICATION DETAILS

 

Name :

AL AMIN IMPORT & EXPORT ESTABLISHMENT

 

 

Registered Office :

14 Ali Basha Ibrahim Street Sidi Bishr Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1981

 

 

Com. Reg. No.:

97593, Alexandria

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Subject is Engaged in the import and distribution of household items, including chinaware, glassware, pottery and porcelain articles.

 

 

No. of Employees :

59

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Egypt

B1

B1

 

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                                    : AL AMIN IMPORT & EXPORT ESTABLISHMENT

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Registration Date                                  : 1981

Commercial Registration Number           : 97593, Alexandria

Invested Capital                                                : £E 250,000

Total Workforce                         : 59

Activities                                               : Distributors of household items.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Noha Mohamed Mohamed Amin Hanafy, Partner

 

 

 

 

COMPANY NAME

 

AL AMIN IMPORT & EXPORT ESTABLISHMENT

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 14 Ali Basha Ibrahim Street

Area                 : Sidi Bishr

Town                : Alexandria

Country : Egypt

 

Telephone         : (20-3) 5714664 / 5714662

Facsimile          : (20-3) 5714664

Mobile              : (20-100) 1668438 / 1668436

Email                : aminmy@dataxprs.com.eg

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       El Noaman Street                                                                             Warehouse premises

     King Marriout, Sidi Bishr

     Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Tamer Mohamed Mohamed Amin Hanafy                                           Managing Partner

 

·       Noha Mohamed Mohamed Amin Hanafy                                            Partner

 

·       Mona Mohamed Mohamed Amin Hanafy                                            Partner

 

·       Aysha Asaad                                                                                    Partner

 

·       Tarek Abdallah                                                                                  Finance Manager

 

·       Mohsen Mesbah                                                                               Administration  Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1981

 

History                         : Subject began in 1981 as a Sole Proprietorship. However after Mr Mohamed Mohamed

  Amin Hanafy passed away in 2014 it changed legal form and became a General

  Partnership.

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 97593, Alexandria

 

Invested Capital           : £E 250,000

 

Name of Partners

 

·       Tamer Mohamed Mohamed Amin Hanafy

 

·       Noha Mohamed Mohamed Amin Hanafy

 

·       Mona Mohamed Mohamed Amin Hanafy

 

·       Aysha Asaad

 

·       Heirs of the late Mohamed Mohamed Amin Hanafy

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of household items, including chinaware, glassware, pottery

                  and porcelain articles.

 

Import Countries: Hong Kong, China, Indonesia, Taiwan, Turkey and Kuwait.

 

Export Countries: Libya and Morocco.

 

Operating Trend: Steady

 

Subject has a workforce of 59 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

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

 

Total Sales                                £E 20,325,000                           £E 20,480,000

 

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

 

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

 

 

BANKERS

 

·       Bank of Alexandria

6 Salah Salem Street

Alexandria

Tel: (20-3) 4824056

 

·       Societe Arabe International De Banque

Islamic Operations Branch

Borg Al Khaleej Building

Al Gomhoureya Street

Port Said

Tel: (20-66) 3227640

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the business is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.16

UK Pound

1

Rs.94.28

Euro

1

Rs.73.73

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

NIS

 

               

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.