MIRA INFORM REPORT
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Report No. : |
329981 |
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Report Date : |
21.07.2015 |
IDENTIFICATION DETAILS
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Name : |
SPARK CONCORD FOR
TRADING & CONSTRUCTION |
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Registered Office : |
21 Fareed Street, Misr Jadida, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
December, 2013 |
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Com. Reg. No.: |
7916, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and Distribution
of Pipes and Plastic Products. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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Status : |
Moderate |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
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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 pursued
business climate reforms to attract foreign investment and facilitate growth.
Poor living conditions and limited job opportunities for the average Egyptian
contribute to public discontent, a major factor leading to the January 2011
revolution that ousted Mubarak. The uncertain political, security, and policy
environment since 2011 caused economic growth to slow significantly, hurting
tourism, manufacturing, and other sectors and pushing up unemployment. Weak
growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
SUMMARY
Company Name : SPARK
CONCORD FOR TRADING & CONSTRUCTION
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : December
2013
Commercial Registration
Number : 7916, Cairo
Tax Card Number : 425-008-010
Invested Capital : £E 20,000
Total Workforce : 3
Activities :
Distributors of pipes and plastic products
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
COMPANY
NAME
SPARK CONCORD FOR
TRADING & CONSTRUCTION
ADDRESS
Registered & Physical
Address
Street : 21 Fareed Street
Area : Misr Jadida
Town : Cairo
Country : Egypt
Telephone : (20-2) 33024211 / 3307717
Facsimile : (20-2) 33024211
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
KEY
PRINCIPALS
Name Position
·
Mohamed Said Mahfouz Proprietor
& General Manager
LEGAL
FORM & OWNERS
Date of Establishment : December 2013
Legal Form :
Sole Proprietorship
Commercial
Reg. No. : 7916, Cairo
Tax
Card No. : 425-008-010
Invested Capital
: £E 20,000
Mr Mohamed Said
Mahfouz is the sole proprietor
of the business.
OPERATIONS
Activities: Engaged in the import and distribution of
pipes and plastic products.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 3 employees.
FINANCIAL
DATA
Companies registered
in Egypt are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
BANKERS
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.55 |
|
|
1 |
Rs.99.10 |
|
Euro |
1 |
Rs.68.83 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.