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Report No. : |
332972 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
TRAVCO GROUP
INTERNATIONAL HOLDING SAE |
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Registered Office : |
26th July
Corrido, 12588 Sheikh Zayed, |
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Country : |
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Year of Establishment : |
1979 |
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Legal Form : |
Egyptian Closed Joint Stock Company |
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Line of Business : |
Subject is
engaged in the provision of real estate development, hotel operation and tourism
services. |
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No. of Employees : |
10,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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.
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 |
Company Name : TRAVCO GROUP INTERNATIONAL HOLDING
SAE
Country of Origin : Egypt
Legal Form :
Egyptian Closed Joint Stock Company
Registration Date : 1979
Issued Capital : £E
10,000,000
Paid up Capital : £E
10,000,000
Total Workforce : 10,000
Activities :
Providers of real estate development, hotel operation and
tourism services.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
TRAVCO GROUP
INTERNATIONAL HOLDING SAE
Location : 26th July Corrido, 12588 Sheikh
Zayed, Giza
Town : 6th of October
City
Country : Egypt
Telephone : (20-2) 38541111
Facsimile : (20-2) 38541099
Email : info@travco.com
Subject operates
from a large suite of offices that are rented and located in the Central
Business Area of 6th of October City.
Name Position
·
Hamed
El Chiaty Mohamed Ali El Chiaty Chairman
·
Osama
Bushra Vice
Chairman
·
Amani
Adel Al Turjmano Director
·
Yaser
Arafa Chief
Financial Officer
Date of Establishment : 1979
Legal Form :
Egyptian Closed Joint Stock
Company
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
·
Hamed
El Chiaty Mohamed Ali El Chiaty
·
Members
of Mr Hamed El Chiaty Mohamed Ali El Chiaty’s family
Activities: Engaged in the provision of real estate
development, hotel operation and tourism services.
The company owns
and operates the fleet of Nile cruise ships; a collection of hotels and
resorts; and real estate developments offering summer residences and resort
experiences, as well as provides ground, sea, and air transportation services.
It offers inbound and outbound travel packages, such as cultural tourism, shore
excursions, leisure tourism, adventure holidays, golf packages, diving safaris,
ticketing, and hotel accommodation services. The company also provides tourist
transport services ranging from art coaches to luxury limousines and vehicles
of various sizes and models. In
addition, it offers ground handling, airline catering, and back-end solutions,
as well as represents airline and cruise companies. Further, the company
operates retail shops, restaurants, and marinas, as well as provides security
services.
Subject has a
workforce of approximately 10,000 employees.
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.
·
Mashreq
Bank
72B El Mahad Elishtraky Street
Heliopolis
Cairo
US$ Acc No. 059000001451
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
company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.07 |
|
|
1 |
Rs.99.83 |
|
Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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.