MIRA INFORM REPORT

 

 

Report No. :

324068

Report Date :

01.06.2015

 

IDENTIFICATION DETAILS

 

Name :

BLUE NILE COMPANY

 

 

Registered Office :

Al Hamad Mosque Street, Alaajmy, Al Hanovil, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

1985

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the import and distribution of jute and yarn products.

 

 

No. of Employees :

5

           

 

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 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                                    : BLUE NILE COMPANY

Country of Origin                                   : Egypt

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 1985

Invested Capital                                                : £E 10,000

Total Workforce                                     : 5

Activities                                               : Distributors of jute and yarn products

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Alaa Ali Abu Senna, Proprietor & General Manager

 

 

 

COMPANY NAME

 

BLUE NILE COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Al Hamad Mosque Street

Area                 : Alaajmy, Al Hanovil

Town                : Alexandria

Country             : Egypt

Mobile              : (20-100) 5132901

Email                : al-senna@hotmail.com

 

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

 

Salal Salem Street                                                                     Office premises

Damietta

Tel: (20-57) 2282484

 

 

KEY PRINCIPALS

 

Name                                                                           Position

 

Alaa Ali Abu Senna                                                        Proprietor & General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1985

 

Legal Form                  : Sole Proprietorship

 

Invested Capital           : £E 10,000

 

Mr Alaa Ali Abu Senna is the sole proprietor of the business.

AFFILIATED COMPANIES

 

Sahara Co for Import & Export

Salal Salem Street

Damietta

Tel: (20-57) 2282484

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of jute and yarn products.

 

Import Countries: Taiwan, Turkey, India and Bangladesh.

 

International Suppliers:

 

Gamandas Jute                                     India

By-steeltex                                            Turkey

Gaden Corporation                                Taiwan

Dubai Jute & Bags Corporation              Bangladesh

 

Operating Trend: Steady

 

Subject has a workforce of 5 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 12,700,000                           £E 13,000,000

 

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

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Local sources report that subject meets its payments in a timely manner and is considered to be a fair trade risk.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.76

UK Pound

1

Rs.97.80

Euro

1

Rs.69.91

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

TPT

 

               

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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