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Report No. : |
325053 |
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Report Date : |
10.06.2015 |
IDENTIFICATION DETAILS
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Name : |
APTEC EGYPT |
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Registered Office : |
11 Gaber Ibn Hayan Street, Nasr City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
17.01.1998 |
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Com. Reg. No.: |
311049 |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the import and distribution of information technology
equipment, subject also provides software and security services. |
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No. of Employees : |
60 |
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.
ECGC Country Risk Classification List – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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 |
Company Name :
APTEC EGYPT
Country of Origin :
Egypt
Legal Form :
Limited Liability Company
Registration Date :
17th January 1998
Commercial Registration Number :
311049
Tax ID Number :
9603
Issued Capital :
£E 3,000,000
Paid up Capital :
£E 3,000,000
Total Workforce :
60
Activities :
Distributors of information technology equipment.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mohamed Ibrahim, Finance Manager
APTEC EGYPT
Registered &
Physical Address
Street : 11 Gaber Ibn
Hayan Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24017046
/ 24017058
Facsimile : (20-2)
26481110
Email : info@aptec.net
Premises
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Offices
Location Description
3 Mahmoud Nashed Street Office
premises
Cairo
Tel: (20-2) 2475255 / 2455634
Fax: (20-2) 2475255
Ali Ibrahim Ramez Street Office
premises
Heliopolis
Cairo
Name Position
Amr Ali Baghdadi Chairman
Mohamed Ibrahim Finance
Manager
Wael Alam Human
Resources Manager
Mohamed Yossef IT
Manager
Khloud Mohamed Secretary
Date of Establishment : 17th
January 1998
Legal Form : Limited Liability
Company
Commercial Reg.
No. : 311049
Tax ID No. : 9603
Issued Capital : £E 3,000,000
Paid up Capital : £E 3,000,000
Name of
Shareholders (s) Percentage
Aptec Holding UAE 90%
Amr Ali Baghdadi 10%
Activities: Engaged in the import and distribution of information technology
equipment, subject also provides software and security services.
Import Countries: Europe and the United States of America
International
Suppliers:
HP United
States of America
APC United
States of America
Dell United
States of America
Avaya United
States of America
D Link Egypt
McAfee United
States of America
IBM Internet Security Systems United Kingdom
Microsoft United
States of America
Symantec United
States of America
Lexmark United
States of America
Operating Trend: Steady
Subject has a workforce of 60 employees.
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 US$
25,000,000 US$ 30,000,000
Local sources consider subject’s financial condition to be Good.
The above figures were provided by Mr Mohamed Ibrahim, Finance Manager
HSBC Bank of Egypt
1 Makram Ebiad Street
City Light Building
6th Zone
Nasr City
Cairo
CIB Commercial International Bank
71 Abou Dawoud El Zahery Street
6th Zone
Nasr City
Cairo
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.63.94 |
|
|
1 |
Rs.98.27 |
|
Euro |
1 |
Rs.72.37 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
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.