MIRA INFORM REPORT

 

 

Report No. :

325182

Report Date :

10.06.2015

 

IDENTIFICATION DETAILS

 

Name :

IBRAHIM AND ISMAIL NOUR EL DIN

 

 

Registered Office :

Ibrahim & Ismail El Din, 3A Gamal El Segeny Street, New Nozha, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

01.11.2005

 

 

Com. Reg. No.:

373181

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Wholesalers and Retailers of General Foodstuffs.

 

 

No. of Employees :

20

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Slow but correct

 

 

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                                    : IBRAHIM AND ISMAIL NOUR EL DIN

Trade Name                                          : NILE EGYPT FOR IMPORT AND EXPORT

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Registration Date                                  : 1st November 2005

Commercial Registration Number           : 373181

Partners Capital                                     : £E 50,000

Total Workforce                                     : 20

Activities                                               : Wholesalers and retailers of general foodstuffs.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

IBRAHIM AND ISMAIL NOUR EL DIN

 

 

TRADE NAME

 

NILE EGYPT FOR IMPORT AND EXPORT

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Ibrahim & Ismail El Din

Street               : 3A Gamal El Segeny Street

Area                 : New Nozha

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 22904346

Facsimile          : (20-2) 24184694

Mobile              : (20-12) 29400246

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Shop No. 1, 2 Block 113                                                                   Retail premises

Entrance No. 1

6th District

Cairo

 

·       53 El Kolaly Abdin Street                                                                  Office premises

Cairo

 

·       48 Souq Bab El Louk Street                                                              Office premises

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Ibrahim Mohamed Nour El Din Ismail                                                 Managing Partner

 

·       Ismail Mohamed Nour El Din Ismail                                                    Partner

 

·       Ashraf Ahmed                                                                                  Finance Manager

 

·       Raafat Hassan Youssef Ahmed                                                         Branch Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st November 2005

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 373181

 

Partners Capital           : £E 50,000

 

Name of Partner (s)                                         

 

·       Ibrahim Mohamed Nour El Din Ismail                                                

 

·       Ismail Mohamed Nour El Din Ismail

 

 

OPERATIONS

 

Activities: Engaged in the wholesale and retail of general foodstuffs.

 

Import Countries: Italy, Brazil, United States of America and India

 

Brand Names: BEEF FARM

 

Operating Trend: Steady

 

Subject has a workforce of 20 employees.

 

 

FINANCIAL DATA

 

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                                £E 8,200,000                             £E 8,700,000

 

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

 

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

 

 

BANKERS

 

·       HSBC Bank Egypt

4 Ibrahim Street

El Korba Square

Heliopolis

Cairo

 

·       Credit Agricole Egypt

72 Omar Ibn El Khattab Street

Heliopolis

Cairo

 

 

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.63.94

UK Pound

1

Rs.98.27

Euro

1

Rs.72.37

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

 

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.