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Report No. : |
319822 |
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Report Date : |
05.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ANDALOSSIA
COMPANY |
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Registered Office : |
Al Horeya Street, 9th Street Block No 5, Nasr City Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2002 |
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Com. Reg. No.: |
2159, Cairo |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Engaged in the import and distribution of seafood
including shrimps, sole fish, squid tubes, pangasuis fillet, lobster,
mackerel and mullet fish, as well as fruits such as pineapple, apple, pear
and banana. |
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No. of Employee : |
25 |
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.
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Source
: CIA |
Company Name : ANDALOSSIA
COMPANY
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Start Date :
2002
Commercial
Registration Number : 2159,
Cairo
Issued Capital : £E
100,000
Paid up Capital : £E
100,000
Total Workforce : 25
Activities :
Distributors of seafood and fruit.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ANDALOSSIA COMPANY
Street : Al Horeya Street, 9th Street
Area : Block No 5, Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24734578
Facsimile : (20-2) 24734579
Mobile : (20-100) 8880351 / 1486342 / (20-11) 6000633
Email : sales@andalossia.net / rle38@yahoo.com / dwoody@andalossiagroup.com
Please note that
subject’s previous address was, Building No. 510, Apt
No. 30, 11th Floor, El Bata Ahmed Abdulaziz Street, Mohandessin,
Cairo.
Subject operates
from a medium sized suite of offices that are rented and located in the
Industrial Area of Cairo.
Branch Office
(s)
Location Description
·
Beta
Golf House Building Office
premises
Building No. 1
El Obour City
Kaliobeya
·
Shop
No. 58 Showroom
premises
Anbar No. 1
El Obour City
Kaliobeya
Subject also operates branches located in Fanar Al Mahya,
Said City, Ismailia, Alexandria and Damietta.
Name Position
·
Dawood
Mahmoud El Dawoody Managing
Partner
·
Mostafa
Mohamed Ahmed Partner
·
Alaa Eddine Hassan Partner
Date of Establishment : 2002
History : Subject began in 2002 as a Sole
Proprietorship called “Andalossia for Import and Export
Company”. However on 25th September
2010 it re-registered as a Limited Liability
Partnership under the current
style of “Andalossia Company”.
Legal Form :
Limited Liability
Partnership
Commercial
Reg. No. : 2159, Cairo
Issued Capital : £E 100,000
Paid up Capital : £E 100,000
Name of
Shareholder (s)
·
Dawood
Mahmoud El Dawoody
·
Mostafa
Mohamed Ahmed
·
Alaa Eddine Hassan
Activities: Engaged in the
import and distribution of seafood including shrimps, sole fish, squid tubes,
pangasuis
fillet, lobster, mackerel
and mullet fish, as well as fruits such as pineapple, apple, pear and banana.
Import
Countries: China, Thailand, Vietnam, India, Pakistan, Iran, Yemen,
United Arab Emirates, Saudi Arabia,
Indonesia, Cuba, Panama, Ecuador, Chile, Italy, Spain, Taiwan,
Japan, Cameron, Nigeria and Angola
Operating Trend: Steady
Subject has a
workforce of 25 employees.
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 31,130,000 £E 30,200,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Arab
Banking Corporation
PO Box: 781
Cairo
Tel: (20-2) 25745488 / 25780417
Fax: (20-2) 25780416
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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.63.58 |
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|
1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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.