MIRA INFORM REPORT

 

 

Report No. :

320387

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

AFROARAB CO

 

 

Registered Office :

25 Abou Sawan Street, El Basateen, PO Box 11432, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2014

 

 

Date of Incorporation :

2008

 

 

Com. Reg. No.:

20172

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Engaged in the manufacture of cutting tools for the marble and granite industry.

 

 

No. of Employees :

14

 

 

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.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : AFROARAB CO

Country of Origin                                   : Egypt

Legal Form                                           : Sole Proprietorship

Registration Date                                  : 2008

Commercial Registration Number           : 20172, Cairo

Tax Card Number                                  : 288-963-857

Invested Capital                                    : £E 250,000

Total Workforce                                     : 14

Activities                                               : Manufacturers of cutting tools for the marble and granite industry.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mahmda Mahrous, Marketing Manager

 

 

COMPANY NAME

 

AFROARAB CO

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 25 Abou Sawan Street

Area                 : El Basateen

PO Box            : 11432

Town                : Cairo

Country             : Egypt

Telephone         : (20-2) 27033883 / 27034083 / 27025596 / 27033151

Facsimile          : (20-2) 27033883

Mobile              : (20-11) 1351199 / (20-12) 6642830 / (20-111) 2172125

Email                : info@afroarab.org

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

7 Mohamed Allam Street                                                                        Office premises

El Basateen

Cairo

 

Industrial Area                                                                                       Factory premises

Shak El Thoban, Torah

Helwan

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Mohamed Ahmed Adulwahab                                                     Proprietor & General Manager

 

Ashraf Hussein                                                                          Production Manager

 

Samir Sabry                                                                              Export Manager

 

Mahmda Mahrous                                                                      Marketing Manager

LEGAL FORM & OWNERS

 

Date of Establishment  : 2008

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.   : 20172, Cairo

 

Tax Card No.                : 288-963-857

 

Invested Capital           : £E 250,000

 

Mr Mohamed Ahmed Adulwahab is the sole proprietor of the business.

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of cutting tools for the marble and granite industry.

 

Import Countries: India, China, Italy, Spain and the United States of America

 

Agencies Held:

 

Gisbert

 

International Suppliers:

 

Sky Stone                     China

Balmero                        Italy

 

Operating Trend: Steady

 

Subject has a workforce of 14 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 9,235,000                             £E 10,000,000

 

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

 

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

 

 

BANKERS

 

Al Watany Bank of Egypt

PO Box: 750

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

 

 

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.63.57

UK Pound

1

Rs.97.99

Euro

1

Rs.70.53

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.