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Report No. : |
322626 |
|
Report Date : |
23.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
MODERN MOTORS FOR TRADE & DISTRIBUTION SAE |
|
|
|
|
Registered Office : |
Cairo Alexandria
Desert Road, Km 10, Abu Rawash, 6th October City, Cairo |
|
|
|
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Country : |
Egypt |
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|
|
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Year of Establishment
: |
1986 |
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|
|
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Com. Reg. No.: |
36328 |
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|
|
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Legal Form : |
Egyptian Joint Stock Company |
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|
|
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Line of Business : |
Subject is
engaged in the import, distribution and maintenance of automobiles. |
|
|
|
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No. of Employees : |
450 |
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 |
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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 |
|
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 |
Company Name : MODERN MOTORS FOR TRADE & DISTRIBUTION SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Commercial Registration Number : 36328, Cairo
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 450
Activities : Distribution and maintenance of automobiles.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Ayman Saad, Human Resources Manager
MODERN MOTORS FOR TRADE & DISTRIBUTION
SAE
Street : Cairo Alexandria Desert Road,
Km 10
Area : Abu Rawash, 6th
October City
Town : Cairo
Country : Egypt
Telephone : (20-2) 35390971 / 35390996 / 35390055
/ 33488450
Facsimile : (20-2) 35390970 / 33489032 /
26247895
Mobile : (20-122) 9922022 / (20-111)
6777866 / 6773425
Email : info@modernmotorseg.com
/ h.nihad@modernmotorseg.com
Subject operates
from a large suite of offices and a warehouse that are rented and located in the
Central Business Area of Cairo.
Branch Office
(s)
Location Description
·
217 Joseph Tito Street Office
premises
Cairo
Tel: (20-2)
26214620 / 26247893
Fax: (20-2)
26247895
·
El
Hegaz Street Office
premises
Cairo
Tel: (20-2)
2624580
Name Position
·
Mohamed Taha Abdul Hamid Chairman
·
Salama Abdul Moniem Saudi Director
·
Mohamed Abdul Moniem Saudi Director
·
Hani Mubarak Maintenance
Manager
·
Fawazi Taha Finance
Manager
·
Ayman Saad Human
Resources Manager
·
Hamdy Abdul Qader Accountant
·
Hazem Salah Eddine Commercial
Manager
Date of Establishment : 1986
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 36328, Cairo
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
·
Mohamed Taha Abdul Hamid
·
Salama Abdul Moniem Saudi
·
Mohamed Abdul Moniem Saudi
·
Local
businessmen and private investors
Activities: Engaged in the import, distribution and
maintenance of automobiles.
Import
Countries: Europe and Japan
Brand Names: NISSAN, SUZUKI and SHANA
Subject has a
workforce of approximately 450 employees.
Companies registered
in Egypt are not legally required to make their accounts public and no
financial information was released by the company or submitted by outside
sources.
·
ommercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.63.57 |
|
|
1 |
Rs.99.67 |
|
Euro |
1 |
Rs.70.83 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
VNT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.