MIRA INFORM REPORT

Report No. :	350835
Report Date :	24.11.2015

IDENTIFICATION DETAILS

Name :	ARAB DEVELOPMENT COMPANY

Registered Office :	Ahmed Mukhaimer Street, El Nozha El Gedidah, Cairo

Country :	Egypt

Financials (as on) :	31.12.2014

Date of Incorporation :	2006

Legal Form :	Limited Liability Partnership

Line of Business :	Subject is engaged in the import and distribution of bath, kitchen and beach towels, household linens and textiles.

No. of Employee :	12

RATING & COMMENTS

MIRA’s Rating :

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 – March 31, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : ARAB DEVELOPMENT COMPANY

Country of Origin : Egypt

Legal Form : Limited Liability Partnership

Registration Date : 2006

Commercial Registration Number : 25885, Cairo

Issued Capital : £E 50,000

Paid up Capital : £E 50,000

Total Workforce : 12

Activities : Distributors of towels, household linens and textiles.

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

Person Interviewed : Rafaat Mohamed Metwali, Managing Partner

COMPANY NAME

ARAB DEVELOPMENT COMPANY

ADDRESS

Registered & Physical Address

Street : Ahmed Mukhaimer Street

Area : El Nozha El Gedidah

Town : Cairo

Country : Egypt

Telephone : (20-2) 26217848

Facsimile : (20-2) 26217848

Mobile : (20-102) 0081247

Email : info@adc-export.com

Please note that subject’s previous address was, 20 Abo El Saud Street, New Nozha, Cairo 11843.

Premises

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

KEY PRINCIPALS

Name Position

· Rafaat Mohamed Metwali Managing Partner

· Hamam Ahmed Rafaat Abdul Khaliq Partner

· Kholoud Sulaiman Commercial Manager

LEGAL FORM & OWNERS

Date of Establishment : 2006

Legal Form : Limited Liability Partnership

Commercial Reg. No. : 25885, Cairo

Issued Capital : £E 50,000

Paid up Capital : £E 50,000

Name of Partner (s)

· Rafaat Mohamed Metwali

· Hamam Ahmed Rafaat Abdul Khaliq

OPERATIONS

Activities: Engaged in the import and distribution of bath, kitchen and beach towels, household linens and textiles.

Import Countries: Europe and the Far East

Operating Trend: Steady

Subject has a workforce of 12 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 8,330,000 £E 8,425,000

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

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

BANKERS

· Arab African Bank

5, El Saraya El Kobira Square

PO Box: 60, Magles El Shaab

Cairo

Tel: (20-2) 33545094

Fax: (20-2) 33558493

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

GENERAL COMMENTS

Local sources report that the subject’s operating history is clear with payment obligations met in a generally timely manner. The financial position is satisfactory and the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.35
UK Pound	1	Rs.100.66
Euro	1	Rs.70.47

INFORMATION DETAILS

Analysis Done by :	AMR

Report Prepared by :	TRU

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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