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Report No. : |
341327 |
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Report Date : |
22.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
AL SHEROOQ FOR
IMPORT AND EXPORT |
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|
|
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Registered Office : |
12 Khaled Bin Al Waleed Street, Al Mohandessin City, Mansoura |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1996 |
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Com. Reg. No.: |
76840, Mansoura |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Wholesale and Retail
of Automotive Spare Parts and Related Accessories. |
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No. of Employees : |
4 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
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. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name : AL SHEROOQ
FOR IMPORT AND EXPORT
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 1996
Commercial
Registration Number : 76840,
Mansoura
Invested Capital : £E 100,000
Total Workforce : 4
Activities :
Wholesalers and retailers of automotive spare parts
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Adel Abdul
Hamid Mohamed, Proprietor & General Manager
AL SHEROOQ FOR
IMPORT AND EXPORT
Street : 12 Khaled Bin Al Waleed Street
Area : Al Mohandessin City
Town : Mansoura
Country : Egypt
Telephone : (20-50) 2750933
Facsimile : (20-50) 2750933
Mobile : (20-100) 1210189
Email : ebradel@gmail.com
/ alshrooq77@hotmail.com
Subject operates
from a small suite of offices and a showroom that are rented and located in the
Central Business Area of Mansoura.
Name Position
·
Adel Abdul
Hamid Mohamed Proprietor
& General Manager
·
Awad
Abdul Hamid Mohamed Assistant
General Manager
Date of Establishment : 1996
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 76840,
Mansoura
Tax Card No. : 503-569-147
Invested Capital
: £E 100,000
Mr Adel Abdul Hamid
Mohamed is the sole proprietor of the business.
Activities: Engaged in the wholesale and retail of
automotive spare parts and related accessories.
Import
Countries: Taiwan and India
International
Suppliers:
·
Auto
Light India
·
Depo
Auto Part Taiwan
·
Tong
Yang Spare Part Taiwan
Operating Trend: Steady
Subject has a
workforce of 4 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 7,250,000 £E 7,380,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Egyptian
Saudi Finance Bank
Suez Canal and El Falaky Street
Toreal Area
Mansoura
Tel:
(20-50) 2334503
Fax:
(20-50) 2334501
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
business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.75 |
|
|
1 |
Rs.102.17 |
|
Euro |
1 |
Rs.74.38 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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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 |
|
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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 |
|
|
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 |
|
|
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.