MIRA
INFORM REPORT
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Report Date : |
30.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL KARNAK IMPORT EXPORT & AGENCIES |
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Registered Office : |
43 El Kolaly
Street, El Sabtiya Area, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1976 |
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Com. Reg. No.: |
216662, Cairo |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Import and
Distribution of Agricultural Machinery and Presses, as well as Irrigation Equipment |
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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Maximum Credit Limit : |
US$ 400,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : EL KARNAK IMPORT EXPORT & AGENCIES
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1976
Commercial Registration Number : 216662, Cairo
Invested Capital : £E 100,000
Total Workforce : 25
Activities :
Import and distribution of
agricultural machinery and presses, as well as
irrigation equipment
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 400,000
COMPANY NAME
EL KARNAK IMPORT
EXPORT & AGENCIES
ADDRESS
Registered & Physical Address
Street : 43 El Kolaly Street
Area : El
Sabtiya Area
Town : Cairo
Country : Egypt
Telephone : (20-2) 25752436
/ 25752446
Facsimile : (20-2) 25766256
Mobile : (20-12) 2123895
Email : elkarnak@starnet.com
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Suburban Business Area of Cairo.
KEY PRINCIPALS
Name Position
·
Ibrahim Samaan Guirguis Proprietor
·
Emad Ibrahim Samaan Guirguis General
Manager
LEGAL FORM & OWNERS
Date of Establishment : 1976
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 216662, Cairo
Invested Capital
: £E 100,000
Mr Ibrahim
Samaan Guirguis is the sole
proprietor of the business.
OPERATIONS
Activities: Engaged in the import and
distribution of agricultural machinery and presses, as well as irrigation
equipment.
Subject is an authorized dealer on behalf of the local Helwan
Company for diesel engines.
Import
Countries: India,
Italy and Turkey
International
Suppliers:
·
Usha
International India
·
Mico India
·
Usha
Shree Ram Piston India
Operating Trend: Steady
Subject has a
workforce of 25 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 46,400,000 £E 50,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures were confirmed by Ibrahim Samaan Guirguis, Proprietor.
BANKERS
·
Banque du
Caire SAE
22 Adly Street
PO Box : 1495
Cairo
Tel : (20-2) 3904554
Fax : (20-2) 3908992
·
Banque Misr
151 Mohamed Farid Street
Cairo
Tel : (20-2) 3912711 / 3912106
Fax : (20-2) 3919779
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
Date of
transaction November
2004
Credit amount 50,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
GENERAL COMMENTS
El Karnak Import
Export & Agencies has been in business for approximately 32 years and is
engaged in the import and distribution of agricultural machinery and
presses, as well as irrigation equipment.
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 and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.94 |
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UK Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.67.79 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)