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Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ABU EL NAGA TRADING CO |
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Registered Office : |
14 Kafr Essam Street Gharbeya Tanta |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Incorporation : |
1984 |
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Com. Reg. No.: |
82676, Tanta |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of pharmaceutical veterinary preparations. |
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No. of Employees : |
60 |
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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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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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
aggressively pursued economic reforms to attract foreign investment and
facilitate GDP growth. Despite the relatively high levels of economic growth in
recent years, living conditions for the average Egyptian remained poor and
contributed to public discontent. After unrest erupted in January 2011, the
Egyptian Government backtracked on economic reforms, drastically increasing
social spending to address public dissatisfaction, but political uncertainty at
the same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
Source
: CIA
Company Name : ABU EL NAGA TRADING CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1984
Commercial Registration Number : 82676, Tanta
Tax Card Number : 100-202-101
Issued Capital : £E 21,000,000
Paid up Capital : £E 21,000,000
Total Workforce : 60
Activities : Distributors of pharmaceutical veterinary preparations.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABU EL NAGA TRADING CO
Street : 14 Kafr
Essam Street
Area : Gharbeya
Town : Tanta
Country : Egypt
Telephone : (20-40) 3332717
/ 3341834
Facsimile : (20-40)
3330108
Mobile : (20-12)
7808585
Email : abulnagatrading@hotmail.com
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Suburban Business Area of Tanta.
Branch Office (s)
Location Description
· 35 El Obour
Buildings Rented
Sales Office
Salah
Salem Road
Nasr City
Cairo
Tel:
(20-2) 22619598 / 24016709
Fax:
(20-2) 22619598 / 22632613
Name Position
· Dr Moustafa Abu El
Naga Managing
Partner
· Mohamed Abu El
Naga Partner
Date of
Establishment : 1984
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 82676, Tanta
Tax Card No. : 100-202-101
Issued Capital : £E 21,000,000
Paid up Capital : £E 21,000,000
· Dr Moustafa Abu El
Naga 50%
· Mohamed Abu El
Naga 50%
Activities: Engaged in the import and distribution of pharmaceutical veterinary preparations,
including anaesthetics, sedatives and spasmolytics, disinfectants and
antiseptic products, bi-calcium phosphates, iron dextran, diagnostic kits and
diluents.
Import Countries: Spain, France, China and Japan.
Agents for:
· Calier
· Dex Iberica
· Chang Shu
· Indu Kem
· Kela Laboratoria
· Degussa
Operating Trend: Steady
Subject has a workforce of 60 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E
78,456,410 £E
84,844,995
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
· Bank of Alexandria
Tanta
Tel:
(20-40) 3339955 / 3334801 / 3349537
Fax:
(20-40) 3339956 / 3420130 / 3413806
No complaints regarding subject’s payments have been reported.
Credit amount 82,000 100,000
Amount overdue 0 0
Payment terms 120
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency Pounds
Sterling US
Dollars
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.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
26-40 |
B |
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 |
|
<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.