MIRA INFORM REPORT

 

 

Report Date :

31.08.2013

 

IDENTIFICATION DETAILS

 

Name :

ENE NAGY ABD EL SAID BESHAY

 

 

Registered Office :

18 Borssa Street, Dokki, Giza, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishments:

1983

 

 

Com. Reg. No.:

250456, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

importer and distributor of Japanese auto spare parts, as well as tractor and heavy duty vehicles

 

 

No. of Employees :

15

 

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 

 

 

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 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

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 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

 

 

SUMMARY

 

Company Name                         : ENE NAGY ABD EL SAID BESHAY

Also Known As                                      : BESHAY CO

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 1983

Commercial Registration Number            : 250456, Cairo

Issued Capital                                        : £E 75,000

Paid up Capital                                      : £E 75,000

Total Workforce                                     : 15

Activities                                               : Distributors of Japanese auto spare parts, as well as tractor and heavy

duty vehicles.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Sameh Ramsis, Sales Manager

 

 

 

COMPANY NAME

 

ENE NAGY ABD EL SAID BESHAY

 

 

ALSO KNOWN AS

 

BESHAY CO

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 18 Borssa Street

Area                 : Dokki, Giza

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 25765540 / 25768644 / 25781012

Facsimile          : (20-2) 25726146

Mobile               : (20-12) 72718171

Email                : beshay_ene_co@yahoo.com

 

Premises

Subject operates from a small suite of offices, a warehouse and a showroom that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       12 Sulaiman El Halaby Street                                                 Rented showroom premises

Cairo

Mob: (20-122) 3211334

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Nagy Abd El Said Beshay                                                                  Managing Partner

·       Dr Essam Binyamin Beshay                                                              Partner

·       Peter Nagy Abd El Said Beshay                                                         General Manager

·       Sameh Ramsis                                                                                 Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1983

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 250456, Cairo

 

Issued Capital              : £E 75,000

 

Paid up Capital            : £E 75,000

 

Name of Shareholder (s)

·       Nagy Abd El Said Beshay

·       Dr Essam Binyamin Beshay

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of Japanese auto spare parts, as well as tractor and heavy duty

     vehicles.

 

Import Countries: Japan, China and India.

 

Brand Names: ENE

 

Operating Trend: Steady

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

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 10,510,000                           £E 10,600,000

 

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

 

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

 

 

BANKERS

 

·       Al Watany Bank of Egypt

PO Box: 750

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2011

Amount overdue                         0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

 

 

GENERAL COMMENTS

 

Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.57

UK Pound

1

Rs.103.34

Euro

1

Rs.88.16

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.