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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN GROUP FOR INVESTMENT AND TRADING |
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Registered Office : |
El Obour
Wholesale Market, Obour City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
2006 |
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Com. Reg. No.: |
21275, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
importer and distributor of seafood products. |
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No. of Employees : |
40 |
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 |
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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 : EGYPTIAN GROUP FOR INVESTMENT AND TRADING
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2006
Commercial Registration Number : 21275, Cairo
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 40
Activities : Import and distribution of seafood products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN GROUP FOR
INVESTMENT AND TRADING
Registered &
Physical Address
Location : El Obour Wholesale Market, Obour
City
Town : Cairo
Country : Egypt
Telephone : (20-2) 44770501 / 44770502
Facsimile : (20-2) 44770835
Mobile : (20-18) 2993355 / (20-12)
7397612 / (20-10) 2109259
Email : mehrez@aboghalygroup.com
Premises
Subject operates
from a medium sized suite of offices, a warehouse and a showroom that are
rented and located in the Central Business Area of Cairo.
Name Position
·
Mehrez Abo Ghaly Managing
Director
·
Mohamed El Sayed Nour Director
·
Mahmoud Mohamed El Saeed Director
·
Mahmoud Al Amash Commercial
Manager
·
Amri Al Wasl Administrative
Officer
Date of Establishment : 2006
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 21275, Cairo
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Shareholder
(s)
·
Mehrez Abo Ghaly
·
Mohamed El Sayed Nour
·
Mahmoud Mohamed El Saeed
·
MIACKK Furniture
Cairo
Egypt
Activities: Engaged in the import and distribution of
seafood products.
Import
Countries: India, Sudan and
Yemen
Operating Trend: Steady
Subject has a
workforce of 40 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 52,000,000 £E 55,000,000
Local sources
consider subject’s financial condition to be Fair.
·
National
Bank of Abu Dhabi
Nile Tower, 18th Floor
21, Giza Street
Cairo
Tel: (20-2) 33609724
·
Arab
African International Bank
Unit 60 & 61 Golf City Mall
El Obour City
Cairo 11828
Tel: (20-2) 46104620
Fax: (20-2) 46104621
Acc No. 556001
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to contact the subject directly during our investigation.
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.59.45 |
|
UK Pound |
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.44 |
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 |
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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 |
|
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.