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Report Date : |
12.11.2013 |
IDENTIFICATION DETAILS
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Name : |
AYMAN MAHMOUD MOHAMED ABO EL NAGA |
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Registered Office : |
No. 23 July Street, |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
06.01.2003 |
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Com. Reg. No.: |
53347, |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of general foodstuffs. |
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No. of Employees : |
10 |
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 :
AYMAN MAHMOUD MOHAMED ABO EL NAGA
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
6th January 2003
Commercial Registration Number :
53347, Damietta
Invested Capital :
£E 20,000
Total Workforce :
10
Activities :
Distributors of general foodstuffs.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Ayman Mahmoud
Mohamed Abo El Naga, Proprietor & General Manager
AYMAN MAHMOUD MOHAMED ABO EL NAGA
Registered &
Physical Address
Location : No. 23 July
Street
Town : Damietta
Country : Egypt
Telephone : (20-57) 2323033
Facsimile : (20-57) 2327504
Mobile :
(20-122) 7155531 / (20-100) 3500105
Email :
nagagroup@hotmail.com
Please note that subject’s previous address was, 10 Salah Megahed
Street, Al Asar, Damietta.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Damietta.
Name Position
Ayman Mahmoud Mohamed Abo El Naga Proprietor
& General Manager
Bassim Habib Assistant
General Manager
Date of Establishment : 6th
January 2003
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 53347, Damietta
Invested Capital : £E 20,000
Mr Ayman Mahmoud Mohamed Abo El Naga is the sole proprietor of the
business.
Activities: Engaged in the import and distribution
of general foodstuffs, including nuts, dried fruits, milk powder, butter, ghee and
dairy ingredients.
Import Countries: India, Spain, Turkey and France
International Suppliers:
Tara Mahans Food Ltd
Western Cashew India
Hatsun Agro Ltd India
Hans Raj & Sons Ltd India
VLC Ltd India
Operating Trend: Steady
Subject has a workforce of 10 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E
14,153,239 £E
14,860,901
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Banque du Caire SAE
El Galaa Street
Damietta
Tel: (20-57) 2322994
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.30 |
|
|
1 |
Rs.101.36 |
|
Euro |
1 |
Rs.84.60 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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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.