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Report Date : |
27.02.2014 |
IDENTIFICATION DETAILS
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Name : |
TRAG LTD |
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Registered Office : |
Plot No. 1258 (Z), Building No. 10 Masken Sheraton, |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
26.01.2006 |
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Com. Reg. No.: |
17554, |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of raw materials for
the pharmaceutical industry, food ingredients and additives, agrochemicals
and packaging materials |
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No. of Employees : |
24 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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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
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Source
: CIA |
Company Name : TRAG LTD
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Start Date : 1994
Registration Date : 26th January 2006
Commercial Registration Number : 17554, Cairo
Tax Card Number : 452-779-618
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
Total Workforce : 24
Activities : Import and distribution of raw materials for the pharmaceutical industry, food ingredients and additives, agrochemicals and packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
TRAG LTD
Location : Plot No. 1258
(Z), Building No. 10
Area : Masken
Sheraton, Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22680672
/ 22680671 / 22680291
Facsimile : (20-2) 22680293
Mobile : (20-100)
5306664
Email : trag@tragfocus.com
Please note that subject’s previous address was, 64 Mohamed Kamel Husein
Street, El Nozha El Gedida, Heliopolis, Cairo. Subject moved to the above address
in 2011.
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Offices
Subject has two warehouses located in Cairo and one
in Alexandria.
Name Position
· Dr Tamer Abdul
Majeed Hagag Managing
Partner
· Dr Ramzy Abdul
Majeed Hagag Partner
· Abdul Hamid Abul
Al Alaa Commercial
Manager
· Abdullah Jaber Financial
Controller
· Soha Mahmoud Administration
Executive
Date of
Establishment : 1994, however
subject was registered on 26th January 2006.
Legal Form : Limited Liability
Partnership
Commercial Reg. No. :
17554,
Cairo
Tax Card No. :
452-779-618
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
· Dr Tamer Abdul
Majeed Hagag
· Dr Ramzy Abdul
Majeed Hagag
Activities: Engaged in the import and distribution of raw materials for the
pharmaceutical industry, food ingredients and additives, agrochemicals and
packaging materials.
Import Countries: India and Europe
Operating Trend: Steady
Subject has a workforce of 24 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/12: Year
Ending 31/12/13:
Total Sales £E
11,400,000 £E
12,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Misr International Bank (MIBANK)
14 Alfy Street
PO Box:
631
Cairo
Tel:
(20-2) 25931002
Fax:
(20-2) 25912306
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.61.94 |
|
|
1 |
Rs.103.31 |
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Euro |
1 |
Rs.85.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
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 |
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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-- |
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.