|
Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
EL |
|
|
|
|
Registered Office : |
43 El Kolaly
Street, El Sabteya, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Year of Establishments: |
1972 |
|
|
|
|
Com. Reg. No.: |
316662, |
|
|
|
|
Legal Form : |
Sole Proprietorship |
|
|
|
|
Line of Business : |
importer and distributor of agricultural machinery
and presses. |
|
|
|
|
No. of Employees : |
12 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 |
Concern Name : EL KARNAK TRADING AGENCY FOR IMPORT & EXPORT
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1972
Commercial Registration Number : 316662, Cairo
Tax Card Number : 244-686-925
Industry Registration Number : 169040
Invested Capital : £E 250,000
Total Workforce : 12
Activities : Distributors of agricultural machinery and presses.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person(s) Interviewed : Ibrahim Samaan Guirguis, Administration Manager
EL KARNAK TRADING
AGENCY FOR IMPORT & EXPORT
Registered &
Physical Address
Street : 43 El Kolaly Street
Area : El Sabteya
Town : Cairo
Country : Egypt
Telephone : (20-2) 25752436 / 25766256
Facsimile : (20-2) 25766256
Mobile : (20-122) 2123895 / 02154677 /
(20-100) 9475555 / 99558463
Email : el.karnak@hotmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Cairo.
Name Position
·
Emad
Ibrahim Samaan Guirguis Proprietor
& General Manager
·
Ibrahim
Samaan Guirguis Administration
Manager
·
Wasfy
Guirguis Sales
Manager
Date of Establishment : 1972
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 316662, Cairo
Tax
Card No. : 244-686-925
Industry
Reg. No. : 169040
Invested Capital : £E 250,000
Mr Emad Ibrahim Samaan Guirguis is the sole proprietor of the business.
Activities: Engaged in the import and distribution of
agricultural machinery and presses.
Import
Countries: India, Italy,
Germany, Serbia and Montenegro.
International Suppliers:
·
Super Marshall India
·
Topland India
·
Bharat Industries India
·
Karloskar India
Operating Trend: Steady
Subject has a
workforce of 12 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 40,000,000 £E 41,800,000
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
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
·
Arab
African Bank
5 El Saraya El Kobira Square
PO Box: 60, Magles El Shaab
Cairo
Tel: (20-2) 33545094
Fax: (20-2) 33558493
No complaints
regarding subject’s payments have been reported.
Local sources report
that the subject’s operating history is clear with payment obligations met in a
generally timely manner. The financial position is satisfactory and the
business is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
|
|
1 |
Rs.103.12 |
|
Euro |
1 |
Rs.84.96 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.