MIRA INFORM REPORT

 

 

Report Date :

06.06.2014 

 

IDENTIFICATION DETAILS

 

Name :

GAMMA TRADE FOR SERVICES & SCIENTIFIC CONSULTANTS SERVICES SAE

 

 

Registered Office :

14 El Fath Street Mohandessin, Giza Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

1980

 

 

Com. Reg. No.:

2287, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the import and distribution of medical equipment, chemicals and laboratory apparatus, including blood transfusion needles, stethoscopes, refrigeration equipment, blood and vaccine storage equipment, blood type identification equipment, filters, centrifuges, audiometers and X-ray equipment

 

 

No. of Employees

83

 

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 31, 2014

 

Country Name

Previous Rating

(31.12.2013)

Current Rating

(31.03.2014)

Egypt

B1

B1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate High Risk

 

C1

High Risk

 

C2

Very High Risk

 

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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency

 

Source : CIA

 

 

 

SUMMARY

 

Company Name                                    : GAMMA TRADE FOR SERVICES & SCIENTIFIC CONSULTANTS

                                                              SERVICES SAE

Doing Business As                                : GAMMA TRADE CO (GTCO)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1980

Commercial Registration Number           : 2287, Giza

Issued Capital                                       : £E 5,000,000

Paid up Capital                                     : £E 5,000,000

Total Workforce                         : 83

Activities                                               : Distributors of medical equipment, chemicals and laboratory apparatus.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

GAMMA TRADE FOR SERVICES & SCIENTIFIC CONSULTANTS SERVICES SAE

 

 

DOING BUSINESS AS

 

GAMMA TRADE CO (GTCO)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 14 El Fath Street

Area                 : Mohandessin, Giza

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 37480997 / 33364351 / 33364347

Facsimile          : (20-2) 37492687

Email                : mailbox@gammatrade.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       El Kholoud Tower                                                                             Rented Sales Office

     Victor Emmanuel Street

     Smouha

     Alexandria

     Tel: (20-3) 4298371

     Fax: (20-3) 4298371

 

·       Borg El Esraa                                                                                   Rented Sales Office

El Glaa Street

Assiut

Tel: (20-88) 2303719

Fax: (20-88) 2303719

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Mohamed Yehia Abd El Hafiz Mekkawy                              Chairman

 

·       Dr Seham Abd El Hafiz Mekkawy                                                       Vice Chairman

 

·       Ahmed Abu El Kheir                                                                         Director

 

·       Ahmed Yehia Abd El Hafiz Mekkawy                                                  Director

 

·       Sherif Abu El Kheir                                                                           Director

 

·       Sohir Helmy                                                                                     General Manager

 

·       Magdy Abd El Fatah                                                                         Finance Manager

 

·       Amr Abou El Kheir                                                                            Import Manager

 

·       Emad Salah                                                                                     Sales Manager

 

·       Abd El Tawab Gaballah                                                                     IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1980

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 2287, Giza

 

Issued Capital              : £E 5,000,000

 

Paid up Capital            : £E 5,000,000

 

Name of Shareholder (s)                                           Percentage

 

·       Mohamed Mohamed Yehia Abd El Hafiz Mekkawy                  40%

 

·       Dr Seham Abd El Hafiz Mekkawy                                           40%

 

·       Soheir Helmy                                                                          5%

 

·       Ahmed Yehia Abd El Hafiz Mekkawy                                        5%

 

·       Heba Yehia Abd El Hafiz Mekkawy                                          5%

 

·       Dalia Yehia Abd El Hafiz Mekkawy                                           5%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of medical equipment, chemicals and laboratory apparatus,

     including blood transfusion needles, stethoscopes, refrigeration equipment, blood and vaccine storage

     equipment, blood type identification equipment, filters, centrifuges, audiometers and X-ray equipment.

 

Import Countries: United States of America and Belgium.

 

International Suppliers:

 

·       CAL-Tech-Diagnostics          United States of America

·       Bio Nuclincs Inc                    United States of America

·       Stanbio Laboratory Inc          United States of America

·       Peninsula Laboratories Inc    United States of America

·       Diamedex Corp                    United States of America

·       Bio Analytic Lab Inc              United States of America

·       Nordion                                Belgium

 

Operating Trend: Steady

 

Subject has a workforce of 83 employees.

 

 

FINANCIAL DATA

 

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 29,300,000                           £E 29,900,000

 

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

 

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

 

 

BANKERS

 

·       Delta International Bank

113 Corniche El Nil Street

PO Box: 1159

Cairo

Tel: (20-2) 25740831

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 company is deemed a fair trade risk.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.30

UK Pound

1

Rs.99.34

Euro

1

Rs.80.70

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

NIS

 

               

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.