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Report No. : |
336901 |
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Report Date : |
24.08.2015 |
IDENTIFICATION DETAILS
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Name : |
AL KARNAK IMPORT & EXPORT |
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Registered Office : |
2nd Floor, Apartment 4, 10 Rue Coptic Church, Raml Station,
Alexandria 21517 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
153024 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the import and distribution of tobacco products and accessories. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
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
pursued business climate reforms to attract foreign investment and facilitate
growth. Poor living conditions and limited job opportunities for the average
Egyptian contribute to public discontent, a major factor leading to the January
2011 revolution that ousted Mubarak. The uncertain political, security, and
policy environment since 2011 caused economic growth to slow significantly,
hurting tourism, manufacturing, and other sectors and pushing up unemployment.
Weak growth and limited foreign exchange earnings have made public finances
unsustainable, leaving authorities dependent on expensive borrowing for deficit
finance and on Gulf allies to help cover the import bill. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name :
AL KARNAK IMPORT & EXPORT
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
1989
Commercial Registration Number :
153024, Alexandria
Invested Capital :
£E 20,000
Total Workforce : 15
Activities :
Distributors of tobacco products and
accessories
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Mahmoud El Sayed Loulou, Proprietor
& General Manager
AL KARNAK IMPORT & EXPORT
Registered &
Physical Address
Location : 2nd
Floor, Apartment 4
Street : 10 Rue
Coptic Church
Area : Raml Station
Town : Alexandria
21517
Country : Egypt
Telephone : (20-3) 4830698 / 5852318
Facsimile : (20-3) 4830698 / 4840774
Mobile : (20-100)
2134820 / (20-128) 0433399
Email : m.loulou@alkarnak.com / mahmoud.loulou@gmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria.
Name Position
Mahmoud El Sayed Loulou Proprietor
& General Manager
Mohamed Naji Purchasing
Manager
Date of Establishment : 1989
Legal Form : Sole
Proprietorship
Commercial Reg.
No. : 153024, Alexandria
Invested Capital : £E 20,000
Mr Mahmoud El Sayed Loulou
is the sole proprietor of the business.
Activities: Engaged in the import and distribution of tobacco products and accessories.
Import Countries: India
International
Suppliers:
Indian Tobacco Co (ITC) India
VST Industries Ltd India
Operating Trend: Steady
Subject has a workforce of 15 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year Ending 31/12/13: Year
Ending 31/12/14:
Total Sales £E
9,200,000 £E
9,400,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Bank of Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
No complaints regarding subject’s payments have been reported.
Please note that the correct name of the subject is “Al Karnak Import
& Export” and not “Al Karak Import & Export”.
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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 |
-- |
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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.