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Report No. : |
354922 |
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Report Date : |
23.12.2015 |
IDENTIFICATION DETAILS
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Name : |
EL KARNAK IMPORT
EXPORT & AGENCIES |
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Registered Office : |
43 El Kolaly Street, El Sabtiya Area, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
Subject's operations
date back to 1976, however it was registered on 01.09.1998 |
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Com. Reg. No.: |
316662, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Import and distribution of agricultural machinery and presses,
as well as irrigation equipment. |
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No. of Employees : |
15 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
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Risk Category |
ECGC Classification |
|
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 : EL KARNAK
IMPORT EXPORT & AGENCIES
Country of Origin : Egypt
Legal Form :
General Partnership
Start Date :
1976
Registration Date : 1st
September 1998
Commercial
Registration Number : 316662, Cairo
Tax
Card Number :
529-767-442
Issued Capital : £E
100,000
Paid up Capital : £E
100,000
Total Workforce :
15
Activities :
Distributors of agricultural machinery and presses, as well as
irrigation
equipment.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Shareef Fouad,
Financial Controller
EL KARNAK IMPORT
EXPORT & AGENCIES
Street : 43 El Kolaly Street
Area : El
Sabtiya Area
Town : Cairo
Country : Egypt
Telephone : (20-2) 25752436
/ 25752446
Facsimile : (20-2) 25766256
Mobile : (20-12) 2123895 / (20-100)
99558463
Email : elkarnak@starnet.com / el.karnak@hotmail.com
Please note that
the correct spelling is El Sabtiya Area and not El
Sahteya Area.
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Suburban Business Area of Cairo.
Name Position
·
Emad
Ibrahim Gurgis Saman Managing
Partner
·
Ibrahim
Emad Ibrahim Gurgis Saman Partner
·
Shareef
Fouad Financial
Controller
Date of Establishment : Subject's
operations date back to 1976, however it was registered on 1st
September 1998
Legal Form :
General Partnership
Commercial Reg. No. : 316662, Cairo
Tax
Card No. : 529-767-442
Issued Capital : £E 100,000
Paid up Capital : £E 100,000
Name of Partners
·
Emad
Ibrahim Gurgis Saman
·
Ibrahim
Emad Ibrahim Gurgis Saman
Activities: Engaged in the import and
distribution of agricultural machinery and presses, as well as irrigation
equipment.
Subject is an authorized dealer on behalf
of the local Helwan Company for diesel engines.
Import
Countries: India,
Italy and Turkey
International
Suppliers:
·
Usha International India
·
Mico India
·
Usha Shree Ram Piston India
·
Andy
& Marshall India
·
Baharat
Industries India
·
BSA India
·
Karluskar 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 52,800,000 £E 53,450,000
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
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711/ 33912106
Fax: (20-2) 33919779
No complaints
regarding subject’s payments have been reported.
Please note that
the correct spelling of the subject’s name is “El Karnak Import Export &
Agencies” and not “El Karnak Co for Import and 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.66.30 |
|
|
1 |
Rs.98.71 |
|
Euro |
1 |
Rs.72.33 |
|
EGP |
1 |
Rs.8.45 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
AMR |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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.