MIRA INFORM REPORT

 

 

Report No. :

302679

Report Date :

15.01.2015

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL FOREIGN TRADING CO

 

 

Registered Office :

18 Horreya Avenue Alexandria

 

 

Country :

Egypt

 

 

Date of Incorporation :

1981

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Subject is engaged in the import and distribution of motor vehicles, textiles, chemicals, heavy equipment and printing machinery.

 

 

No. of Employee :

400

 

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Egypt

B2

B2

 

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 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                                    : INTERNATIONAL FOREIGN TRADING CO

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 1981

Commercial Registration Number           : 1311444, Alexandria

Issued Capital                                       : US$ 3,000,000

Paid up Capital                                     : US$ 3,000,000

Total Workforce                                     : 400

Activities                                               : Distributors of motor vehicles, textiles, chemicals, heavy equipment and

                                                  printing machinery.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Mahmoud Amrawy, Finance Manager

 

 

COMPANY NAME

 

INTERNATIONAL FOREIGN TRADING CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : 18 Horreya Avenue

 

Town                : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4843264 / 4843265 / 4855859 / 4855853 / 4826465 / 4841532 / 3877919

Facsimile          : (20-3) 4843264 / 4846831 / 3838293

Mobile              : (20-112) 3968181

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       Alexandria Free Zone                                                                        Warehouse premises

Alexandria

 

·       1 Talaat Harb Street                                                                          Office premises

Cairo

Tel: (20-2) 23921175

Fax: (20-2) 23937191

 

·       Pharos University, 5th Floor                                                               Office premises

El Mahmoudya Canal Road

Smouha

Alexandria

Tel: (20-3) 3877897

Fax: (20-3) 3830293

 

·       El Geish Road                                                                                  Office premises

Tanta

El Gharbeya

Tel: (20-40) 310885

Fax: (20-40) 310885

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Abd El Fattah Ragab                                                        Managing Partner

 

·       Abd El Fattah Mohamed Abd El Fattah Ragab                                   Partner

 

·       Alaa El Din Ragab                                                                            Partner

 

·       Mahmoud Amrawy                                                                            Finance Manager

 

·       Abd El Razik Morsy                                                                          Sales Manager

 

·       Mohamed Bakry                                                                               Export Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1981

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 1311444, Alexandria

 

Issued Capital              : US$ 3,000,000

 

Paid up Capital            : US$ 3,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Mohamed Abd El Fattah Ragab                                            33.34%

 

·       Abd El Fattah Mohamed Abd El Fattah Ragab                       33.33%

 

·       Alaa El Din Ragab                                                                33.33%

 

 

AFFILIATED COMPANIES

 

·       Ragab Export & Import

18 Horreya Avenue

PO Box: 736

Alexandria

Tel : (20-3) 4841099 / 4843265

Fax : (20-3) 4846831 / 4843264

 

·       Ragab Motors

Alexandria

 

·       Amreya Warehouses Co

Alexandria

 

·       Green Plaza

Alexandria

 

·       Egyptian Trading & Industrial Co

Alexandria

 

·       Alexandria Automotive Co

Alexandria

 

·       Pact Bond Co

Alexandria

 

·       Amria Bonded Warehouse Co

Alexandria

 

·       Riada Language School

Alexandria

 

·       Alexandria Institute of Technology

Alexandria

 

·       Smouha Touristic Center

Alexandria

 

·       The Egyptian Touristic Resort

Alexandria

 

·       El Nubaria Co for Agriculture Development

Alexandria

 

·       Mohamed Ragab Foundation for Social Development

Alexandria

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of motor vehicles, textiles, chemicals, heavy equipment and printing machinery.

 

Import Countries: South Africa, Japan, India, China and the United States of America.

 

Agencies Held:

 

·       Komatsu

·       Sonal

 

Operating Trend: Steady

 

Subject has a workforce of approximately 400 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                US$ 7,200,000                           US$ 7,500,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

21 Tosson Street

Alexandria

Tel: (20-3) 4824802 / 4825715

 

·       Commercial International Bank (CIB)

61 Sultan Hussein Street

Alexandria

Tel: (20-3) 4824643 / 4834255

Fax: (20-3) 4832240

 

·       National Bank of Abu Dhabi

Nile Tower, 18th Floor

21 Giza Street

Cairo

Tel: (20-2) 33609724

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                               September 2004

Credit amount                                       100,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

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.62.15

UK Pound

1

Rs.94.24

Euro

1

Rs.73.30

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

Report Prepared by :

ANK

 

 

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.