MIRA
INFORM REPORT
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Report Date : |
20.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
CHEMITEX FOR
TRADING AND AGENCIES |
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Registered Office : |
18 Teaweniat
Street, Smouha, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
1978 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Engaged in the
import and distribution of chemicals and related products. |
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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Maximum Credit Limit : |
US$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
SUMMARY
Company Name : CHEMITEX FOR TRADING AND AGENCIES
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 1978
Invested Capital : £E 50,000
Total Workforce : 5
Line of Business : Distributors of chemicals and related products.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
CHEMITEX FOR TRADING
AND AGENCIES
ADDRESS
Registered & Physical Address
Street : 18 Teaweniat Street
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4291156
Facsimile : (20-3) 4285920
Email : chemitex@chemitexegypt.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Alexandria.
KEY PRINCIPALS
·
Sameh Habib Proprietor
& General Manager
·
Nagwan Al
Shareef Administration
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1978
Legal Form :
Mouassasa Khassa (Sole
Proprietorship)
Invested Capital
: £E 50,000
Mr Sameh Habib is
the sole proprietor of the business.
Note to the Legal Form
Commonly referred to as an establishment, the Company Law defines Mouassasa Khassa as the business of an individual where liability for all debts is unlimited. The business is the entire responsibility of its proprietor, who is liable for all its debts to the extent of his entire wealth. There are no legal requirements concerning the amount of capital of a sole proprietor.
LINE OF BUSINESS
Operations : Engaged in the import and distribution of
chemicals and related products.
Import Countries
: Europe and the Far East.
Operating Trend
: Steady
Subject has a
workforce of 5 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pound (£E)
Year Ending
31/12/04 : Year
Ending 31/12/05 :
Total Revenue £E 4,380,000 £E
4,650,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
·
Misr
International Bank (MIBANK)
Glym Branch
539 Bis, Horreya Road
Alexandria
Tel : (20-3) 5876572 / 5876279
Fax : (20-3) 5879601
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Established in
1978, subject is owned and managed by Mr Sameh Habib who is well respected in
the local business community.
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.
Maximum suggested
credit figure of: US$ 100,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)