MIRA
INFORM REPORT
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Report Date : |
23.10.2008 |
IDENTIFICATION DETAILS
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Correct Name : |
HAC FOR CHEMICAL INDUSTRIES |
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Formerly Known as : |
AEFICE CHEM |
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Registered Office : |
36,
Helmy Juma Sulaiman Street, Al Siyouf Shama Area, |
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Country : |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1994 |
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Legal Form : |
General Partnership |
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Line of Business : |
Manufacture of Chemicals |
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$ 150,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : HAC FOR CHEMICAL INDUSTRIES
Previously Known As : AEFICE CHEM
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 1994
Partners Capital : £E 500,000
Total Workforce : 20
Activities : Manufacture of chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
Person Interviewed : Hosni Attiya Abdul Aati, Managing Partner
COMPANY NAME
HAC FOR
CHEMICAL INDUSTRIES
PREVIOUSLY
KNOWN AS:
AEFICE CHEM
ADDRESS
Registered & Physical Address
Street : 36, Helmy
Juma Sulaiman Street
Area : Al
Siyouf Shama Area
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5263506
Facsimile : (20-3) 5263506
Mobile : (20-10) 4009331 / 4723071
Email : aefice@hotmail.com
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
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Alexandria-Cairo Desert Road, Km 23 Owned factory premises
Alexandria
KEY PRINCIPALS
Name Position
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Hosni Attiya Abdul Aati Managing
Partner
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Mohamed Attiya Abdul Aati Partner
LEGAL FORM & OWNERS
Date of Establishment : 1994
History : Subject was originally established in 1994
under the name of “Aefice Chem”. However on
the 1st October 2008
subject was re-registered under the current style of “HAC For
Chemicals
Industries”
Legal Form :
General Partnership
Partners Capital : £E 500,000
Name of Partner (s)
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Hosni Attiya Abdul Aati
·
Mohamed Attiya Abdul Aati
OPERATIONS
Activities: Engaged in the manufacture of chemicals for dying garments and cloth, as well as
chemical agents for the paper mill industry and paints.
Import
Countries: India
Operating Trend: Steady
Subject has a
workforce of 20 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sales £E 8,750,000 £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.
BANKERS
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Commercial
International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel : (20-3) 4824643 / 4834255
Fax : (20-3) 4832240
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
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 business is
considered to be a fair trade risk and the above credit figure is within
subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.79 |
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UK Pound |
1 |
Rs.81.27 |
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Euro |
1 |
Rs.63.91 |
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. |
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%)