MIRA INFORM
REPORT
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Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
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Name : |
TARGOCHEM FOR CHEMICAL INDUSTRIES SAE |
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Registered Office : |
2nd Industrial
Zone, Plot No. 7, Block No. 17, Borg El Arab City, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
2008 |
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Com. Reg. No.: |
2607, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of inorganic salt and sodium silicate |
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 |
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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Egypt |
a2 |
a2 |
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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 |
Bottom of Form
SUMMARY
Company Name : TARGOCHEM FOR CHEMICAL INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2008
Commercial Registration Number : 2607, Cairo
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Total Workforce : 58
Activities : Manufacturers of inorganic salt and sodium silicate.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 150,000
COMPANY NAME
TARGOCHEM FOR
CHEMICAL INDUSTRIES SAE
company ADDRESS
Registered & Physical Address
Location : 2nd Industrial Zone,
Plot No. 7, Block No. 17
Area : Borg El Arab City
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4209928 / 4267083 / 4590565
Facsimile : (20-3) 4274537 / 4590565
Mobile : (20-10) 5561133
Email : amrlashene@targochem.com
/ amrlashene@target-chemicals.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of Alexandria.
KEY PRINCIPALS
Name Position
·
Abdul Moniem Abdul Wahid Abbaza Chairman
·
Ahmed Abdul Moniem Abdul Wahid Abbaza Managing
Director
·
Amr Abdul Fattah Lasheen Director
·
Haytham Shaaban Marketing
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2008
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 2607, Cairo
Issued Capital : £E 10,000,000
Paid up Capital : £E 10,000,000
Name of Shareholder
(s)
·
Abdul Moniem Abdul Wahid Abbaza
·
Ahmed Abdul Moniem Abdul Wahid Abbaza
·
Amr Abdul Fattah Lasheen
·
Abbaza
Group
Alexandria
AFFILIATED COMPANIES
·
Target For Special Chemicals
40 Ismail Serry
Street
Smouha
Alexandria
Tel: (20-3)
4267083
Fax: (20-3)
4274537
OPERATIONS
Activities: Engaged in the manufacture of inorganic
salt and sodium silicate.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 58 employees.
FINANCIAL DATA
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/09: Year
Ending 31/12/10:
Total Sales £E 8,990,000 £E 11,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
BNP
Paribas
3, 14 May Street
Smouha
Alexandria
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk and
the above credit figure is considered to be 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.44.72 |
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UK Pound |
1 |
Rs.73.47 |
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Euro |
1 |
Rs.65.38 |
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.