MIRA INFORM REPORT

 

 

Report Date :           

18.06.2011

 

IDENTIFICATION DETAILS

 

Name :

EL GHARBEYA FOR CHEMICALS COMPANY

 

 

Registered Office :

El Zohour Towers, Office No. 208, Mansoura Road, Mehalla, Gharbeya

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1968

 

 

Com. Reg. No.:

48960, Gharbeya

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Import and distribution of dyes and chemicals

 

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

 

Maximum Credit Limit :

US$ 200,000

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : EL GHARBEYA FOR CHEMICALS COMPANY

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Registration Date                                   : 1968

Commercial Registration Number            : 48960, Gharbeya

Partners Capital                                     : £E 750,000

Total Workforce                                     : 30

Activities                                               : Import and distribution of dyes and chemicals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 200,000

Person Interviewed                                 : Hussam El Bedawi, Sales Manager

 

 

 

COMPANY NAME

 

EL GHARBEYA FOR CHEMICALS COMPANY

 

 

company ADDRESS

 

Registered & Physical Address

Building             : El Zohour Towers, Office No. 208

Street               : Mansoura Road

Area                 : Mehalla

Town                 : Gharbeya

Country             : Egypt

Telephone         : (20-40) 2225764 / 2225765 / 2228922

Facsimile          : (20-40) 2227300

Mobile               : (20-12) 3242462 / 2119188

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Gharbeya.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       34, 23rd July Street                                                                            Rented warehouse premises

El Mehalla El Kobra

El Mehalla

Gharbeya

Tel: (20-40) 2232470

Fax: (20-40) 2239052

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Adel Fouad Fouda                                                                             Managing Partner

 

·       Mohamed Fouad Fouda                                                                     Partner

 

·       Hussam El Bedawi                                                                            Sales Manager

 

·       Mona Hassan                                                                                   Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1968

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 48960, Gharbeya

 

Partners Capital           : £E 750,000

 

Name of Partner (s)                                                       Percentage

 

·       Adel Fouad Fouda                                                          50%

 

·       Mohamed Fouad Fouda                                                  50%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of dyes and chemicals for the textile industry and its accessories.

 

Import Countries: India, China, Turkey, Germany and the United Kingdom.

 

Operating Trend: Steady

 

Subject has a workforce of 30 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 12,780,000                           £E 14,000,000

 

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

 

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

 

 

BANKERS

 

·       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

 

·       National Societe Generale Bank

5 Champollion Street

Cairo 11111

Tel: (20-2) 27707777

Fax: (20-2) 27707799

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              April 2008                                 September 2009

Credit amount                                        100,000                         150,000

Amount overdue                         0                                              0

Payment terms                                      60 days                                     60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 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 and the above credit figure is within subject’s financial means.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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.