MIRA INFORM REPORT

 

 

Report Date :           

24.03.2011

 

IDENTIFICATION DETAILS

 

Name :

ORKA FOR CHEMICAL INDUSTRIES

 

 

Registered Office :

Anbar No. 1, Unit 3,11, Asafra Manzalah, Dakahleya

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

2003

 

 

Com. Reg. No.:

1919

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Manufacturers of automotive paint

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

US$ 75,000

Status :

Moderate

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 – December 31, 2010

 

Country Name

Previous Rating

                   (30.09.2010)                  

Current Rating

(31.12.2010)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                                     : ORKA FOR CHEMICAL INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Limited Liability Partnership

Registration Date                                   : 2003

Commercial Registration Number            : 1919

Tax Card Number                                   : 205-161-596

Issued Capital                                        : £E 200,000

Paid up Capital                                      : £E 200,000

Total Workforce                                     : 10

Activities                                               : Manufacturers of automotive paint.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 75,000

 

COMPANY NAME

 

ORKA FOR CHEMICAL INDUSTRIES

 

 

company ADDRESS

 

Registered & Physical Address

Building             : Anbar No. 1, Unit 3,11

Area                 : Asafra Manzalah

Town                 : Dakahleya

Country             : Egypt

Telephone         : (20-50) 7880007

Facsimile          : (20-50) 7880007

Mobile               : (20-18) 1997246 / (20-10) 8484534

 

Premises

Subject operates from a small suite of offices and a factory that are rented and located in the Industrial Area of Dakahleya.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Gamal Hassan Silan                                                                          Managing Partner

 

·       Mahmoud Mokhtar Ahmed El Hanafy                                                  Partner

 

·       Ahmed Hassan Abd El Ghany                                                            Partner

 

·       Mohamed Hassan Abd El Ghany                                                        Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2003

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.  : 1919

 

Tax Card No.               : 205-161-596

 

Issued Capital              : £E 200,000

 

Paid up Capital            : £E 200,000

 

Name of Shareholder (s)                                           Percentage

 

·       Gamal Hassan Silan                                                              30%

 

·       Ahmed Hassan Abd El Ghany                                                25%

 

·       Mohamed Hassan Abd El Ghany                                            25%

 

·       Mahmoud Mokhtar Ahmed El Hanafy                                      20%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of automotive paint.

 

Import Countries: France, Germany, Belgium, Netherlands and China

 

Export Countries: Libya, Saudi Arabia, Jordan and Kuwait

 

Operating Trend: Steady

 

Subject has a workforce of 10 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 3,811,110                             £E 3,441,944

 

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

 

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

 

 

BANKERS

 

·       Societe Arabe Internationale de Banque

PO Box: 124

Cairo

Tel: (20-2) 33499464 / 33603489

Fax: (20-2) 33603497 / 33603487

 

 

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.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.97

UK Pound

1

Rs.73.35

Euro

1

Rs.63.98

 

 

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

 

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.