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Report Date : |
13.12.2012 |
IDENTIFICATION DETAILS
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Name : |
BARTIMEX CHEMICALS LTD |
|
|
|
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Registered Office : |
El Obour
Building, 27th Floor, 35 Salem Street, Nasr City, Cairo |
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|
|
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Country : |
Egypt |
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|
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|
Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1994 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of raw material chemicals, polymers and auxiliaries for the paint and textile industries |
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No. of Employees : |
48 employees |
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Egypt - ECONOMIC OVERVIEW
Occupying the northeast corner of the African continent, Egypt is bisected by the highly fertile Nile valley, where most economic activity takes place. Egypt's economy was highly centralized during the rule of former President Gamal Abdel NASSER but opened up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to attract foreign investment and facilitate GDP growth. Despite the relatively high levels of economic growth in recent years, living conditions for the average Egyptian remained poor and contributed to public discontent. After unrest erupted in January 2011, the Egyptian Government drastically increased social spending to address public dissatisfaction, but political uncertainty at the same time caused economic growth to slow significantly, reducing the government's revenues. Tourism, manufacturing, and construction are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.
|
Source
: CIA |
Company Name : BARTIMEX CHEMICALS LTD
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1994
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 48
Activities : Distributors of raw material chemicals, polymers and auxiliaries for the
paint and textile industries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mostafa Ibrahim, Finance Manager
BARTIMEX CHEMICALS
LTD
Registered &
Physical Address
Building : El Obour Building, 27th
Floor
Street : 35 Salem Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22616440 / 24025744
Facsimile : (20-2) 22616440
Mobile : (20-111) 6266978 / (20-122)
7367120
Email : ibrahim@barimex.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Dr
Abdullah Mohamed Ibrahim Managing
Partner
·
Baha
Mohamed Ibrahim Partner
·
Brena
Mohamed Ibrahim Partner
·
Reda
Monir Marketing
Manager
·
Mostafa
Ibrahim Finance
Manager
·
Abeer
Attiya Operations
Manager
Date of Establishment : 1994
Legal Form :
Limited Liability
Partnership
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Partner
(s)
·
Dr
Abdullah Mohamed Ibrahim
·
Baha
Mohamed Ibrahim
·
Brena
Mohamed Ibrahim
Activities: Engaged in the import and distribution of
raw material chemicals, polymers and auxiliaries for the paint and textile industries.
Import
Countries: Europe and
India.
Agencies Held:
·
Aditya
Birla India
·
Organic
Kemya Turkey
·
Shinstu Germany
Operating Trend: Steady
Subject has a
workforce of 48 employees.
Financial
highlights provided by local sources are given below:
Currency: United
States Dollars (US$ )
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales US$ 9,230,000 US$ 10,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr Mostafa Ibrahim, Finance Manager
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 /
24836073
Fax: (20-2) 24837468
No complaints
regarding subject’s payments have been reported.
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.54.27 |
|
UK Pound |
1 |
Rs.87.43 |
|
Euro |
1 |
Rs.70.55 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.