MIRA INFORM REPORT

 

 

Report Date :

20.11.2012

 

IDENTIFICATION DETAILS

 

Name :

MODERN CHEMICALS FOR TRADING AND SUPPLY (MCTS)

 

 

Registered Office :

Ibn Sina Center, Building No. 5, 1st Floor, Al Ordounia Zone,  10th of Ramadan City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

01.02.2006

 

 

Com. Reg. No.:

5138, Cairo

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Distributors of chemicals for the dyeing, textile and paint industries

 

 

No. of Employees :

13 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

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 – 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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

SUMMARY

 

Company Name                         : MODERN CHEMICALS FOR TRADING AND SUPPLY (MCTS)

Country of Origin                                    : Egypt

Legal Form                                            : Sole Proprietorship

Registration Date                                   : 1st February 2006

Commercial Registration Number            : 5138, Cairo

Invested Capital                                     : £E 4,500,000

Total Workforce                                     : 13

Activities                                               : Distributors of chemicals for the dyeing, textile and paint industries.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Person Interviewed                                 : Maher Soltan Abdul Jawad, Proprietor & General Manager

 

 

 

COMPANY NAME

 

MODERN CHEMICALS FOR TRADING AND SUPPLY (MCTS)

 

company ADDRESS

 

Registered & Physical Address

Building             : Ibn Sina Center, Building No. 5, 1st Floor

Area                 : Al Ordounia Zone

Town                 : 10th of Ramadan City

Country             : Egypt

Telephone         : (20-15) 9500369

Facsimile          : (20-15) 351884 / 360416

Mobile               : (20-122) 7358794 / (20-109) 2888944

Email                : maher_soltan2003@hotmail.com / mahersoltan@hotmail.com

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of 10th of Ramadan City.

 

Branch Offices

 

     Location                                                                                          Description

 

·       Emarat Al Farouqiya                                                                          Office premises

Building No. 3B, Flat No. 303

Jasir El Suez

Cairo

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

·       Maher Soltan Abdul Jawad                                                                 Proprietor & General Manager

·       Ali Soltan Abdul Jawad                                                                      Assistant General Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1st February 2006

 

Legal Form                  : Sole Proprietorship

 

Commercial Reg. No.  : 5138, Cairo

 

Invested Capital           : £E 4,500,000

 

Mr Maher Soltan Abdul Jawad is the sole proprietor of the business.

 

 

AFFILIATED COMPANIES

 

·       Al Dohaiban Chemical and Building Materials

Arkaweet Area

Khartoum

Sudan

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of chemicals for the dyeing, textile and paint industries.

 

Import Countries: India and China.

 

International Suppliers:

 

·       Encore Natural Polymers Pvt Ltd        India

·       Aditya Synthetic                               India

·       Suajnya Dychem                               India

·       Colour Jet                                         India

·       Hond Nimbo Group                            China

 

Operating Trend: Steady

 

Subject has a workforce of 13 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/10:                Year Ending 31/12/11:

 

Total Sales                                £E 8,000,000                             £E 10,000,000

 

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

 

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

 

 

BANKERS

 

·       MIDB Bank

Ameen Helal Square

10th of Ramadan City

Tel: (20-15) 384730

Fax: (20-15) 384734

Acc No. 035478

 

 

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.54.97

UK Pound

1

Rs.87.50

Euro

1

Rs.70.16

 

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%)

 

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.