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Report Date : |
10.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ABCO UNITED FOR PLASTICS AND CHEMICALS SAE |
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Registered Office : |
4th Industrial Zone, Plot 5, Block 21, New Borg El Arab
Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1973 |
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Com. Reg. No.: |
129166 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of plastic products |
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No. of Employees : |
900 |
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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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 : ABCO UNITED FOR PLASTICS AND CHEMICALS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1973
Commercial Registration Number : 129166
Industrial Registration Number : 20390
Issued Capital : £E 26,000,000
Paid up Capital : £E 26,000,000
Total Workforce : 900
Activities : Manufacturers of plastic products
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ABCO UNITED FOR PLASTICS AND CHEMICALS SAE
Location : 4th
Industrial Zone, Plot 5, Block 21, New Borg El Arab
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4595276
/ 4595841
Facsimile : (20-3) 4595351
Mobile : (20-100)
6039990 / 1559201 / 6039826
Email : abco@intouch.com
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Alexandria.
Branch Office (s)
Location Description
· 29 Salah Salem
Street Rented
sales office
PO Box 10107
Alexandria
Tel:
(20-3) 4874446 / 4864033
Fax:
(20-3) 4879083
· 38 Ismailia Street Rented
sales office
Roushdy
Ramleh
Alexandria
Tel:
(20-3) 5452341
Fax:
(20-3) 5452343
Name Position
· Mahmoud Ahmed Ali
Awad Managing
Director
· Mahmoud Samy
Mahmoud Awad Director
· Zeinab Samy Abu El
Foutouh Director
· Soliman Mohamed Finance
Manager
· Ashraf Salem Purchasing
Manager
· Khaled El Kershy Export
Manager
· Moustafa Saleh Quality
Manager
· Mahmoud Tarek
Mahmoud Awad Human
Resources Manager
Date of
Establishment : 1973
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 129166
Industrial Reg.
No. : 20390
Issued Capital : £E 26,000,000
Paid up Capital : £E 26,000,000
· Mahmoud Ahmed Ali
Awad 69.57%
· Mahmoud Tarek
Mahmoud Awad 8.90%
· Mahmoud Samy
Mahmoud Awad 8.49%
· Egyptian
businessmen & private investors 13.04%
· Alexandria Detergents & Chemicals Company (ADCO)
4th
Industrial Zone, Plot 5, Block 21
Borg El
Arab
Alexandria
Tel:
(20-3) 4595841 / 4595260 / 4595267 / 4593035 / 4591111
Fax:
(20-3) 4595351 / 4596059
· ABCO Engineering
Industrial & Technical Consultants
38 Ismailia Street
Alexandria
Tel: (20-3)
5452340
Fax: (20-3)
5452343
· ABCO Egypt
38 Ismailia Street
Alexandria
Tel: (20-3)
5452340
Fax: (20-3)
5452343
Activities: Engaged in the manufacture and export of plastic products, including
plastic containers, plastic closures
made of PET material used in chemicals and beverage packaging.
Subject’s main clients include Shell, Total,
Caltex, Coca Cola.
Subject is ISO 9001:2000 accredited.
Import Countries: France, Italy, United Kingdom, Germany, Swaziland
and the United States of America
Export Countries: Libya, Nigeria, Greece, Kuwait, Saudi Arabia,
Tunisia and Cyprus
Brand Names: ABCO
Operating Trend: Steady
Subject has a workforce of approximately 900 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year Ending
31/12/11:
Total Sales £E
73,000,000 £E
79,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Mohandes Bank SAE
El Watanya Tower
El Horreya Road
Alexandria
Tel: (20-3) 4877184
Fax: (20-3) 4877319
· Export Development
Bank of Egypt
95 26th
July Road
Azarita
Alexandria
Tel: (20-3)
4869860 / 4868488
Fax: (20-3)
4829206
No complaints regarding subject’s payments have been reported.
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.52.37 |
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1 |
Rs.83.99 |
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Euro |
1 |
Rs.67.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.