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Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
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Name : |
MISR HYTECH SEED INTERNATIONAL SAE |
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Registered Office : |
2 Naguib Mahfouz Street Nasr City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1993 |
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Com. Reg. No.: |
43705, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Cultivation and distribution of horticultural seeds |
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No. of Employees : |
75 |
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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 : MISR HYTECH SEED INTERNATIONAL SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1993
Commercial Registration Number : 43705, Cairo
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
Total Workforce : 75
Activities : Cultivation and distribution of horticultural seeds
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
MISR HYTECH SEED INTERNATIONAL SAE
Street : 2 Naguib
Mahfouz Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22755041
/ 22755042 / 22756441
Facsimile : (20-2)
22755043
Email : info@hytechseed.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 4th
Industrial Zone, Plot 124 Farm
Sadat City
Menoufeya
Tel: (20-48)
2604647 / 2602100
Fax: (20-48)
2604647
Name Position
· Suri Sehgal Chairman
· Raman Kumar Sehgal Managing
Director
· Naguib Diab Finance
Manager
· Maher El Sayed
Khalil Marketing
Manager
Date of Establishment : 1993
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 43705, Cairo
Issued Capital : £E 20,000,000
Paid up Capital : £E 20,000,000
· Suri Sehgal
· Raman Kumar Sehgal
Activities: Engaged in the cultivation and distribution of horticultural seeds such
as, corn, sunflowers, tomato, wheat, marrow and clover.
Export Countries: Saudi Arabia, United Arab Emirates, Sudan,
Zimbabwe and Turkey.
Brand Names: HYTECH
Operating Trend: Steady
Subject has a workforce of approximately 75 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
17,200,000 £E
18,500,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
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.53.12 |
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1 |
Rs.85.14 |
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Euro |
1 |
Rs.68.60 |
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.