|
Report Date : |
31.10.2012 |
IDENTIFICATION DETAILS
|
Name : |
EL GHARBEYA FOR CHEMICALS COMPANY |
|
|
Registered Office : |
El |
|
|
|
|
|
|
Country : |
|
|
|
|
|
|
|
Financials (as on) : |
31.12.2011 |
|
|
|
|
|
|
Year of Establishment : |
1968 |
|
|
|
|
|
|
Com. Reg. No.: |
48960, Gharbeya |
|
|
|
|
|
|
Legal Form : |
General Partnership |
|
|
|
|
|
|
Line of Business : |
Import and distribution of dyes and chemicals. |
|
|
|
|
|
|
No. of Employees : |
30 |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
|
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 : EL GHARBEYA FOR CHEMICALS COMPANY
Country of Origin : Egypt
Legal Form : General Partnership
Registration Date : 1968
Commercial Registration Number : 48960, Gharbeya
Partners Capital : £E 750,000
Total Workforce : 30
Activities : Import and distribution of dyes and chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mohamed Fouad Fouda, Partner
EL GHARBEYA FOR CHEMICALS COMPANY
Building : El Zohour
Towers, Office No. 208
Street : Mansoura
Road
Area : Mehalla
Town : Gharbeya
Country : Egypt
Telephone : (20-40) 2225764
/ 2225765 / 2228922
Facsimile : (20-40)
2227300
Mobile : (20-12)
3242462 / 2119188
Email : mf_fouda@elgharbia.com
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Gharbeya.
Branch Office (s)
Location Description
· 34, 23rd
July Street Rented
warehouse premises
El Mehalla El
Kobra
El Mehalla
Gharbeya
Tel: (20-40)
2232470
Fax: (20-40)
2239052
Name Position
· Adel Fouad Fouda Managing
Partner
· Mohamed Fouad
Fouda Partner
· Hussam El Bedawi Sales
Manager
· Mona Hassan Purchasing
Manager
Date of
Establishment : 1968
Legal Form : General
Partnership
Commercial Reg.
No. : 48960, Gharbeya
Partners Capital : £E 750,000
· Adel Fouad Fouda 50%
· Mohamed Fouad
Fouda 50%
Activities: Engaged in the import and distribution of dyes and chemicals for the
textile industry and its accessories.
Import Countries: India, China, Turkey, Germany and the United
Kingdom.
International
Suppliers:
· Basf Chemical Germany
· Organic Kimya Turkey
·
Argon Turkey
Operating Trend: Steady
Subject has a workforce of 30 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
14,000,000 £E
15,350,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
33912711 / 33912106
Fax: (20-2)
33919779
·
National Societe Generale Bank
5 Champollion
Street
Cairo 11111
Tel: (20-2)
27707777
Fax: (20-2)
27707799
No complaints regarding subject’s payments have been reported.
Credit amount 100,000 150,000
Amount overdue 0 0
Payment terms 60
days 60
days
Payment Method Letters
of Credit Letters
of Credit
Paying record No
Complaints No
Complaints
Currency US
Dollars US
Dollars
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.86.83 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.