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Report Date : |
11.09.2012 |
IDENTIFICATION DETAILS
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Name : |
HENKEL POLYBIT
EGYPT |
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Registered Office : |
City Light Tower,
4th Floor, Flat No. 403, 1 Makram Ebeid Street, Nasr City Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
June 2004 |
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Com. Reg. No.: |
5406 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
waterproofing materials and chemicals for building |
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No. of Employees : |
65 |
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 |
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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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : HENKEL POLYBIT EGYPT
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : June 2004
Commercial
Registration Number : 5406
Tax Card Number : 210-141-077
Issued Capital : £E
2,000,000
Paid up Capital : £E
2,000,000
Total Workforce : 65
Activities :
Manufacture of waterproofing materials and chemicals for building
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
HENKEL POLYBIT
EGYPT
Building : City Light Tower, 4th
Floor, Flat No. 403
Street : 1 Makram Ebeid Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 22706981 / 22730627
Facsimile : (20-2) 22730627 / 22702083
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
·
Industrial
Zone Factory
premises
Badr City
Helwan
Name Position
·
Abd El
Aziz Salem El Melahy Managing
Director
·
Mohamed
Zaki Financial
Manager
·
Mohamed
Abd El Sattar Administration
Manager
Date of Establishment : June 2004
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 5406
Tax
Card No. : 210-141-077
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
·
Henkel
Polybit Industries Ltd 99%
United Arab Emirates
·
Abd El
Aziz Salem El Melahy 1%
Activities: Engaged in the manufacture of waterproofing
materials and chemicals for building.
Import
Countries: Europe and the
Far East.
Subject has a
workforce of 65 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the company or submitted by outside
sources.
·
Citibank
PO Box: 188
Cairo
Tel: (20-2) 33551877 / 33551874
Fax: (20-2) 33558056
No complaints regarding
subject’s payments have been reported.
According to local
sources, subject enjoys a good reputation for the quality of its products with
nothing detrimental uncovered regarding the manner in which operations are
conducted. As such the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
|
1 |
Rs.88.50 |
|
Euro |
1 |
Rs.70.74 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.