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Report Date : |
17.09.2012 |
IDENTIFICATION DETAILS
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Name : |
STARCHEM FOR TRADING SAE |
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Registered Office : |
El |
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Country : |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
16.04.2000 |
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Com. Reg. No.: |
5031, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Distributors of chemicals for the paint industry, car paints, polish and varnish |
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No. of Employees : |
65 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 : STARCHEM FOR TRADING SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 16th April 2000
Commercial Registration Number : 5031, Cairo
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Total Workforce : 65
Activities :
Distributors of chemicals for the
paint industry, car paints, polish and
varnish.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Hani Sallam, General Manager
STARCHEM FOR
TRADING SAE
Registered &
Physical Address
Building : El Helaliya Building, 3rd Floor
Street : 100 El Nile Street
Area : Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33351633
Facsimile : (20-2) 33351633
Mobile : (20-100) 1060001 /
(20-106) 0597059
Email : info@starchemtrade.com
/ hani.sallam@starchemtrade.com
Please note that the
subject had no knowledge of the following address: 38 Emad Nasr Street, 18Km,
Misr El Ismailia Desert Road, Industrial Area, Cairo.
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Waleed
Ali Mahmoud Chairman
·
Hamid
Ahmed Al Shaiti Managing
Director
·
Mohamed
Ashraf Al Shaiti Director
·
Nabila
Ibrahim Makami Director
·
Mohamed
Ezzeddine Swaidan Director
·
Hani Ibrahim Sallam General
Manager
Date of Establishment : 16th
April 2000
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 5031, Cairo
Tax
Card No. : 200-194-267
Authorised
Capital : £E 5,000,000
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Name of
Shareholder (s)
·
Waleed
Ali Mahmoud
·
Hamid
Ahmed Al Shaiti
·
Mohamed
Ashraf Al Shaiti
·
Nabila
Ibrahim Makami
·
Mohamed
Ezzeddine Swaidan
Activities: Engaged in the import and distribution of chemicals for the
paint industry, car paints, polish and varnish.
Import
Countries: Europe and GCC
countries.
Operating Trend: Steady
Subject has a
workforce of 65 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 17,950,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.73 |
|
UK Pound |
1 |
Rs.88.61 |
|
Euro |
1 |
Rs.71.34 |
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 |
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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 |
|
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.