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Report Date : |
03.04.2013 |
IDENTIFICATION DETAILS
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Name : |
COMMERCIAL
ENGINEERING GROUP |
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Registered Office : |
312 Sudan Street,
Mohandessin, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
93633, Cairo |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Distributors of dyes, chemicals, electronic supplies, foodstuff and dairy products. |
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No. of Employees : |
9 |
RATING & COMMENTS
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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 : |
Usually correct |
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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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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 : COMMERCIAL
ENGINEERING GROUP
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1992
Commercial
Registration Number : 93633,
Cairo
Issued Capital : £E
20,000
Paid up Capital : £E
20,000
Total Workforce : 9
Activities :
Distributors of dyes, chemicals, electronic supplies, foodstuff and dairy
products.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
COMMERCIAL
ENGINEERING GROUP
Street : 312 Sudan Street
Area : Mohandessin, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 33032007 / 33036554
Facsimile : (20-2) 33032007
Email : coming@access.com.eg
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Walid
Nabih Abu El Kasem Managing
Partner
·
Mohamed
Nabih Abu El Kasem Partner
·
Hazem
Nabih Abu El Kasem Partner
·
Ahmed
Shaarawy Commercial
Manager
·
Khalid
Matter Sales
Manager
Date of Establishment : 1992
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 93633, Cairo
Issued Capital : £E 20,000
Paid up Capital : £E 20,000
·
Walid
Nabih Abu El Kasem 33.34%
·
Mohamed
Nabih Abu El Kasem 33.33%
·
Hazem
Nabih Abu El Kasem 33.33%
Activities: Engaged in the import and distribution of
dyes, water and wastewater treatment technology, chemicals
such as sodium compounds,
amines, disinfectants, insecticides, fungicides, and fertilisers, as well as
electronic supplies,
foodstuff and dairy products.
Import
Countries: Germany, United
Kingdom, Italy, Switzerland, Poland, Austria, Belgium, the Netherlands, China,
India, Romania and Indonesia.
International
Suppliers:
·
MSR
Dosiertechnik GmbH Germany
·
LANG
APPARATEBAU GmbH Germany
·
Boode
UK Ltd. United
Kingdom
·
Angus
Flexible Pipelines United
Kingdom
·
DEFICO Netherlands
·
BERSON
UV-Techniek BV Netherlands
·
Toray
Membrane Europe AG Switzerland
Operating Trend: Steady
Subject has a
workforce of 9 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year
Ending 31/12/11: Year
Ending 31/12/12:
Total Sales £E 12,000,000 £E 15,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Misr
Exterior Bank
Cairo Plaza Building
Corniche El Nil Street
Boulaque
PO Box: 272, Ataba
Cairo 11511
Tel: (20-2) 35778701 / 35778619
Fax: (20-2) 35762806 / 35780238
A/C No. 5232
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 35703043
Fax: (20-2) 35703172 / 35072691
·
National
Bank of Oman
Cairo
Tel: (20-2) 33719683
Fax: (20-2) 33616289
No complaints regarding
subject’s payments have been reported.
Commercial
Engineering Group was established in 1992 and is engaged in the import and
distribution of chemicals, as well as electronic supplies, foodstuff and dairy
products.
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.54.33 |
|
|
1 |
Rs.82.72 |
|
Euro |
1 |
Rs.69.81 |
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.