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Report Date : |
06.08.2013 |
IDENTIFICATION DETAILS
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Name : |
QUEEN COATING CO SAE |
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Registered Office : |
Industrial Zone, Part 2, Plot No. 3/19, Damietta |
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Country : |
Egypt |
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Date of Incorporation : |
02.05.2010 |
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Com. Reg. No.: |
45493 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of decorative and industrial paints, emulsion, car
paint, finishing materials and ink. |
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No. of Employees : |
45 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 backtracked on economic reforms, drastically increasing
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 were among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow during the next several years. The government drew down foreign
exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian
pound and the dearth of foreign financial assistance - as a result of unsuccessful
negotiations with the International Monetary Fund over a multi-billion dollar
loan agreement which have dragged on more than 20 months - could precipitate
fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
QUEEN COATING CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2nd May 2010
Commercial Registration Number : 45493, Damietta
Tax Card Number :
339-845-643
Issued Capital :
£E 7,000,000
Paid up Capital :
£E 7,000,000
Total Workforce :
45
Activities :
Manufacturers of decorative and industrial paints, emulsion, car paint,
finishing materials and ink.
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
Person Interviewed :
Hamdy Abdulrahman, Purchasing Manager
QUEEN COATING CO SAE
Registered &
Physical Address
Location : Industrial
Zone, Part 2, Plot No. 3/19
Town : Damietta
Country : Egypt
Telephone : (20-57) 2410751
/ 2410752 / 2410753
Facsimile : (20-57)
2410759
Mobile : (20-100)
1665365
Email : ahm.mamdouh@queen-coatings.com
/ hamdy@queen-coatings.com
Premises
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Damietta.
Name Position
Hassan Mohamed Abu Taleb Managing
Director
Mohamed Mohamed Hassan Abu Taleb Director
Ahmed Hassan Mohamed Hassan Abu Taleb Director
Mohamed Hassan Mohamed Hassan Abu Taleb Director
Sara Hassan Mohamed Hassan Abu Taleb Director
Mirvat Hassan Abu Taleb Director
Hamdy Abdulrahman Purchasing
Manager
Mohamed Farooq Administration
Manager
Ahmed El Manzalawi Operations
Manager
Ahmed Mamdouh Factory
Manager
Nazar El Bayoum Accounts
Manager
Date of Establishment : 2nd May
2010, production began in 2011
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 45493, Damietta
Tax Card No. : 339-845-643
Issued Capital : £E 7,000,000
Paid up Capital : £E 7,000,000
Name of
Shareholder (s)
Hassan Mohamed Abu Taleb
Mohamed Mohamed Hassan Abu Taleb
Ahmed Hassan Mohamed Hassan Abu Taleb
Mohamed Hassan Mohamed Hassan Abu Taleb
Sara Hassan Mohamed Hassan Abu Taleb
Mirvat Hassan Abu Taleb
Arab International
Trading & Transit Co
Port Said
Activities: Engaged in the manufacture
of decorative and industrial paints, emulsion, car paint, finishing materials
and ink.
Import Countries: India
and Italy
International Suppliers:
D. R. Coats Ink & Resin Pvt Ltd India
ABC Chemicals Export Pvt Ltd India
Sacaci Italy
Brand Names: QUEEN
Subject has a workforce of 45 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.
Credit Agricole Egypt
67 Corniche El Nil Street, El Saah Square
Damietta
Tel: (20-57) 2347462
Commercial International Bank
122 A El Louzy St
Damietta
Tel: (20-57) 2370913
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 and
the above credit figure is deemed admissible.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.82 |
|
|
1 |
Rs.92.97 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
<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.