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Report Date : |
07.08.2013 |
IDENTIFICATION DETAILS
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Name : |
BATRAA CHEMICALS AND PAINTS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1986 |
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Com. Reg. No.: |
2000 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of colorants for various uses |
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No. of Employees : |
30 |
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) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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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.
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Source : CIA |
Company Name : BATRAA CHEMICALS AND PAINTS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Commercial Registration Number : 2000
Industry Registration Number : 7318
Chamber Licence Number : 0709
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Total Workforce : 30
Activities : Manufacturers of colorants for various uses
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
BATRAA CHEMICALS
AND PAINTS
Registered &
Physical Address
Street : 11 El Khalifa El Mansour Street
Area :
Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 22414668 / 26358914
Facsimile : (20-2) 26358914 / 26358924
Premises
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
·
3rd
Industrial Zone, Plot No. 6 Factory
premises
Block 22006
El Obour City
Cairo
Tel: (20-12) 2146113
Name Position
·
Mokhtar
Kamel Barsoum Chairman
·
Medhat
Kamel Barsoum Finance
Manager
Date of Establishment : 1986
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 2000
Industry Reg. No. : 7318
Chamber
Licence No. : 0709
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Name of Shareholder
(s)
·
Mokhtar
Kamel Barsoum
·
Members
of the Barsoum family
Activities: Engaged in the manufacture of colorants for
various uses including polyester sheets, synthetic sponges and leather.
Import
Countries: Europe and the
Far East.
Export
Countries: Saudi Arabia,
Libya, Kuwait and Sudan.
Brand Names: ANSOMAT
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 31/12/11: Year
Ending 31/12/12:
Total Sales £E 9,880,000 £E 10,150,000
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
24 Sherif Street
Cairo
Tel: (20-2) 33924175
Fax: (20-2) 33924143
No complaints
regarding subject’s payments have been reported.
Local sources report that payment obligations are met in a generally timely manner and the operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.53 |
|
UK Pound |
1 |
Rs.94.37 |
|
Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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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.