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Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EMA CHEMICALS FOR IMPORT AND EXPORTS AND CHEMICALS INDUSTRIES |
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Registered Office : |
Industrial Zone
C1, Piece XIIB 10th of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
16.04.2003 |
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Com. Reg. No.: |
6897, 10th Of Ramadan |
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Legal Form : |
Sole
Proprietorship |
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Line of Business : |
Manufacture of chemicals for
textiles and surface treatments. |
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No. of Employees : |
15 |
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 |
B1 |
B1 |
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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.
Source
: CIA
Company Name : EMA
CHEMICALS FOR IMPORT AND EXPORTS AND CHEMICALS
INDUSTRIES
Country of Origin : Egypt
Legal Form :
Sole Proprietorship
Registration Date : 16th
April 2003
Commercial
Registration Number : 6897, 10th
Of Ramadan
Invested Capital : £E 25,000
Total Workforce : 15
Activities :
Manufacture of chemicals for textiles and surface treatments
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Emad Ibrahim
Ameen, Proprietor
EMA CHEMICALS FOR IMPORT
AND EXPORTS AND CHEMICALS INDUSTRIES
Location : Industrial Zone C1, Piece XIIB
Town : 10th of Ramadan City
Country : Egypt
Telephone : (20-15) 356027
Facsimile : (20-15) 356037
Mobile : (20-100) 1616160
Email : emad@maegypt.com
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Industrial Area of the 10th of Ramadan City.
Name Position
·
Emad Ibrahim Ameen Proprietor
& General Manager
·
Sayed El Halawani Assistant
General Manager
Date of Establishment : 16th
April 2003
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 6897, 10th
Of Ramadan
Invested Capital
: £E 25,000
Mr Emad Ibrahim
Ameen is the sole proprietor of
the business.
Activities: Engaged in the manufacture of chemicals for
textiles and surface treatments.
Import
Countries: India and China
Operating Trend: Steady
Subject has a
workforce of 15 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pound (£E)
Year
Ending 31/12/11: Year Ending
31/12/12:
Total Sales £E 7,620,000 £E 7,900,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Housing
& Development Bank
1st District, El Sharkeya
10th of Ramadan City
Tel: (20-15) 364358
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
business is considered to be a fair trade risk and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.43 |
|
|
1 |
Rs. 81.77 |
|
Euro |
1 |
Rs. 95.07 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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 |
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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 |
|
-- |
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.