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Report Date : |
22.08.2013 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN CO FOR ADVANCED CHEMICAL TECHNOLOGY
SAE |
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Registered Office : |
21 El Sheikh
Mohmed Refaat Street, Heliopolis Square, Heliopolis, P O Box 233, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment: |
2005 |
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Com. Reg. No.: |
13165, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturer and importer and distributor of cardboard printing inks, water based inks, varnishes and adhesive materials. |
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No. of Employees : |
100 |
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.
|
Source : CIA |
Company Name : EGYPTIAN CO FOR ADVANCED CHEMICAL TECHNOLOGY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2005
Commercial Registration Number : 13165, Cairo
Tax Card Number : 307-541-878
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 100
Activities : Manufacture and import and distribution of cardboard printing inks,
water based inks, varnishes and adhesive materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
EGYPTIAN CO FOR
ADVANCED CHEMICAL TECHNOLOGY SAE
Registered &
Physical Address
Building : 21 El Sheikh Mohmed Refaat Street
Street : Heliopolis Square
Area : Heliopolis
PO Box : 233
Town : Cairo
Country : Egypt
Telephone : (20-2) 26423593
Facsimile : (20-2) 26337172
Premises
Subject operates
from a medium sized suite of offices and a warehouse that are rented and
located in the Suburban Business Area of Cairo.
Branch Office (s)
Location Description
·
Building
2010, El Merag City Rented
office premises
Maadi, Cairo
Tel: (20-2) 25204542 / 25204543 / 25204544 / 25204545
Fax: (20-2)
25204541
·
4th
Industrial Zone, Plot 112C Factory
premises
Sadat City
Menoufeya
Tel: (20-48) 2612181 / 2612182 / 2612183
Fax: (20-48)
2611814
Name Position
·
Ahmed
Mohamed Abou El Wafa Chariman
·
Ibrahim
Mohamed Abou El Wafa Managing
Director
·
Ibrahim
Abd El Moneim Financial
Manager
·
Tarek
El Guindy Sales
Manager
·
Magdy
Ali Purchasing
Manager
·
Fathi
Shabana Export
Manager
·
Mohsen
Ahmed Human
Resources Manager
Date of Establishment : 2005
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 13165, Cairo
Tax
Card No. : 307-541-878
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of Shareholder
(s) Percentage
·
Ahmed
Mohamed Abou El Wafa 93.0%
·
Ibrahim
Mohamed Abou El Wafa 3.5%
·
Mahmoud
Mohamed Abou El Wafa 3.5%
Activities: Engaged in the manufacture and import and
distribution of cardboard printing inks, water based inks,
varnishes and adhesive materials.
Subject is ISO 9001:14001 accredited.
Import
Countries: Netherlands,
Germany, South Korea, China, Japan and Sweden.
Agencies Held:
·
Sieko
·
Compaq
·
Brother
·
Uniwell
·
Optican
Export
Countries: Yemen, Syria,
Lebanon, Kuwait and the United Arab Emirates.
Operating Trend: Steady
Subject has a
workforce of 100 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 Revenue £E 41,325,000 £E 44,168,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Citibank
PO Box: 188
Cairo
Tel: (20-2) 3551877 / 3551874
Fax: (20-2) 3558056
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
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
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.46 |
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UK Pound |
1 |
Rs.99.42 |
|
Euro |
1 |
Rs.85.12 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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.