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Report Date : |
09.12.2013 |
IDENTIFICATION DETAILS
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Name : |
EL NASR CO FOR INTERMEDIATE CHEMICALS (NCIC) |
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Registered Office : |
El Mouhawellat Road,
Km. 28, Abu Rawash Industrial Zone, Pyramids, Giza, P O Box 86, Cairo |
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Country : |
Egypt |
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Year of Establishments: |
1975 |
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Com. Reg. No.: |
1972, Giza |
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Legal Form : |
Egyptian Public Limited Company |
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Line of Business : |
manufacturer and exporter of agricultural chemicals,
pesticides, household insecticides, industrial and compressed gases and
hydrochloric acid. |
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No. of Employees : |
770 |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Egypt |
B1 |
B1 |
|
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 : EL NASR CO FOR INTERMEDIATE CHEMICALS (NCIC)
Country of Origin : Egypt
Legal Form : Egyptian Public Limited Company
Registration Date : 1975
Commercial Registration Number : 1972, Giza
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Total Workforce : 770
Activities : Manufacturers of agricultural chemicals, pesticides, household
insecticides, industrial and compressed gases and hydrochloric acid.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
EL NASR CO FOR
INTERMEDIATE CHEMICALS (NCIC)
Registered &
Physical Address
Street : El Mouhawellat Road, Km. 28
Area : Abu Rawash Industrial Zone,
Pyramids, Giza
PO Box : 86
Town : Cairo
Country : Egypt
Telephone : (20-2) 35391640/1/2/3/4 / 35390160 /
35390377 / 35390161 / 35390679
Facsimile : (20-2) 35390678
Premises
Subject operates
from a large suite of offices and a factory that are rented and located in the
Industrial Area of Cairo.
Name Position
·
General
Ali Ibrahim Sabry Chairman
·
Mohamed
Nashaat Khalifa Director
·
Abd El
Ghani Ahmed Abd El Ghani Director
·
General
Mokhtar Abd El Latif General
Manager
·
Samy
Fouad Financial
Manager
·
Moustafa
Kamel Production
Manager
·
Khaled
Abd El Meged IT
Manager
Date of Establishment : 1975
Legal Form :
Egyptian Public Limited
Company
Commercial Reg. No. : 1972, Giza
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Name of Shareholder
(s) Percentage
·
Ministry
of State for Military Production 100%
Cairo
Activities: Engaged in the manufacture and export of
agricultural chemicals, pesticides, household insecticides,
industrial and compressed gases and hydrochloric acid.
Subject is ISO 9001:4001 and 18001 accredited.
Import
Countries: Europe and the
Far East.
Agencies Held:
·
AGROPHAR
Export
Countries: Syria, Lebanon,
Saudi Arabia, Sudan, Romania and Russia.
Brand Names: PYROSOL
Subject has a
workforce of approximately 770 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.
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
·
Arab
Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
UK Pound |
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
|
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.