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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
ABU ZAABAL CO FOR SPECIALITY CHEMICALS |
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Registered Office : |
Abu Zaabal El Balad PO Box 11, Heliopolis Kaliubeya |
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Country : |
Egypt |
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Date of Incorporation : |
1950 |
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Com. Reg. No.: |
13275, Kaliubeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of special chemicals and industrial ghee for military and civil applications, also acts as demolition and blasting contractors. |
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No. of Employees : |
4,000 |
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 |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 : ABU ZAABAL CO FOR SPECIALITY CHEMICALS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1950
Commercial Registration Number : 13275, Kaliubeya
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Total Workforce : 4,000
Activities : Manufacture of special chemicals and industrial ghee for military and civil applications, also acts as demolition and blasting contractors.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ABU ZAABAL CO FOR SPECIALITY CHEMICALS
Location : Abu Zaabal El
Balad
PO Box : 11, Heliopolis
Town : Kaliubeya
Country : Egypt
Telephone : (20-2) 44699762
Facsimile : (20-2)
44698636
Subject operates from a large suite of offices and a factory that are
rented and located in the Industrial Area of Kaliubeya.
Name Position
· General Tawfiq
Mokhtar Chairman
· Fouad Abd El Salam Marketing
Manager
· General Adel
Moustafa Public
Relations Manager
· Said Ragab Production
Manager
· General Mohamed
Moatassem Technical
Manager
· Dr Wassim Barakat Planning
Manager
· General Saleh
Fahmy Administration
Manager
Date of
Establishment : 1950
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 13275, Kaliubeya
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
· National
Organization for Military Production (NOMP) 100%
Egypt
Activities: Engaged in the manufacture of special chemicals and industrial ghee for
military and civil applications, also acts as demolition and blasting
contractors.
Subject is ISO 9000:9002:9001 accredited.
Subject has a workforce of approximately 4,000 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.
·
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 subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.15 |
|
Euro |
1 |
Rs.85.29 |
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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.