|
Report Date : |
28.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
ADVANCED CHEMICAL
INDUSTRIES (ACI) |
|
|
|
|
Registered Office : |
New Borg El Arab
City, Block 21, Piece 1, 1st Industrial Zone Alexandria |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Financials (as on) : |
31.12.2012 |
|
|
|
|
Date of Incorporation : |
1998 |
|
|
|
|
Legal Form : |
Egyptian Joint
Stock Company |
|
|
|
|
Line of Business : |
Manufacture of adhesives, sealants, latex,
lubricants and chemical products |
|
|
|
|
No. of Employees : |
49 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 : ADVANCED CHEMICAL
INDUSTRIES (ACI)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1998
Issued Capital : £E
2,600,000
Paid up Capital : £E
2,600,000
Total Workforce : 49
Activities :
Manufacture of adhesives, sealants, latex, lubricants and chemical products
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
ADVANCED CHEMICAL
INDUSTRIES (ACI)
Location : New Borg El Arab City, Block 21,
Piece 1, 1st Industrial Zone
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4592680 / 4592681 / 4592682 /
4590686
Facsimile : (20-3) 4591139
Email : aci@aci-adhesive.com
/ info@aci-adhesive.com
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Alexandria.
Name Position
·
Mahmoud
Abd El Maksoud Abdou Nada Managing
Director
·
Youssry
Anwar Mohamed Hamdy Director
·
Mohamed
Anwar Mohamed Hamdy Director
·
Mohamed
Mohamed Ahmed El Sherif Director
·
Essam
El Din Yehia El Regal Director
·
Mohamed
Ali Finance
Manager
Date of Establishment : 1998
Legal Form :
Egyptian Joint Stock
Company
Commercial
Reg. No. : 8483
Issued Capital : £E 2,600,000
Paid up Capital : £E 2,600,000
·
Mahmoud
Abd El Maksoud Abdou Nada
·
Members
of Ahmed Essam Gafar’s family
·
Gamal
Moustafa Aziz
·
Moamen
Mahmoud Abd El Maksoud
Activities: Engaged in the manufacture of adhesives,
sealants, latex, lubricants and chemical products.
Import
Countries: United Kingdom,
Germany, Syria, Ukraine, Switzerland and India
Export
Countries: Morocco, Sudan,
Tunisia, Syria, and Saudi Arabia
Brand Names: ACI
Operating Trend: Steady
Subject has a
workforce of 49 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 14,800,000 £E 15,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Misr
International Bank (MIBANK)
Glym Branch
539 Bis, Horreya Road
Alexandria
Tel: (20-3) 5876572 / 5876279
Fax: (20-3) 5879601
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 and the above credit figure is
within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.06 |
|
|
1 |
Rs.102.03 |
|
Euro |
1 |
Rs.85.27 |
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.