MIRA INFORM REPORT

 

 

Report Date :

02.02.2013

 

IDENTIFICATION DETAILS

 

Name :

VENUS CHEMICALS EGYPT

 

 

Registered Office :

10 Hashim Al Ashqar Street, 4th Floor, El Nozha El Gedida, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.03.2012

 

 

Date of Incorporation :

25.12.2008

 

 

Com. Reg. No.:

27208, Cairo

 

 

Legal Form :

Limited Liability Partnership

 

 

Line of Business :

Import and distribution of chemicals

 

 

No. of Employees :

15 employees

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2012)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

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 drastically increased 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 are among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow at least through 2012. The government is utilizing foreign exchange reserves to support the Egyptian pound and Egypt may seek a loan from the International Monetary Fund.

 

 

Source : CIA

 

 

SUMMARY

 

Company Name                                    : VENUS CHEMICALS EGYPT

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Partnership

Registration Date                                  : 25th December 2008

Commercial Registration Number           : 27208, Cairo

Tax Card Number                                  : 303-657-057

Issued Capital                                       : £E 100,000

Paid up Capital                                     : £E 100,000

Total Workforce                         : 15

Activities                                               : Import and distribution of chemicals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Person Interviewed                                : Hussam Hassan, Commercial Manager

 

COMPANY NAME

 

VENUS CHEMICALS EGYPT

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 10 Hashim Al Ashqar Street, 4th Floor

Area                 : El Nozha El Gedida

Town                : Cairo

Country : Egypt

Telephone         : (20-2) 26216156

Facsimile          : (20-2) 26216156

Mobile              : (20-10) 4856700

Email                : sales@venuschem-eg.com

 

Please note that 4 Abd El Moneam Elbehery Street, El Nozha El Gedida, Cairo was subject’s previous address.

 

Premises

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                           Nationality                    Position

·       Ahmed Gamal Mohamed El Ghoul                 Jordanian                      Managing Partner

·       Mohamed Gamal Mohamed El Ghoul                    -                            Partner

·       Hussam Hassan                                                  -                            Commercial Manager

·       Samiha Mohamed                                                -                            Administrative Officer

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 25th December 2008

 

Legal Form                  : Limited Liability Partnership

 

Commercial Reg. No.   : 27208, Cairo

 

Tax Card No.                : 303-657-057

 

Issued Capital              : £E 100,000

 

Paid up Capital            : £E 100,000

 

Name of Shareholder (s)

·       Ahmed Gamal Mohamed El Ghoul

·       Mohamed Gamal Mohamed El Ghoul

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of chemicals.

 

Import Countries: India, Spain, Sweden and Turkey

 

International Suppliers:

 

·       Deepchem                                                   India

·       Madhu Silca                                                 India

·       Proqui Mac Colour                                        Spain

·       Alabkim                                                        Turkey

·       Carlfors Bruk                                                Sweden

·       Spol Chemie                                                            Czech Republic

·       Socer Brasil Indústria e Comércio Ltda          Brazil

 

Subject has a workforce of 15 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/03/11:               Year Ending 31/03/12:

 

Total Sales                                £E 70,000,000                           £E 73,600,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Hussam Hassan, Commercial Manager

 

 

BANKERS

 

·       National Bank for Development

Heliopolis Branch

Cairo

Tel: (20-2) 4543396

     Fax: (20-2) 2587089

     Acc No. 860559

     Swift Code NBDEEGCXXXX

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.53.32

UK Pound

1

Rs.84.60

Euro

1

Rs.72.63

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.