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Report Date : |
05.01.2013 |
IDENTIFICATION DETAILS
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Name : |
EL SHARK CO FOR TRADE & INDUSTRY |
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Registered Office : |
El Hegaz Street, 6th Floor, 72B Square B2, Heliopolis,
Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
1952 |
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Com. Reg. No.: |
251 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of wall paints and varnishes. |
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No. of Employees : |
550 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – 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 |
Company Name :
EL SHARK CO FOR TRADE & INDUSTRY
Doing Business As :
EAGLE RESINS
Country of Origin :
Egypt
Legal Form :
Limited Liability Partnership
Registration Date :
1952
Commercial Registration Number : 251, Sixth of October City
Tax Card Number :
100-497-829
Issued Capital :
£E 5,000,000
Paid up Capital :
£E 5,000,000
Total Workforce :
550
Activities :
Manufacturers of wall paints and varnishes.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL SHARK CO FOR TRADE & INDUSTRY
EAGLE RESINS
Registered &
Physical Address
Location : El Hegaz
Street, 6th Floor, 72B Square B2
Area : Heliopolis
Town : Cairo
Country : Egypt
Telephone : (20-2) 5106349
/ 22596609 / 22596601
Facsimile : (20-2) 5128402
/ 22596602
Mobile : (20-122)
2105086
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
4 Sarpakis Street Rented
showroom premises
Gamaa El Banat El Banatel Azhar
Cairo
Tel: (20-2) 25106349 / 251284402
Fax: (20-2) 25128402
2nd Industrial Zone, Plot No. 233, Street No. 6 Owned
factory premises
6th of October City
Tel: (20-2) 28330679 / 28329871
Fax: (20-2) 28330679 / 28329872
14 El Shahid Ibrahim Salem Street Rented
showroom premises
Kolleyet El Banat, Heliopolis
Cairo
Tel: (20-2) 24155284
Fax: (20-2) 24174512
Sixth Industrial Zone Warehouse
premises
Basateen, El Qalaa
Cairo
Tel: (20-2) 25183250 / 27020828
Fax: (20-2) 25181640
Name Position
Yasser Wadie Managing
Partner
John Wadie Partner
Rafik Refaat Factory
Manager
Dr Ahmed Ayoub Administration
Manager
Wael William Finance
Manager
Amir Fawzy IT
Manager
Ashraf Barsoum Purchasing
Manager
Date of Establishment : 1952
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 251, 6th
of October City
Tax Card No. : 100-497-829
Industrial Reg. No. : 2489
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Name of
Shareholder (s) Percentage
Yasser Wadie 37.50%
John Wadie 37.50%
Fawzya Abd El Shehid 8.33%
Iilian Wadie 8.33%
Nevein Wadie 8.33%
Activities: Engaged in the manufacture of wall paints and varnishes, including
water and oil based paints, exterior paints, primers, lacquers, stains, and
distempers.
Subject is ISO 9001 accredited.
Import Countries: Germany, United States of America, China, Italy,
France, Greece and India.
Brand Names: EAGLE
Export Countries: Sudan, Libya,
Kuwait, United Arab Emirates and Qatar.
Operating Trend: Steady
Subject has a workforce of approximately 550 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/10: Year Ending 31/12/11:
Total Sales £E
270,000,000 £E
350,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Banque du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
Misr American International Bank
12 Shooting Club Street
Dokki, Giza
Cairo
Tel: (20-2) 27616613
Fax: (20-2) 27616610
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.84 |
|
UK Pound |
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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.