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Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
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Name : |
KEMET COMPANY FOR CHEMICALS |
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Registered Office : |
15 Rabaa Al Adawia El Estesmarry
Building Nasr City Cairo 11371 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Incorporation : |
1995 |
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Com. Reg. No.: |
5909, Shoubra |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Distributors of industrial and agro chemicals. |
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No. of Employees : |
20 |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Egypt |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 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 : KEMET COMPANY FOR CHEMICALS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1995
Commercial Registration Number : 5909, Shoubra
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
Total Workforce : 20
Activities : Distributors of industrial and agro chemicals.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
KEMET COMPANY FOR
CHEMICALS
Building : 15 Rabaa Al Adawia El Estesmarry Building
Area : Nasr City
Town : Cairo 11371
Country : Egypt
Telephone : (20-2) 24182212 / 24195210 / 24181908
Facsimile : (20-2) 24195210
Email : kemet@link.net
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
· Mohamed Ibrahim Al Sabbagh Managing
Partner
· Yasser Ibrahim Al Sabbagh Partner
· Ali Ibrahim Al Sabbagh Partner
Date of
Establishment : 1995
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 5909, Shoubra
Issued Capital : £E 150,000
Paid up Capital : £E 150,000
· Mohamed Ibrahim Al Sabbagh
· Yasser Ibrahim Al Sabbagh
· Ali Ibrahim Al Sabbagh
Activities: Engaged in the import and
distribution of industrial and agro chemicals. Subject also cultivates fruit,
vegetables and rice.
Import Countries: Germany and the United Kingdom.
Brand Names : BAYER,
ATI and MPPI
Operating Trend: Steady
Subject has a workforce of 20 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
17,180,000 £E
17,250,000
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
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.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
|
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.