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Report Date : |
25.07.2013 |
IDENTIFICATION DETAILS
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Name : |
SHARAFCHEM CO FOR TRADING AND INDUSTRY SAE |
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Registered Office : |
B4 Industrial
Zone, Plot No. 85, Sharkeya, 10th of Ramadan City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1994 |
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Com. Reg. No.: |
2251 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of chemicals for
textiles, synthetic dyes and inks. |
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No. of Employees : |
100 |
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 |
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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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 : SHARAFCHEM CO FOR TRADING AND INDUSTRY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1994
Commercial Registration Number : 2251
Tax Card Nuumber : 207-489-114
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
Total Workforce : 100
Activities : Manufacturers of chemicals for textiles, synthetic dyes and inks.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
SHARAFCHEM CO FOR
TRADING AND INDUSTRY SAE
Registered &
Physical Address
Location : B4 Industrial Zone, Plot No. 85
Area : Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 368902 / 386440
Facsimile : (20-15) 368902
Mobile : (20-10) 3499551
Email : aalsharaf@sharafchem.com.eg
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Industrial Area of 10th of Ramadan City.
Name Position
·
Hany El
Sayed Sharaf Managing
Director
·
Ashraf
El Sayed Sharaf Director
·
Waleed
El Sayed Sharaf Director
·
Ahmed
El Sayed Sharaf Director
Date of Establishment : 1994
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 2251
Tax Card No. : 207-489-114
Authorised
Capital : £E 600,000
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
Name of Shareholder
(s) Percentage
·
Hany El
Sayed Sharaf 25%
·
Ashraf
El Sayed Sharaf 25%
·
Waleed
El Sayed Sharaf 25%
·
Ahmed
El Sayed Sharaf 25%
Activities: Engaged in the manufacture of chemicals for
textiles, synthetic dyes and inks.
Import Countries: Turkey, United Kingdom, France, Germany,
United States of America, Switzerland and Denmark.
Export
Countries: Morocco, Spain
and Syria
Operating Trend: Steady
Subject has a
workforce of 100 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 50,000,000 £E 68,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Misr
International Bank (MIBANK)
Main Branch
10th of Ramadan
Tel: (20-15) 378435
Fax: (20-15) 378327
·
Egyptian Gulf Bank
8th Neighbourhood, Banks Complex
10th Of Ramadan
Tel:
(20-15) 369833 / 369829
·
Societe Arabe Internationale De
Banque - SAIB
3rd Industrial
Zone, Dawar El Aasher
10th Of Ramadan
Tel: (20-15)
412470 / 412480
No complaints
regarding subject’s payments have been reported.
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.45 |
|
UK Pound |
1 |
Rs.91.24 |
|
Euro |
1 |
Rs.78.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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.