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Report Date : |
08.06.2013 |
IDENTIFICATION DETAILS
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Name : |
AKSA EGYPT ACRYLIC FIBRES INDUSTRY SAE |
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Registered Office : |
Block 19, Plot No. 1,2,13 & 14, New Borg El Arab City, 4th
Industrial Zone, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishment: |
2005 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers and printers of acrylic fibres |
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No. of Employees : |
25 |
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 |
|
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 :
AKSA EGYPT ACRYLIC FIBRES INDUSTRY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2005
Issued Capital :
£E 500,000
Paid up Capital :
£E 500,000
Total Workforce :
25
Activities :
Manufacturers and printers of acrylic fibres
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Essam Fahmy, Finance Manager
AKSA EGYPT ACRYLIC FIBRES INDUSTRY SAE
Location : Block 19, Plot
No. 1,2,13 & 14
Area : New Borg El
Arab City, 4th Industrial Zone
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4594850
/ 4594851
Facsimile : (20-3) 4597431
Mobile : (20-127)
62693888
Email : efahmy@asksaegypt.com
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of Alexandria.
Name Position
· Jankis Tash Chairman
· Essam Fahmy Finance
Manager
· Hassan Oujy Purchasing
Manager
· Dr Ashraf
Ezzaddine Sales
Manager
Date of
Establishment : 2005
Legal Form : Egyptian Joint
Stock Company
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
· Aksa
Istanbul
Turkey
Tel: (90-212)
2514500
Fax: (90-212)
2514507
· Sitco BV
Netherlands
Activities: Engaged in the manufacture and printing of acrylic fibres.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 25 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
9,000,000 £E
9,600,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Bank of Alexandria
19 Salah Salem Street
El Gomrok, Mansheya
Alexandria
Tel: (20-3) 4827995
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.56.74 |
|
UK Pound |
1 |
Rs.88.53 |
|
Euro |
1 |
Rs.75.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.