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Report Date : |
19.06.2013 |
IDENTIFICATION DETAILS
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Name : |
SCIENTIFIC AGENCIES CENTER (SAC) |
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Registered Office : |
Farah House Tower, 1st Floor, Apt No. 101,51 Mohamed Farid
Street, Boulkly, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1991 |
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Com. Reg. No.: |
3019 |
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Legal Form : |
General Partnership |
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Line of Business : |
Distributors of chemical raw materials for the paint, ink and
detergent industries. |
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No. of Employees : |
22 |
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 : |
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 |
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 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 :
SCIENTIFIC
AGENCIES CENTER (SAC)
Country of Origin :
Egypt
Legal Form :
General Partnership
Registration Date :
1991
Commercial Registration Number :
3019, Alexandria
Import Registration Number :
6472
Export Registration Number :
13863
Tax Card Number :
210-149-582
Partners Capital :
£E 600,000
Total Workforce :
22
Activities :
Distributors of chemical raw materials for the paint, ink and detergent
industries.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SCIENTIFIC AGENCIES CENTER (SAC)
Registered &
Physical Address
Building : Farah House
Tower, 1st Floor, Apt No. 101
Street : 51 Mohamed
Farid Street
Area : Boulkly
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5226522
/ 5226422
Facsimile : (20-3) 5458218
Mobile : (20-122)
2162717
Email : sacalex@hotmail.com
Subject’s previous address was El Obour Building, 23 Mohamed Farid
Street, Alexandria.
Premises
Subject operates from a medium sized suite of offices and a warehouse
that are rented and located in the Central Business Area of Alexandria.
Name Position
Ahmed Khairy Mahmoud Darwish Managing
Partner
Heba Ahmed Khairy Mahmoud Darwish Partner
Mai Ahmed Khairy Mahmoud Darwish Partner
Nahla Ahmed Khairy Mahmoud Darwish Partner
Salma Ahmed Khairy Mahmoud Darwish Partner
Elham Ameen Sharkawy Partner
Fatma Hegazy General
Manager
Nabil Mohamed Khalaf Finance
Manager
Magdy Abd El Fattah Sales
Manager
Shiyma Khamis Administration
Executive
Date of Establishment : 1991
Legal Form : General
Partnership
Commercial Reg. No. : 3019, Alexandria
Import Reg. No. : 6472
Export Reg. No. :
13863
Tax Card No. : 210-149-582
Partners Capital : £E 600,000
Name of Partner
(s) Percentage
Heba Ahmed Khairy Mahmoud Darwish 20%
Mai Ahmed Khairy Mahmoud Darwish 20%
Nahla Ahmed Khairy Mahmoud Darwish 20%
Salma Ahmed Khairy Mahmoud Darwish 20%
Elham Ameen Sharkawy 10%
Ahmed Khairy Mahmoud Darwish 10%
Activities: Engaged in the import and
distribution of chemical raw materials for the paint, ink and detergent
industries.
Import Countries: Belgium,
Netherlands, France, China, India and the United Arab Emirates
Agencies Held:
Branntag Germany
Arkema United
States of America
Ineom France
Jubilant India
Silvochem Jordan
Operating Trend: Steady
Subject has a workforce of 22 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
55,700,000 £E
60,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
National Bank of Egypt
21 Tosson Street
Alexandria
Tel: (20-3) 4824802 / 4825715
Bank of Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
Misr International Bank (MIBANK)
33 Safia Zaghloul Street
Raml Station
Alexandria
Tel: (20-3) 4828174 / 4828213
Fax: (20-3) 4838216
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.58.45 |
|
|
1 |
Rs.91.60 |
|
Euro |
1 |
Rs.77.91 |
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 |
|
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.