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Report Date : |
09.03.2013 |
IDENTIFICATION DETAILS
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Name : |
FLEXPACK CHEMICALS SAE (FPC) |
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Registered Office : |
Borg El Arab City, Block 18, Piece 2, 3rd Industrial Zone, Alexandria |
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Country : |
Egypt |
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Date of Incorporation : |
1.08.2012 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of ink |
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No. of Employees : |
18 |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Moderate |
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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 |
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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.
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Source : CIA |
Company Name :
FLEXPACK CHEMICALS SAE (FPC)
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1st August 2012
Tax Card Number :
413-530-256
Issued Capital :
£E 500,000
Paid up Capital :
£E 500,000
Total Workforce :
18
Activities :
Manufacturers of ink
Financial Condition :
Undetermined
Payments :
Nothing detrimental uncovered
FLEXPACK CHEMICALS SAE (FPC)
Location : Borg El Arab
City, Block 18, Piece 2, 3rd Industrial Zone
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4590686
Facsimile : (20-3) 4590686
Mobile : (20-112) 5733248 / (20-122) 3458424 / 5138378 / (20-114) 1318541
Email :
aozaidi@ymail.com
Subject operates from a small suite of offices that are rented and
located in the Industrial Area of Alexandria.
Name Position
· Abu Osama Zaidi Managing
Director
· Sidi Shah Director
· Mohamed Embabi Commercial
Manager
· Mahmoud Abdulaziz Financial
Controller
Date of
Establishment : 1st August
2012 (Production began in October 2012)
Legal Form : Egyptian Joint
Stock Company
Tax Card No. : 413-530-256
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
· Abu Osama Zaidi
· Sidi Shah
Activities: Engaged in the manufacture of ink for general and flexo printing.
Import Countries: Europe and the Far East.
Subject has a workforce of 18 employees.
Subject is a newly formed business and as a result financial information
is not currently available.
·
HSBC Bank
Azhar El Saraya
Tower
Inter Section of
Albert El Awal Street with Fawzy Moaaz Street
Smouha
Alexandria
Acc No. 027 064120
110
No complaints regarding subject’s payments have been reported.
In view of subject’s infancy, extensive payment and financial are not
available, therefore dealings are recommended to be on secured terms, and a
close monitoring of subject’s business development is advisable.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.54.40 |
|
UK Pound |
1 |
Rs.81.56 |
|
Euro |
1 |
Rs.71.23 |
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 |
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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.