MIRA INFORM REPORT

 

 

Report Date :

23.03.2013

 

IDENTIFICATION DETAILS

 

Name :

EL NASR CO FOR INTERMEDIATE CHEMICALS (NCIC)

 

 

Registered Office :

El Mouhawellat Road, Km. 28 Abu Rawash Industrial Zone, Giza PO Box 86 Cairo

 

 

Country :

Egypt

 

 

Year of Incorporation :

1975

 

 

Com. Reg. No.:

1972, Giza

 

 

Legal Form :

Egyptian Public Limited Company

 

 

Line of Business :

Manufacturers of agricultural chemicals, pesticides, household insecticides, industrial and compressed gases and hydrochloric acid.

 

 

No. of Employees :

770

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Good

Payment Behaviour :

Regular

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

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 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

 

 

SUMMARY

 

Company Name                                    : EL NASR CO FOR INTERMEDIATE CHEMICALS (NCIC)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Public Limited Company

Registration Date                                  : 1975

Commercial Registration Number           : 1972, Giza

Issued Capital                                       : £E 50,000,000

Paid up Capital                                     : £E 50,000,000

Total Workforce                                     : 770

Activities                                               : Manufacturers of agricultural chemicals, pesticides, household insecticides,  industrial and compressed gases and    hydrochloric acid.

Financial Condition                                : Undetermined

Payments                                             : Nothing detrimental uncovered

 

 

COMPANY NAME

 

EL NASR CO FOR INTERMEDIATE CHEMICALS (NCIC)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : El Mouhawellat Road, Km. 28

Area                 : Abu Rawash Industrial Zone, Giza

 

PO Box            : 86

 

Town                : Cairo

Country             : Egypt

 

Telephone         : (20-2) 35391640/1/2/3/4 / 35390160 / 35390377 / 35390161 / 35390679

Facsimile          : (20-2) 35390678

 

Premises

 

Subject operates from a large suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       General Ali Ibrahim Sabry                                                                  Chairman

 

·       Mohamed Nashaat Khalifa                                                                Director

 

·       Abd El Ghani Ahmed Abd El Ghani                                                   Director

 

·       General Mokhtar Abd El Latif                                                             General Manager

 

·       Samy Fouad                                                                                    Financial Manager

 

·       Moustafa Kamel                                                                               Production Manager

 

·       Khaled Abd El Meged                                                                       IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1975

 

Legal Form                  : Egyptian Public Limited Company

 

Commercial Reg. No.   : 1972, Giza

 

Issued Capital              : £E 50,000,000

 

Paid up Capital            : £E 50,000,000

 

Name of Shareholder (s)                                                         Percentage

 

·       Ministry of State for Military Production                                 100%

Cairo

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of agricultural chemicals, pesticides, household insecticides,

                 industrial and compressed gases and hydrochloric acid.

 

                 Subject is ISO 9001:4001 and 18001 accredited.

 

Import Countries: Europe and the Far East.

 

Agencies Held:

 

·       AGROPHAR

 

Export Countries: Syria, Lebanon, Saudi Arabia, Sudan, Romania and Russia.

 

Brand Names: PYROSOL

 

Subject has a workforce of approximately 770 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

 

BANKERS

 

·       Banque Misr

151 Mohamed Farid Street

Cairo

Tel: (20-2) 33912711 / 33912106

Fax: (20-2) 33919779

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.33

UK Pound

1

Rs.82.56

Euro

1

Rs.70.10

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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%)

 

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