MIRA
INFORM REPORT
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Report Date : |
11.05.2013 |
IDENTIFICATION DETAILS
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Name : |
THE EGYPTIAN SWISS FOR INDUSTRY AND TRADING CO SAE |
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Registered Office : |
106 El Nile Street, Dokki, Giza, 6th of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2001 |
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Com. Reg. No.: |
8386 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of paints, insulation materials and construction
chemicals |
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No. of Employees : |
200 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Egypt |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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.
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Source
: CIA |
Company Name :
THE EGYPTIAN SWISS FOR INDUSTRY AND TRADING CO SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2001
Commercial Registration Number :
8386
Tax Card Number :
200-230-999
Issued Capital :
£E 25,000,000
Paid up Capital :
£E 25,000,000
Total Workforce :
200
Activities :
Manufacturers of paints, insulation materials and construction chemicals
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
THE EGYPTIAN SWISS FOR INDUSTRY AND TRADING CO SAE
Registered &
Physical Address
Street : 106 El Nile
Street
Area : Dokki, Giza
Town : 6th
of October City
Country : Egypt
Telephone : (20-2) 33363170
/ 33388636 / 33388562
Facsimile : (20-2)
37607212
Premises
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of 6th of October City.
Branch Office (s)
Location Description
4th Industrial Zone, Plot 1/8 Factory No. 3 Factory
premises
6th of October City
Tel: (20-2) 38331282
Name Position
Essam Ali Ibrahim Shorosh Managing
Director
Atef Ali Ibrahim Shorosh Director
Alaa Shorosh Director
El Hasseini Abd El Fattah Mettwali Finance Manager
Amal Ezzat Office
Manager
Date of Establishment : 2001
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 8386
Tax Card No. : 200-230-999
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of
Shareholder (s) Percentage
Essam Ali Ibrahim Shorosh 12.5%
Atef Ali Ibrahim Shorosh 12.5%
Alaa Shorosh 12.5%
Local businessmen and private investors 65.5%
Activities: Engaged in the manufacture of paints, insulation materials and
construction chemicals.
Import Countries: Germany, Thailand, Austria, Syria, United States
of America , Iraq and Libya.
Agencies Held:
Valspar Austria
Evclid Chemicals United
States of America
Export Countries:
Brand Names: EVCO,
EVXIT, CONSTOLL and LASTOL
Operating Trend: Steady
Subject has a workforce of approximately 200 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
37,000,000 £E
38,530,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Egyptian Gulf Bank
El Orman Plaza Building
8-10 Ahmed Nessim Street
PO Box: 56
Cairo
Tel: (20-2) 33606580 / 33606467
Fax: (20-2) 33420265 / 33606512
No complaints regarding subject’s payments have been reported.
According to local sources, subject meets its payment obligations in a
timely manner and the company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
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|
1 |
Rs.84.19 |
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Euro |
1 |
Rs.71.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.