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Report Date : |
18.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
EL VIOLETTE FOR IMPORT AND TRADING PAINTS AND
CHEMICALS |
|
|
|
|
Registered Office : |
12 El Ezza Ef Taat
Allah Stel Ras El Soda Kesm El Montazah, Alexandria |
|
|
|
|
Country : |
Egypt |
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|
|
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Year of Establishments: |
2011 |
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|
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Com. Reg. No.: |
73619, Alexandria |
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|
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Distributors of chemical raw materials for the paint industry |
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No. of Employees : |
05 |
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 |
|
Status : |
Satisfactory |
|
|
|
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Payment Behaviour : |
No Complaints |
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|
|
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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 |
Concern Name : EL VIOLETTE FOR IMPORT AND TRADING PAINTS AND
CHEMICALS
Country of Origin : Egypt
Legal Form : Sole Proprietorship
Registration Date : 2011
Commercial Registration Number : 73619, Alexandria
Tax Card Number : 374-382-689
Invested Capital : £E 20,000
Total Workforce : 5
Activities : Distributors of chemical raw materials for the paint industry
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Haitham Mohamed Abd El Salam, Proprietor & General Manager
EL VIOLETTE FOR
IMPORT AND TRADING PAINTS AND CHEMICALS
Registered &
Physical Address
Location : 12 El Ezza Ef Taat Allah Stel Ras
El Soda Kesm El Montazah
Town : Alexandria
Country : Egypt
Telephone : (20-3) 5362708
Facsimile : (20-3) 5362708
Mobile : (20-122) 7006703
Email : haitham.chemist@gmail.com
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Alexandria.
Name Position
·
Haitham
Mohamed Abd El Salam Proprietor
& General Manager
Date of Establishment : 2011
Legal Form :
Sole Proprietorship
Commercial Reg. No. : 73619,
Alexandria
Tax Card No. : 374-382-689
Invested Capital
: £E 20,000
Mr Haitham Mohamed
Abd El Salam is the sole proprietor of the business.
·
El
Violette for Chemical Industry
Al Amreya Industrial Area
Alexandria
Activities: Engaged in the import and distribution of
chemical raw materials for the paint industry.
Import
Countries: Europe and
India.
International
Suppliers:
·
Rathi Chemical Ltd India
Subject has a
workforce of 5 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the concern or submitted by outside sources.
·
HSBC
Bank Egypt
47 El Sultan Hussein Street
Alexandria
Tel: (20-3) 4872949
Fax: (20-3) 4872925
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 business is
considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.89 |
|
UK Pound |
1 |
Rs.83.66 |
|
Euro |
1 |
Rs.70.58 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.