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Report Date : |
29.11.2013 |
IDENTIFICATION DETAILS
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Name : |
CHITANA TRADING COMPANY |
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Registered Office : |
7 Police Building Misr Station Koum Eldeka, Moharram Bey Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
1996 |
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Com. Reg. No.: |
21337, Alexandria |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Import and distribution of inks and coatings, PU adhesive for lamination, printing chemicals and
flexible packaging materials. |
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No. of Employees : |
20 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
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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
Source
: CIA
Company Name : CHITANA TRADING COMPANY
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1996
Commercial Registration Number : 21337,
Alexandria
Tax Card Number : 545-618-908
Issued Capital : £E 1,520,000
Paid up Capital : £E 1,520,000
Total Workforce : 20
Activities :
Distributors of inks and coatings, PU adhesive for lamination, printing
chemicals and flexible packaging materials.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
CHITANA TRADING COMPANY
Building : 7 Police Building
Street : Misr Station
Area : Koum Eldeka,
Moharram Bey
Town : Alexandria
Country : Egypt
Telephone : (20-3) 3920811
Facsimile : (20-3) 4975591
Email : info@chitana.com
/ hossamelabd@chitana.com
Subject operates from a small suite of offices that are rented and
located in the Suburban Business Area of Alexandria.
Name Position
· Hossam El Abd Managing
Partner
· Essam El Abd Partner
· Hatem El Abd Partner
· Walid Mohamed El
Abd Sales
Manager
Date of
Establishment : 1996
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 21337, Alexandria
Tax Card No. : 545-618-908
Issued Capital : £E 1,520,000
Paid up Capital : £E 1,520,000
· Hossam El Abd
· Essam El Abd
· Hatem El Abd
Activities: Engaged in the import and distribution of inks and coatings, PU adhesive for lamination,
printing chemicals and flexible
packaging materials.
Subject’s clients
include Alex Pack, Safa Printing and Roto Pack.
Import Countries: China, Italy, Turkey,
Germany, France
Brand Names: PACHIN, ENPACK, RUSSAL, BALBKI and ITALY INKS
Operating Trend: Steady
Subject has a workforce of 20 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
15,000,000 £E
19,944,562
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Commercial International Bank (CIB)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
·
Credit Agricole Egypt
14 Salah Salem
Street
Alexandria
Tel: (20-3)
4851696
Acc No.
01011300000651
·
National Societe General Bank
15 Mina Street
Kafr Abdou
Alexandria
Tel: (20-3)
5419900
Acc No. 00037
00013
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.62.39 |
|
|
1 |
Rs.101.80 |
|
Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
RATING EXPLANATIONS
|
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 |
-- |
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.