|
Report Date : |
15.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC WATER TECHNOLOGIES |
|
|
|
|
Registered Office : |
7569 Dr Shereen
Badawy Street, Off El Madina El Munawara Street, P O Box 165, Cairo |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
01.01.2007 |
|
|
|
|
Com. Reg. No.: |
1950, Cairo |
|
|
|
|
Legal Form : |
Limited Liability Partnership |
|
|
|
|
Line of Business : |
Importers & Distributors of water softeners, ionic exchange resins, index water systems, sea water desalination plants, sewage treatments and water treatment chemicals |
|
|
|
|
No. of Employees : |
08 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 |
Company Name : PACIFIC WATER TECHNOLOGIES
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1st January 2007
Commercial Registration Number : 1950, Cairo
Tax Card Number : 244-809-690
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Total Workforce : 8
Activities : Distributors of water softeners, ionic exchange resins, index water
systems, sea water desalination plants, sewage treatments and water treatment chemicals.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
PACIFIC WATER
TECHNOLOGIES
Registered &
Physical Address
Location : 7569 Dr Shereen Badawy Street, Off
El Madina El Munawara Street
PO Box : 165
Town : Cairo
Country : Egypt
Telephone : (20-2) 26679313
Facsimile : (20-2) 26679801
Mobile : (20-10) 1516628
Email : p.sales@pacific.net
Premises
Subject operates
from a small suite of offices and a warehouse that are rented and located in
the Central Business Area of Cairo.
Branch Office (s)
Location Description
·
7th
Area Office
premises
El Obour City
Cairo
Name Position
·
Ahmed
Shoback El Shaarawy Managing
Partner
·
Mohamed
Shoback Sales
Manager
·
Shaimaa
Taha Accounts
Manager
·
Moustafa
Shoback El Shaarawy Administration
Manager
Date of Establishment : 1st
January 2007
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1950, Cairo
Tax Card No. : 244-809-690
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
Name of Shareholder
(s) Percentage
·
Ahmed
Shoback El Shaarawy 33.33%
·
Gihan
Mohamed Moustafa 33.33%
·
Manal
Sayed Mohamed Ali 33.33%
Activities: Engaged in the import and distribution of
water softeners, ionic exchange resins, index water systems, sea water
desalination plants, sewage treatments and water treatment chemicals.
Import
Countries: United Kingdom,
France, India, China, Romania and the United States of America
Agencies Held:
·
Perolide United Kingdom
Subject has a
workforce of 8 employees.
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.
·
HSBC
Bank Egypt SAE
1 Roxy Square
Heliopolis
Cairo
Tel: (20-2) 24511480
Fax: (20-2) 22583152
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.61.30 |
|
|
1 |
Rs.97.99 |
|
Euro |
1 |
Rs.83.15 |
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.