MIRA INFORM REPORT

 

 

Report Date :

23.10.2013

 

IDENTIFICATION DETAILS

 

Name :

CHEMA INDUSTRIES

 

 

Registered Office :

37 Midan Victor Emanuel Street, Area-Smouha, Alexandria 21431

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

09.01.2005

 

 

Com. Reg. No.:

12530, Alexandria

 

 

Legal Form :

Limited Liability Company

 

 

Line of Business :

Manufacturers of Agro Chemical Products.

 

 

No. of Employees :

75

 

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

SUMMARY

 

Company Name                                    : CHEMA INDUSTRIES

Country of Origin                                   : Egypt

Legal Form                                           : Limited Liability Company

Registration Date                                  : 9th January 2005

Commercial Registration Number           : 12530, Alexandria

Issued Capital                                       : US$ 1,200,000

Paid up Capital                                     : US$ 1,200,000

Total Workforce                                     : 75

Activities                                               : Manufacturers of agro chemical products.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person (s) Interviewed                           : Mohamed Farag, Accounts Manager and Farouk Saad, Quality Control

                                                               Manager

COMPANY NAME

 

CHEMA INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 37 Midan Victor Emanuel Street

Area                 : Smouha

 

Town                : Alexandria 21431

Country             : Egypt

 

Telephone         : (20-3) 4241313 / 4250062 / 4290749 / 4290739

Facsimile          : (20-3) 4241313 / 4292120

Mobile              : (20-122) 425824 / (20-100) 8556039

Email                : info@chema.com.eg / farouk_saad2008@yahoo.com

 

Premises

 

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of Alexandria.

 

Branch Offices

 

Location                                                                                          Description

 

·       26, 1st Industrial Zone                                                                        Office premises

Private Free Zone

El Noubareya

Beheira

Tel: (20-45) 2632801

Fax: (20-45) 2632796

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Mohamed Abdul Salam Al Shafi                                                        Managing Director

 

·       Mahmoud Abdul Salam Al Shafi                                                        Director

 

·       Ihsan Mohamed Mahmoud                                                                General Manager

 

·       Mohamed Farag                                                                               Accounts Manager

 

·       Farouk Saad                                                                                     Quality Control Manager

 

·       Hesham Ameen                                                                                Commercial Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 9th January 2005

 

Legal Form                  : Limited Liability Company

 

Commercial Reg. No.   : 12530, Alexandria

 

Issued Capital              : US$ 1,200,000

 

Paid up Capital            : US$ 1,200,000

 

Name of Partner (s)                                                 

 

·       Mohamed Abdul Salam Al Shafi                                                       

 

·       Mahmoud Abdul Salam Al Shafi

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of agro chemical products including pesticides, fertilizers and growth

                 regulators also assembly of irrigation machines.

 

Import Countries: Europe and the Far East

 

Operating Trend: Steady

 

Subject has a workforce of 75 employees.

 

 

FINANCIAL DATA

 

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 30,000,000                           £E 35,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Mohamed Farag, Accounts Manager

 

 

BANKERS

 

·       Bank of Alexandria

6 Salah Salem Street

Alexandria

Tel: (20-3) 4824056

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.78

UK Pound

1

Rs.99.66

Euro

1

Rs.84.49

 

 

INFORMATION DETAILS

 

Report Prepared by :

NIT

 

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.