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Report Date : |
17.09.2013 |
IDENTIFICATION DETAILS
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Name : |
EMANZ COMPANY FOR STARCH |
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Registered Office : |
Street No. 900, Block
20002, Industrial Zone No. 3, El Obour City, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Year of Establishments: |
1956 |
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Com. Reg. No.: |
51516, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
manufacturer of
starch, glucose, lactose, fructose and sorbitol for the paper and textile
industries |
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No. of Employees : |
110 |
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 |
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
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High |
B2 |
|
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 : EMANZ COMPANY FOR STARCH
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1956
Commercial Registration Number : 51516, Cairo
Tax Card Number : 205-999-654
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Total Workforce : 110
Activities : Manufacturers of starch, glucose, lactose, fructose and sorbitol
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Arfa, Marketing Manager
EMANZ COMPANY FOR
STARCH
Registered &
Physical Address
Street : Street No. 900
Area : Block 20002, Industrial Zone
No. 3, El Obour City
Town : Cairo
Country : Egypt
Telephone : (20-2) 4665127
Facsimile : (20-2) 4665127
Mobile : (20-100) 397051
Email : mi-ahmd_amg@yahoo.com / mr.ahmd@yahoo.com
Premises
Subject operates from
a medium sized suite of offices that are rented and located in the Industrial
Area of Cairo.
Name Position
·
Mohamed
Ahmed Mohamed Ghaly Chairman
·
Ahmed
Mohamed Ahmed Mohamed Ghaly Managing
Director
·
Ahmed
Arfa Marketing
Manager
·
Ahmed
Hassan Financial
Controller
Date of Establishment : 1956
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 51516, Cairo
Tax Card No. : 205-999-654
Issued Capital : £E 50,000,000
Paid up Capital : £E 50,000,000
Name of Shareholder
(s)
·
Mohamed
Ahmed Mohamed Ghaly
·
Ahmed
Mohamed Ahmed Mohamed Ghaly
·
Arabic
Will For Trade and Distribution
Cairo
Activities: Engaged in the manufacture of starch,
glucose, lactose, fructose and sorbitol for the paper and textile
industries.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 110 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 27,650,000 £E 28,300,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Banque
du Caire Barclays Internationale SAE
12 Midan El Sheikh Youssef Street
Garden City
PO Box: 110, Maglis El Shaab
Cairo
Tel: (20-2) 33542195 / 33549415 / 33549422
Fax: (20-2) 33552746
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.62.48 |
|
UK Pound |
1 |
Rs.99.66 |
|
Euro |
1 |
Rs.83.50 |
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.