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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
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Name : |
NEW PLAST EGYPT |
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Registered Office : |
Division 15, Block 15, 4th Industrial Zone, New Borg El
Arab City, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
18.07.2003 |
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Com. Reg. No.: |
1651, Cairo |
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Legal Form : |
Limited Liability Company |
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Line of Business : |
Engaged in the manufacture of colour concentrate, inks and related
products |
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No. of Employees : |
100 |
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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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 : NEW PLAST
EGYPT
Country of Origin :
Egypt
Legal Form :
Limited Liability Company
Registration Date :
18th July 2003
Commercial Registration Number :
1651, Cairo
Issued Capital :
£E 3,000,000
Paid up Capital :
£E 3,000,000
Total Workforce :
100
Activities :
Manufacturers of colour concentrate, inks and related products
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Khalid Ibrahim, Accounts Manager
NEW PLAST EGYPT
Location : Division 15,
Block 15, 4th Industrial Zone, New Borg El Arab City
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4595981
Facsimile : (20-3) 4597505
/ 4595980
Mobile : (20-122)
743532 / 3836500
Email : khalid.ibrahim@midco.com
Subject operates from a medium sized suite of offices that are rented
and located in the Industrial Area of Alexandria.
Name Position
· Dr Ali Mohamed
Mohamed Ghaly Managing
Director
· Shareef Ali
Mohamed Mohamed Ghaly Director
· Omar Ali Mohamed
Mohamed Ghaly Director
· Ali Ali Mohamed
Mohamed Ghaly Director
· Mohamed Ali
Mohamed Mohamed Ghaly Director
· Sabir Mohamed Ali General
Manager
· Khalid Ibrahim Accounts
Manager
· Ashraf Fathi Production
Manager
Date of
Establishment : 18th
July 2003
Legal Form : Limited Liability
Company
Commercial Reg. No. : 1651, Cairo
Issued Capital : £E 3,000,000
Paid up Capital : £E 3,000,000
· Dr Ali Mohamed
Mohamed Ghaly
· Shareef Ali
Mohamed Mohamed Ghaly
· Omar Ali Mohamed Mohamed
Ghaly
· Ali Ali Mohamed
Mohamed Ghaly
· Mohamed Ali
Mohamed Mohamed Ghaly
· Midco
International Group For Modern Coating
Cairo
· Pharoas For Paints
and Industry
Cairo
Activities: Engaged in the manufacture of colour concentrate, inks and related
products.
Import Countries: Europe and the Far East.
Operating Trend: Steady
Subject has a workforce of 100 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
16,390,000 £E
17,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Alexandria International Bank SAE
29 El Nabi Daniel
Street
Alexandria
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.63.37 |
|
UK Pound |
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.