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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
MODERN CHEMICALS FOR TRADING AND SUPPLY (MCTS) |
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Registered Office : |
53 Gisr El Suez, Building No. 3B, 3rd Floor, Office No. 303, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
01.02.2006 |
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Com. Reg. No.: |
70434, Cairo |
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Legal Form : |
General Partnership |
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Line of Business : |
Subject is engaged in the import and distribution of chemicals for the dyeing, textile and
paint industries. |
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No. of Employees : |
13 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 growth. Poor living conditions
combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and
economic growth remains slow amid political uncertainty, government
transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down
foreign exchange reserves and depended on foreign assistance, particularly from
Gulf countries, to finance imports and energy products and prevent further
devaluation of the Egyptian pound, fearing higher inflation from a weaker
currency.
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Source
: CIA |
Company Name :
MODERN CHEMICALS FOR TRADING AND SUPPLY (MCTS)
Country of Origin :
Egypt
Legal Form :
General Partnership
Registration Date :
1st February 2006
Commercial Registration Number :
70434, Cairo
Issued Capital :
£E 1,000,000
Paid up Capital :
£E 1,000,000
Total Workforce :
13
Activities :
Distributors of chemicals for the dyeing, textile and paint
industries.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed :
Maher Soltan Mohamed Abdul Jawad, Managing Partner
MODERN CHEMICALS FOR
TRADING AND SUPPLY (MCTS)
Registered &
Physical Address
Location : 53 Gisr El Suez, Building No. 3B, 3rd
Floor, Office No. 303
Town : Cairo
Country : Egypt
Telephone : (20-2) 26211893
/ 26211892
Facsimile : (20-2)
26211890
Mobile : (20-122) 7358794 / 20-100 8321225
Email : maher_soltan2003@hotmail.com
/ mahersoltan@hotmail.com
Please note that subject’s previous address was, Ibn Sina Center,
Building No. 5, 1st Floor, Al Ordounia Zone, 10th of
Ramadan City.
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Name Position
Maher Soltan Mohamed Abdul Jawad Managing
Partner
Ali Soltan Mohamed Abdul Jawad Partner
Mrs Maher Soltan Mohamed Abdul
Jawad Partner
Date of Establishment : 1st February 2006
History : Subject began in 2006 as a Sole Proprietorship, however on 17th November 2012
it re- registered as a General Partnership.
Legal Form : General Partnership
Commercial Reg. No. : 70434, Cairo
Issued Capital : £E
1,000,000
Paid up Capital : £E 1,000,000
Name of Partner
(s)
Maher Soltan Mohamed Abdul Jawad
Ali Soltan Mohamed Abdul Jawad
Mrs Maher Soltan Mohamed Abdul
Jawad
Al Dohaiban Chemical and Building Materials
Arkaweet Area
Khartoum
Sudan
Activities: Engaged in the
import and distribution of chemicals for the
dyeing, textile and paint industries.
Subject’s products
include:
All organic and
non-organic pigments
All kinds of powder dyes
Wood dyes
Leather dyes
Textile dyes
Food dyes
Cosmetic materials
Plastic industry raw materials
Ink raw materials
Import Countries: India and China.
International Suppliers:
Encore Natural Polymers Pvt Ltd India
Aditya Synthetic India
Suajnya Dychem India
Colour Jet India
ABC Chemicals India
Choksi Pigments India
Mahak Dye Chemicals India
Hond Nimbo Group China
Operating Trend: Steady
Subject has a workforce of 13 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
10,850,000 £E
11,675,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
MIDB Bank
Ameen Helal Square
10th of Ramadan City
Tel: (20-15) 384730
Fax: (20-15) 384734
Acc No. 035478
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.60.32 |
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|
1 |
Rs.100.04 |
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Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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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 |
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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.