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Report Date : |
20.08.2014 |
IDENTIFICATION DETAILS
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Name : |
PLASTICHEM SAE |
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Registered Office : |
3rd Industrial
Zone, Plot A, Sharkeya, 10th of |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
2003 |
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Com. Reg. No.: |
3433, Sharkeya |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
Chemicals and Plastic Materials, including Urea Pressing Powder and Synthetic
Adhesives. |
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No. of Employees : |
120 |
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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Egypt |
B1 |
B2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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.
|
Source
: CIA |
Company Name : PLASTICHEM SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2003
Commercial
Registration Number : 3433,
Sharkeya
Tax Card Number : 205-161-537
Issued Capital : £E
300,000,000
Paid up Capital : £E
300,000,000
Total Workforce : 120
Activities :
Manufacturers of chemicals and plastic materials
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed Hamdy , Financial Controller
PLASTICHEM SAE
Location : 3rd Industrial Zone, Plot A,
Sharkeya
Town : 10th of Ramadan
City
Country : Egypt
Telephone : (20-15) 410100 / 411701
Facsimile : (20-15) 410098 / 411706
Email : amrshalaby@spreamir.com / magedhana@spreamir.com
Subject operates from
a medium sized suite of offices and a factory that are rented and located in
the Industrial Area of 10th of Ramadan City.
Name Position
·
Hesham
Fahmy Abdul Hamid Chairman
·
Abdulaziz
Abdul Mohaymen Factory
Manager
·
Maged
Hana Finance
Manager
·
Ahmed
Hamdy Financial
Controller
Date of Establishment : 2003
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 3433,
Sharkeya
Tax Card No. : 205-161-537
Issued Capital : £E 300,000,000
Paid up Capital : £E 300,000,000
·
Kuwaiti
Holding Co 100%
Cairo
·
Sprea
Misr Co
10th of Ramadan City
Tel: (20-15) 410100
Activities: Engaged in the manufacture of chemicals and
plastic materials, including urea pressing powder and
synthetic adhesives.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 120 employees.
Financial
highlights provided by local sources are given below:
Currency: Egyptian
Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E 24,300,000 £E 25,750,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
National
Bank of Egypt
Sharkeya Branch
Tenth of Ramadan City
Tel: (20-15) 360833 / 360744 / 344144
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.60.73 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.81.04 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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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 |
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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 |
|
|
-- |
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.