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Report Date : |
01.02.2014 |
IDENTIFICATION DETAILS
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Name : |
MAY TRADE SAE |
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Registered Office : |
14 Kolyeyet
El Zeraa Street, 4th Floor, Apartment No.4, Area: Giza, Cairo 12211 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1989 |
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Com. Reg. No.: |
81846,
Giza |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Manufacturers of Industrial Chemicals as well as Importers of Agro
Chemicals and Packaging. |
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No. of Employees : |
40 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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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 : MAY TRADE SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1989
Commercial
Registration Number : 81846, Giza
Issued Capital : £E
800,000
Paid up Capital : £E
800,000
Total Workforce : 40
Activities :
Manufacturers of industrial chemicals as well as
importers of agro chemicals and packaging
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
MAY TRADE SAE
Street : 14
Kolyeyet El Zeraa Street, 4th Floor, Apartment No. 4
Area : Giza
Town : Cairo 12211
Country : Egypt
Telephone : (20-2) 35703561
Facsimile : (20-2) 35703564
Mobile : (20-12) 3226722
Subject operates
from a medium sized suite of offices that are rented and located in the
Suburban Business Area of Cairo.
Name Position
·
Tharwat Abd El Hamid Sakr Chairman
·
Dina Tharwat Abd El Hamid Sakr Managing
Director
·
Nada Tharwat Abd El Hamid Sakr Director
·
Noha Tharwat Abd El Hamid Sakr Director
·
Islam Youssef Director
·
Ola Safy El Din Administration
Manager
·
Fawzy Mohamed Finance
Manager
Date of Establishment : 1989
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 81846, Giza
Authorised
Capital : £E 1,000,000
Issued Capital : £E
800,000
Paid up Capital : £E 800,000
·
Tharwat Abd El Hamid Sakr 53.75%
·
Mona Hosny El Gahawy 12.50%
·
Dina Tharwat Abd El Hamid Sakr 11.25%
·
Nada Tharwat Abd El Hamid Sakr 11.25%
·
Noha Tharwat Abd El Hamid Sakr 11.25%
Activities: Engaged as
manufacturers of industrial chemicals in other party's factory under license of
Henikel Sarnice Technology, France. Subject also imports agro chemicals and
packaging for the agriculture and food sectors.
Import
Countries: United States of
America, France, Germany, Spain and Italy
Brand Names: BAYER, CEREX
AGRI, VALENT BIOSCIENCES and HENIKEL
Operating Trend: Steady
Subject has a
workforce of 40 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 41,107,641 £E
43,415,408
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Egyptian
American Bank
4 & 6 Hassan Sabri
Zamalek
PO Box: 1825
Cairo
Tel: (20-2) 33416150
Fax: (20-2) 33420265
·
Societe
Arabe Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2) 33499464 / 33603489
Fax: (20-2) 33603497 / 33603487
No complaints
regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
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 |
|
|
1 |
Rs.102.95 |
|
Euro |
1 |
Rs.84.60 |
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 |
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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 |
|
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 |
|
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 |
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.