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Report Date : |
15.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEMICALS AND TECHNOLOGIES FOR POLYMER SAE |
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Registered Office : |
43 Al Haram Street Pyramids, Giza PO Box 217 Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1992 |
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Com. Reg. No.: |
49447, Beheira |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Subject is engaged in the manufacture of synthetic resins: agglomerates
and bonding resins such as epoxy and polyurethane for use in the paint
industry |
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No. of Employees : |
30 |
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 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 : CHEMICALS AND TECHNOLOGIES FOR POLYMER SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1992
Commercial Registration Number : 49447, Beheira
Industry Registration Number : 23646
Tax Card Number : 100-077-919
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 30
Activities : Manufacturers of synthetic resins
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
CHEMICALS AND TECHNOLOGIES FOR
POLYMER SAE
Street : 43 Al Haram
Street
Area : Pyramids,
Giza
PO Box : 217
Town : Cairo
Country : Egypt
Telephone : (20-2) 33880640
/ 33880641 / 33860173 / 33858426 / 33858427 / 33858425
Facsimile : (20-2)
33860174 / 33860173
Email : info@ctpegypt.com
Subject operates from a medium sized suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· Km 104, Cairo /
Alex Desert Road Factory
premises covering 9,000m2
Wadi El Natroun,
Beheira
Tel: (20-45)
3551428
Fax: (20-48)
2601427
· 319 Pyramids Street Office
premises
Pyramids
Giza
Tel: (20-2)
35854084 / 35854118 / 35853917
Fax: (20-2)
35859858
Name Position
· Fawzy Ibrahim Chairman
· Dr Mohamed Kamal
El Sayed Moustafa Managing
Director
· Farouk Kozman
Office Director
· Ahmed Sedik E
Benhany Office Director
· Amin Moustafa Finance
Manager
· Rania Adel Import
Manager
Date of
Establishment : 1992
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 49447, Beheira
Industry Reg. No. : 23646
Tax Card No. : 100-077-919
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Chemicals for
Modern Building – CMB 60%
Egypt
· Dr Mohamed Kamal El
Sayed Moustafa 40%
· CMB International
· Marmox Egypt
· Advechems
Activities: Engaged in the manufacture of synthetic resins: agglomerates and
bonding resins such as epoxy and
polyurethane for use in the paint
industry.
Subject is ISO 9001-2000 accredited
Production Capacity: 1,200 tons per annum
Import Countries: Germany, China, Saudi
Arabia, United Arab Emirates and the Netherlands.
Export Countries: Germany, Libya, Jordan, Lebanon,
Saudi Arabia and the United Arab Emirates.
Brand Names: KEMAPOX, KEMAPUR and CTP
Operating Trend: Steady
Subject has a workforce of 30 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
9,614,677 £E
10,058,354
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
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.62.28 |
|
|
1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.