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Report Date : |
07.01.2014 |
IDENTIFICATION DETAILS
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Name : |
EL NADA CENTER FOR CHEMICAL SUPPLIES |
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Registered Office : |
25 Fouzi Mouaz Street, Qasr El Arouba, Samouh, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
28.12.2003 |
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Com. Reg. No.: |
164293, Alexandria |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Subject is engaged in the import and distribution of chemicals and inks
for the printing and packaging industries. |
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No. of Employees : |
12 |
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) |
|
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.
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Source
: CIA |
Company Name :
EL NADA CENTER FOR CHEMICAL SUPPLIES
Country of Origin :
Egypt
Legal Form :
Sole Proprietorship
Registration Date :
28th December 2003
Commercial Registration Number :
164293, Alexandria
Tax Card Number :
496-852-566
Invested Capital :
£E 50,000
Total Workforce :
12
Activities :
Distributors of chemicals and inks for the printing and packaging industries.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
Person Interviewed : Mohamed
Mahmoud Embabe Abdul Hadi, Proprietor & General Manager
EL NADA CENTER FOR
CHEMICAL SUPPLIES
Registered &
Physical Address
Street : 25 Fouzi
Mouaz Street
Area : Qasr El
Arouba, Samouh
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4251019
/ 4954295
Facsimile : (20-3) 4954295
/ 4251019
Mobile : (20-12)
3458424 / (20-10) 6660520
Email : elnadacenter97@hotmail.com
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Alexandria.
Name Position
Mohamed Mahmoud Embabe Abdul Hadi Proprietor
& General Manager
Maqsam Kamel Commercial
Manager
Ali Ibrahim Finance
Manager
Date of Establishment : 28th December 2003
Legal Form : Sole
Proprietorship
Commercial Reg. No. : 164293, Alexandria
Tax Card No. : 496-852-566
Invested Capital : £E 50,000
Mr Mohamed Mahmoud Embabe Abdul Hadi is the sole proprietor of the
business.
Activities: Engaged in the import and
distribution of chemicals and inks for the printing and packaging industries.
Import Countries: India
and Germany
International Suppliers:
CSC Pvt Ltd India
U Flex India
Henkel Germany
Clients:
Alex Pack
Misr Rotogravure
Koboush Pack
Operating Trend: Steady
Subject has a workforce of 12 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pound (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
10,250,000 £E
11,000,000
Local sources consider subject’s financial condition to be Fair.
The above figures were provided by Mr Mohamed Mahmoud Embabe Abdul Hadi,
Proprietor & General Manager
Arab African International Bank
73 Horreya Road
PO Box: 2252
Alexandria
Acc No. 591988
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 business is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.33 |
|
|
1 |
Rs.101.99 |
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Euro |
1 |
Rs.84.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.