|
Report Date : |
14.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL ADVANCED CHEMICAL CO |
|
|
|
|
Registered Office : |
36 Hassan El
Mamoun Street, Nasr City, Emarat Sharara, Cairo |
|
|
|
|
Country : |
Egypt |
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|
|
|
Year of Establishments: |
1990 |
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|
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Com. Reg. No.: |
293974, Cairo |
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|
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Legal Form : |
Limited Partnership |
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|
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Line of Business : |
importer and distributor of dyeing chemicals for
the food, paint and textile industry. |
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|
|
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No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
|
Payment Behaviour : |
No Complaints |
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|
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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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Concern Name : INTERNATIONAL ADVANCED CHEMICAL CO
Country of Origin : Egypt
Legal Form : Limited Partnership
Registration Date : 1990
Commercial Registration Number : 293974, Cairo
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Total Workforce : 25
Activities : Distribution of dyeing chemicals for the food, paint and textile industry
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
Person Interviewed : Hussam Fekry, Partner
INTERNATIONAL
ADVANCED CHEMICAL CO
Registered &
Physical Address
Street : 36 Hassan El Mamoun Street
Area : Nasr City, Emarat Sharara
Town : Cairo
Country : Egypt
Telephone : (20-2) 24729733
Facsimile : (20-2) 24729733
Mobile : (20-100) 2337960 / 31125033
Email : info@inachemicals.com
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Islam
Mohamed Managing
Partner
·
Hussam
Fekry Partner
·
Abdul
Fattah Hassan Partner
Date of Establishment : 1990
Legal Form :
Limited Partnership
Commercial
Reg. No. : 293974, Cairo
Issued Capital : £E 500,000
Paid up Capital : £E 500,000
Name of Partners
·
Islam
Mohamed
·
Hussam
Fekry
·
Abdul
Fattah Hassan
Activities: Engaged in the import and distribution of
dyeing chemicals for the food, paint and textile industry.
Import
Countries: India, Germany, France
and the United Kingdom.
International Suppliers:
·
Colour Jet India
·
Saraf Chemicals India
·
BVA India
Subject has a
workforce of approximately 25 employees.
Companies
registered in Egypt are not legally required to make their accounts public and
no financial information was released by the concern or submitted by outside
sources.
·
National
Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Wachovia
Bank
New York
United States of America
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
concern is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.52 |
|
|
1 |
Rs.101.48 |
|
Euro |
1 |
Rs.84.11 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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 |
|
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 |
|
-- |
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.