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Report Date : |
03.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
BARTIMEX CHEMICALS LTD |
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|
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Registered Office : |
4 Misr El Sudan Street,
El
Waily, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishment : |
1994 |
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Com. Reg. No.: |
51087, Cairo |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the
import and distribution of raw material chemicals, polymers and auxiliaries
for the paint and textile industries. |
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No of Employees : |
54 |
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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|
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
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 : BARTIMEX CHEMICALS LTD
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Start Date : 1994
Registration Date : 29th March 2011
Commercial Registration Number : 51087, Cairo
Tax Card Number : 374-068-836
Issued Capital : £E 950,000
Paid up Capital : £E 950,000
Total Workforce : 54
Activities : Distributors of raw material chemicals, polymers and auxiliaries for the
paint and textile industries.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Mostafa Ibrahim, Finance Manager
BARTIMEX CHEMICALS LTD
Registered &
Physical Address
Street : 4 Misr El Sudan Street
Area : El Waily
Town : Cairo
Country : Egypt
Telephone : (20-2) 26856628 / 26856629
Facsimile : (20-2) 26856628
Mobile : (20-111) 6266978 / 1222404 /
(20-122) 7367120
Email : ibrahim@bartimex.com
Please note that
subject’s previous address was, El Obour Building, 27th Floor, 35
Salem Street, Nasr City, Cairo.
Premises
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Dr
Abdullah Mohamed Ibrahim Managing
Partner
·
Baha
Mohamed Ibrahim Partner
·
Brena
Mohamed Ibrahim Partner
·
Waek Abdul Hameed Partner
·
Hashem Mahmoud Partner
·
Reda
Monir Marketing
Manager
·
Mostafa
Ibrahim Finance
Manager
·
Abeer
Attiya Operations
Manager
Date of Establishment : 1994, however
it as registered on 29th March 2011
Legal Form :
Limited Liability
Partnership
Commercial
Reg. No. : 51087, Cairo
Tax
Card No. : 374-068-836
Issued Capital : £E 950,000
Paid up Capital : £E 950,000
Name of Partner (s)
·
Dr
Abdullah Mohamed Ibrahim
·
Baha
Mohamed Ibrahim
·
Brena
Mohamed Ibrahim
·
Waek Abdul Hameed
·
Hashem Mahmoud
·
Bartimex Foreign Trade
24 Shubra Street
Cairo
Activities: Engaged in the import and distribution of
raw material chemicals, polymers and auxiliaries for the paint and textile
industries.
Import
Countries: Europe and India
Agencies Held:
·
Aditya
Birla India
·
Organic
Kemya Turkey
·
Shinstu Germany
Operating Trend: Steady
Subject has a
workforce of 54 employees.
Financial highlights
provided by local sources are given below:
Currency: United
States Dollars (US$ )
Year
Ending 31/12/12: Year Ending
31/12/13:
Total Sales US$ 11,950,000 US$ 13,500,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mr. Mostafa Ibrahim, Finance Manager
·
Bank of
Alexandria
49 Kasr El Nile Street
Cairo
Tel: (20-2) 24824056 /
24836073
Fax: (20-2) 24837468
No complaints regarding
subject’s payments have been reported.
Local sources
report that payment obligations are met in a generally timely manner and the
operating history is clear. As such the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.97 |
|
|
1 |
Rs.102.89 |
|
Euro |
1 |
Rs.82.02 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
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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 |
|
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.