MIRA INFORM REPORT

 

 

Report Date :

20.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ZAHRA CHEMICALS SAE

 

 

Registered Office :

El Shatre El Khames, Zahraa El Maadi Industrial Area, Plot No. 113, 5th Section, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Date of Incorporation :

13.04.2005

 

 

Com. Reg. No.:

13275, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Subject is engaged in the manufacture of inks for printing and writing.

 

 

No. of Employees :

56

 

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

Payment Behaviour :

No complaints

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

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately 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

 

 

SUMMARY

 

Company Name                                    : ZAHRA CHEMICALS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 13th April 2005

Commercial Registration Number           : 13275, Cairo

Tax Card Number                                  : 215-589-874

Issued Capital                                       : £E 30,000,000

Paid up Capital                                     : £E 30,000,000

Total Workforce                                     : 56

Activities                                               : Manufacturers of inks for printing and writing.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

ZAHRA CHEMICALS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : El Shatre El Khames, Zahraa El Maadi Industrial Area, Plot No. 113, 5th Section

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 25218036 / 25218017

Facsimile          : (20-2) 25218037

Mobile              : (20-122) 1371001 / (20-100) 6323432 / 3916694

Email                : khaled@zahrachem.com / info@zahrachem.com

 

Premises

 

Subject operates from a medium sized suite of offices and a factory that are rented and located in the Industrial Area of Cairo.

 

 

KEY PRINCIPALS

 

Name                                                                                                   Position

 

Dr Ahmed Mohamed Abu El Wafa                                                          Chairman

 

Asma Ahmed Mohamed Abu El Wafa                                                     Director

           

Amer Mahmoud                                                                         Commercial Manager

 

Tariq Saudi                                                                                           Technical Manager

 

Reda Ismail                                                                                           Finance Manager

 

Mahmoud Abd El-Wahab                                                                       Accounting Manager

 

Hesham Saadawy                                                                                  Sales Manager

 

Ahmed Shaheen                                                                                    Marketing Manager

 

Mahmoud Abd El Wahab                                                                       Factory Manager

 

LEGAL FORM & OWNERS

 

Date of Establishment  :           13th April 2005

 

Legal Form      :                       Egyptian Joint Stock Company

 

Commercial Reg. No.   :           13275, Cairo

 

Tax Card No.    :                       215-589-874

 

Issued Capital              :           £E 30,000,000

 

Paid up Capital            :           £E 30,000,000

 

Name of Shareholder (s)                                               Percentage

 

Dr Ahmed Mohamed Abu El Wafa                                  95.0%  

 

Asma Ahmed Mohamed Abou El Wafa                             2.5%

 

Tahani Attia                                                                     2.5%

 

 

AFFILIATED COMPANIES

 

El Madina Chemicals

Salah Salem Street

Cairo

Tel: (20-2) 35313955

Fax: (20-2) 35313954

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of inks for printing and writing.

 

Import Countries:         China, India, Brazil and Germany.

 

Export Countries:         Algeria, Turkey, Libya, Morocco and Tunisia.

 

Operating Trend:          Steady

 

Subject has a workforce of 56 employees.

 

 

FINANCIAL DATA

 

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 27,616,134                           £E 30,481,974

 

Local sources consider subject’s financial condition to be Fair.

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

Egyptian Saudi Finance Bank

60 Mohy El Din Abu El Ezz Street

Giza

Cairo

Tel: (20-2) 27481222

Fax: (20-2) 27611436

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.60.00

UK Pound

1

Rs.102.05

Euro

1

Rs.81.71

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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

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%)

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