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Report Date : |
26.03.2014 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL WATER TREATMENT COMPANY (INTC) |
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Registered Office : |
Office Park Building
No.7, Km 22 Cairo/ Alex Desert Road, Pyramids Heights, Giza, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2013 |
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Year of Establishments: |
1995 |
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Com. Reg. No.: |
101399, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
design and construction of water distillation systems. |
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No. of Employees |
07 |
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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.
|
Source : CIA |
Company Name : INTERNATIONAL WATER TREATMENT COMPANY (INTC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1995
Commercial Registration Number : 101399, Cairo
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Total Workforce : 7
Activities : Design and construction of water distillation systems.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
INTERNATIONAL WATER
TREATMENT COMPANY (INTC)
Registered &
Physical Address
Building : Office Park Building No.7
Street : Km 22 Cairo/ Alex Desert Road
Area : Pyramids Heights, Giza
Town : Cairo
Country : Egypt
Telephone : (20-2) 35368100
Facsimile : (20-2) 35368400
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Cairo.
Name Position
·
Mohamed
Karim Nabil Reda Edward Managing
Director
·
Salah
El Din Mohamed Ali Edward Director
·
Yasser
Youssef Finance
Manager
·
Khaled
Abu Rehab Administration
Manager
Date of Establishment : 1995
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 101399,
Cairo
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Name of Shareholder
(s) Percentage
·
Metito
Water Treatment 99.70%
Egypt
·
Mohamed
Karim Nabil Reda Edward 0.15%
·
Salah
El Din Mohamed Ali Edward 0.15%
Activities: Engaged in the design and construction of
water distillation systems.
Import
Countries: France, Spain,
Germany, Italy and Finland.
Operating Trend: Steady
Subject has a
workforce of 7 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 79,635,509 £E 94,164,486
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
No complaints
regarding subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.49 |
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|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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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.