MIRA INFORM REPORT

 

 

Report Date :

24.05.2014

 

IDENTIFICATION DETAILS

 

Name :

EL ABD CHEMICALS INDUSTRIES

 

 

Registered Office :

7 Police Building, 2nd Floor, Flat No. 22, Mahata Misr, Kom El Dekha, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2013

 

 

Year of Establishment :

2006

 

 

Com. Reg. No.:

2017

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the manufacture of printing inks, solvents and coatings for packaging and publication use

 

 

No of Employees :

30

 

 

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 – September 30, 2013

 

Country Name

Previous Rating

(30.09.2013)

Current Rating

(01.12.2013)

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

SUMMARY

 

Company Name                                     : EL ABD CHEMICALS INDUSTRIES

Also Known As                                      : EL ABD INKS

Country of Origin                                    : Egypt

Legal Form                                            : General Partnership

Registration Date                                   : 2006

Commercial Registration Number            : 2017, Alexandria

Tax Card Number                                   : 210-236-515

Invested Capital                                     : £E 250,000

Total Workforce                                     : 30

Activities                                               : Manufacturers of printing inks, solvents and coatings for packaging and

  publication use.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Hatem Khaled El Abd, Partner

 

COMPANY NAME

 

COMPANY NAME: EL ABD CHEMICALS INDUSTRIES

 

ALSO KNOWN AS: EL ABD INKS

 

 

company ADDRESS

 

Registered & Physical Address

 

Building             : 7 Police Building, 2nd Floor, Flat No. 22

Area                 : Mahata Misr, Kom El Dekha

 

Town                 : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 3920811

Facsimile          : (20-3) 4915591

Mobile               : (20-100) 1481415 / (20-101) 99919200

Email                : hatemelabd2006@hotmail.com / hatem@elabdink.com / info@elabdinks.com

 

Please note that subject’s previous address was, 13 El Senosy Street, Ezpet Saad, Alexandria

 

Premises

 

Subject operates from a small suite of offices that are rented and located in the Central Business Area of Alexandria.

 

Branch Offices

 

Location                                                                                          Description

 

·       Hologram Printing House                                                                   Factory premises

2nd Industrial Zone, Unit 13-5

Borg El Arab

Alexandria

Tel: (20-3) 4594872

Fax: (20-3) 4594872

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Hossam Khaled El Abd                                                                      Managing Partner

 

·       Hatem Khaled El Abd                                                                        Partner

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2006

 

Legal Form                  : General Partnership

 

Commercial Reg. No.  : 2017, Alexandria

 

Tax Card No.               : 210-236-515

 

Invested Capital           : £E 250,000

 

Name of Partners

 

·       Hossam Khaled El Abd

 

·       Hatem Khaled El Abd

 

 

AFFILIATED COMPANIES

 

·       Shetona Trading Co

7 Police Building, 2nd Floor, Flat No. 22

Mahata Misr, Kom El Dekha

Alexandria

Tel: (20-3) 3920811

Fax: (20-3) 4915591

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of printing inks, solvents and coatings for packaging and publication use.

 

Import Countries: Germany, Spain and China

 

International Suppliers:

 

·       Colourfull Pigmet                   China

·       Bayer AG                             Germany

·       Ayala Martinez                      Spain

 

Operating Trend: Steady

 

Subject has a workforce of 30 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pound (£E)

 

                                                Year Ending 31/12/12:              Year Ending 31/12/13:

 

Total Sales                                £E 12,780,000                           £E 13,650,000

 

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

 

The above figures were provided by Mr Hatem Khaled El Abd, Partner

 

 

BANKERS

 

·       Alexandria International Bank SAE

29 El Nabi Daniel Street

Alexandria

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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 business is deemed a fair trade risk.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 58.48

UK Pound

1

Rs. 98.67

Euro

1

Rs. 79.80

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.