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Report Date : |
02.09.2014 |
IDENTIFICATION DETAILS
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Name : |
ELFATH FOR SPECIFIC CHEMICALS |
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Registered Office : |
El Fardos Tower |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1987 |
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Com. Reg. No.: |
244869 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Engaged in the import and distribution of chemicals and metal coating
requisites |
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No. of Employees |
20 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 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.
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Source
: CIA |
Company Name : ELFATH FOR SPECIFIC CHEMICALS
Also Known As : EL FATH CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1987
Commercial Registration Number : 244869
Tax Card Number : 100-027-482
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
Total Workforce : 20
Activities : Distributors of chemicals and metal coating requisites.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ibrahim Hamed Abdul Ghani, Managing Partner
ELFATH FOR SPECIFIC CHEMICALS
EL FATH CO
Building : El Fardos
Tower
Street : 19 B El
Fardos Street, Extension
Area : Abbasseya
Town : Cairo 13711
Country : Egypt
Telephone : (20-2) 26849657
/ 26821190 / 24664802 / 24677417
Facsimile : (20-2)
26849657
Mobile : (20-122)
2110468 / 20-100 1630442
Email : ibrahimhamed50@gmail.com
Subject operates from a medium sized suite of offices that are rented
and located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 14 Darb El Baraka Office
premises
Bab El Sheareya
Daher
Cairo
Tel: (20-2) 25918728
Name Position
· Ibrahim Hamed
Abdul Ghani Managing
Partner
· Hemat Mohamed
Fathy Partner
· Ahmed Abd El Aziz Finance
Manager
· Ashraf Abbass Sales
Manager
· Shayma Hussain Administration
Manager
Date of
Establishment : 1987
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 244869
Tax Card No. :
100-027-482
Issued Capital : £E 200,000
Paid up Capital : £E 200,000
· Ibrahim Hamed
Abdul Ghani 50%
· Hemat Mohamed
Fathy 50%
Activities: Engaged in the import and distribution of chemicals and metal coating
requisites.
Import Countries: United Kingdom, France, Italy, Finland and India.
International Suppliers:
· Grauer & Weil (India) Ltd (Growel) India
· Rapid Coating India
· Amber Chemicals France
· Tojini Italy
Operating Trend: Steady
Subject has a workforce of 20 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
8,260,000 £E
8,650,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Banque Misr
151 Mohamed Farid
Street
Cairo
Tel: (20-2)
23912711 / 23912106
Fax: (20-2)
23919779
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 company is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
|
|
1 |
Rs.100.42 |
|
Euro |
1 |
Rs.79.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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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.