MIRA INFORM REPORT

 

 

Report No. :

319119

Report Date :

28.04.2015

 

IDENTIFICATION DETAILS

 

Name :

JORDI CHEM

 

 

Formerly Known As :

NABIH WAGDY & CO

 

 

Registered Office :

Block 34, Plot 7 Africa Street 9th District, Nasr City Cairo

 

 

Country :

Egypt

 

 

Date of Incorporation :

20.12.2009

 

 

Com. Reg. No.:

389461, Cairo

 

 

Legal Form :

General Partnership

 

 

Line of Business :

Engaged in the import and distribution of chemicals for use in paints, detergents, water treatment, textiles oil field, paper, resins, printing inks, pharmaceuticals and the food industry.

 

 

No. of Employee :

18

 

 

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 – December 31, 2014

 

Country Name

Previous Rating

(30.09.2014)

Current Rating

(31.12.2014)

Egypt

B2

B2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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 pursued business climate reforms to attract foreign investment and facilitate growth. Poor living conditions and limited job opportunities for the average Egyptian contribute to public discontent, a major factor leading to the January 2011 revolution that ousted Mubarak. The uncertain political, security, and policy environment since 2011 caused economic growth to slow significantly, hurting tourism, manufacturing, and other sectors and pushing up unemployment. Weak growth and limited foreign exchange earnings have made public finances unsustainable, leaving authorities dependent on expensive borrowing for deficit finance and on Gulf allies to help cover the import bill.

 

Source : CIA

 

SUMMARY

 

Company Name                                    : JORDI CHEM

Also Known As                                     : NABIH WAGDY & CO

Country of Origin                                   : Egypt

Legal Form                                           : General Partnership

Registration Date                                  : 20th December 2009

Commercial Registration Number           : 389461, Cairo

Tax Card Number                                  : 331-474-484

Partners Capital                                     : £E 1,000,000

Total Workforce                         : 18

Activities                                               : Distributors of chemicals

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

 

COMPANY NAME

 

JORDI CHEM

 

 

ALSO KNOWN AS

 

NABIH WAGDY & CO

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Block 34, Plot 7

Street               : Africa Street

Area                 : 9th District, Nasr City

 

Town                : Cairo

Country : Egypt

 

Telephone         : (20-2) 24733640 / 24733641 / 24733642

Facsimile          : (20-2) 24734139

Email                : info@jordichem.com / export@jordichem.com

 

Premises

 

Subject operates from a small suite of offices and a warehouse that are rented and located in the Industrial Area of Cairo.

 

Branch Office (s)

                                               

     Location                                                                                           Description

 

·       El Bastien Area                                                                                 Warehouse premises

Anshas Road

Ismailia

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Nabih Wagdy Azmy                                                                          Managing Partner

 

·       Lola Wiliam Kamel Azmy                                                                   Partner

 

·       Meral Nabih Wagdy Azmy                                                                 Partner

 

·       Maged Ibrahim Soliman                                                                    Financial Manager

 

·       Marian Gargas                                                                                  Sales Manager

 

·       Maha Zaher                                                                                      Assistant Sales Manager

           

·       Nveen Fayez                                                                                    Secretary

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 20th December 2009

 

Legal Form                  : General Partnership

 

Commercial Reg. No.   : 389461, Cairo

 

Tax Card No.                : 331-474-484

 

Partners Capital           : £E 1,000,000

 

Name of Partner (s)                                          Percentage

 

·       Nabih Wagdy Azmy                                      33.34%                        

 

·       Lola Wiliam Kamel Azmy                               33.33%            

 

·       Meral Nabih Wagdy Azmy                             33.33%

 

 

OPERATIONS

 

Activities: Engaged in the import and distribution of chemicals for use in paints, detergents, water treatment, textiles,

     oil field, paper, resins, printing inks, pharmaceuticals and the food industry.

 

                 Subject is ISO 9002 accredited.

 

Import Countries: Germany, France, Italy, Belgium, Malaysia and China

 

Local Clients:

 

·       El Mostafa Company

·       Egyptian Weavers HESNI

·       ETTC – Egyptian Turkish Trading Center

·       El Fol Company

 

Operating Trend: Steady

 

Subject has a workforce of 18 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/13:               Year Ending 31/12/14:

 

Total Sales                                £E 18,000,000                           £E 21,000,000

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Credit Agricole Egypt

Nasr City

Cairo

 

 

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.63.61

UK Pound

1

Rs.96.56

Euro

1

Rs.69.18

 

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

ANK

 

 

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.