MIRA INFORM REPORT

Report No. :	355805
Report Date :	25.12.2015

IDENTIFICATION DETAILS

Name :	EL VIOLETTE FOR IMPORT AND TRADING PAINTS AND CHEMICALS

Registered Office :	12 El Ezza Ef Taat Allah Stel Ras El Soda Kesm El Montazah, Alexandria

Country :	Egypt

Date of Incorporation :	2011

Com. Reg. No.:	73619

Legal Form :	Sole Proprietorship

Line of Business :	Engaged in the import and distribution of chemical raw materials for the paint industry.

No. of Employees :	5

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Moderate
Payment Behaviour :	Unknown
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, 2015

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Egypt

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

SUMMARY

Company Name : EL VIOLETTE FOR IMPORT AND TRADING PAINTS AND

CHEMICALS

Country of Origin : Egypt

Legal Form : Sole Proprietorship

Registration Date : 2011

Commercial Registration Number : 73619, Alexandria

Tax Card Number : 374-382-689

Invested Capital : £E 20,000

Total Workforce : 5

Activities : Distributors of chemical raw materials for the paint industry

Financial Condition : Undetermined

Payments : Unknown

Person Interviewed : Haitham Mohamed Abd El Salam, Proprietor & General Manager

COMPANY NAME

EL VIOLETTE FOR IMPORT AND TRADING PAINTS AND CHEMICALS

ADDRESS

Registered & Physical Address

Location : 12 El Ezza Ef Taat Allah Stel Ras El Soda Kesm El Montazah

Town : Alexandria

Country : Egypt

Telephone : (20-3) 5362708

Facsimile : (20-3) 5362708

Mobile : (20-122) 7006703 / (20-106) 9602880 / (20-128) 0554445

Email : haitham.chemist@gmail.com

Premises

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

KEY PRINCIPALS

Name Position

Haitham Mohamed Abd El Salam Proprietor & General Manager

Yousef Ali Sales Manager

LEGAL FORM & OWNERS

Date of Establishment : 2011

Legal Form : Sole Proprietorship

Commercial Reg. No. : 73619, Alexandria

Tax Card No. : 374-382-689

Invested Capital : £E 20,000

Mr Haitham Mohamed Abd El Salam is the sole proprietor of the business.

AFFILIATED COMPANIES

El Violette for Chemical Industry

Al Amreya Industrial Area

Alexandria

OPERATIONS

Activities: Engaged in the import and distribution of chemical raw materials for the paint industry.

Import Countries: Germany and India.

International Suppliers:

Rathi Chemical Ltd India

Evonik Industries Germany

Subject has a workforce of 5 employees.

FINANCIAL DATA

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

BANKERS

HSBC Bank Egypt

47 El Sultan Hussein Street

Alexandria

Tel: (20-3) 4872949

Fax: (20-3) 4872925

PAYMENT HISTORY

Unknown

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 business is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.66.20
UK Pound	1	Rs.98.30
Euro	1	Rs.72.41
EGP	1	Rs.8.43

Note : Above are approximate rates obtained from sources believed to be correct

INFORMATION DETAILS

Analysis Done by :	KAR

Report Prepared by :	TPT

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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