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Report No. : |
305542 |
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Report Date : |
03.02.2015 |
IDENTIFICATION DETAILS
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Name : |
EGYPTIAN
PROPYLENE & POLYPROPYLENE CO (EPPC) |
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Registered Office : |
El Gobeil Zone,
Ashtoun, El Arab, |
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Country : |
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Year of Establishment : |
2005 |
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Com. Reg. No.: |
47716, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Import and
Distribution of Propylene and Polypropylene used for Petrochemical
Manufacturing. |
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No. of Employees : |
30 Employees. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 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 |
Company Name : EGYPTIAN PROPYLENE &
POLYPROPYLENE CO (EPPC)
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2005
Commercial
Registration Number : 47716, Cairo
Tax Card Number : 232-615-160
Issued Capital : £E
255,000,000
Paid up Capital : £E
255,000,000
Total Workforce : 30
Activities :
Distribution of propylene & polypropylene.
Financial Condition : Undetermined
Payments :
Nothing detrimental uncovered
EGYPTIAN PROPYLENE
& POLYPROPYLENE CO (EPPC)
Location : El Gobeil Zone, Ashtoun, El Arab
Town : Port Said
Country : Egypt
Telephone : (20-2) 26702454 / 26702418 / 26702403
/ 26702476
Facsimile : (20-2) 22676515
Subject operates from
a medium sized suite of offices and a warehouse that are rented and located in
the Suburban Business Area of Port Said.
Branch Office
(s)
Location Description
·
44
Nagaty Serag, 5th District Warehouse
premises
Nasr City
Cairo
Tel: (20-2) 22689804
Fax: (20-2) 22678240
·
El
Akhbar Street Office
premises
Sheraton, Heliopolis, District 1 & 2
Cairo
Tel: (20-2) 22676513 / 22676514
Fax: (20-2) 22676516
Name Position
·
Mohamed
Farid Khamis Chairman
·
Hany
Salaeh Managing
Director
·
Hassan
Mahmoud Madkour Financial
Manager
·
Fekry
Youssef Technical
Manager
·
Hussein
El Hakim Project
Manager
·
Yasser
Mohamed Ibrahim HR
Manager
·
May
Khamis Business
Development Manager
Date of Establishment : 2005
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 47716, Cairo
Tax
Card No. : 232-615-160
Issued Capital : £E 255,000,000
Paid up Capital : £E 255,000,000
·
Desa
Holding 22%
United Kingdom
·
Orientals
Holding 22%
Egypt
·
Amwal
Al Arabia 15%
·
Egyptian
Petrochemicals Holding (Echem) 13%
·
Egyptian
Natural Gas (Gasco) 13%
·
Arabia
Investment 10%
·
Oriental
Petrochemicals 5%
Activities: Engaged in the import and distribution of
propylene and polypropylene used for petrochemical
manufacturing.
Production Capacity: 400,000 tons per year.
Import
Countries: Japan, United
Kingdom, India, China and Ecuador.
Export
Countries: Italy, Turkey
and Germany.
Subject has a
workforce of 30 employees.
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.
·
Banque
du Caire SAE
22 Adly Street
PO Box: 1495
Cairo
Tel: (20-2) 33904554
Fax: (20-2) 33908992
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
·
Banque
Misr
151 Mohamed Farid Street
Cairo
Tel: (20-2) 33912711 / 33912106
Fax: (20-2) 33919779
No complaints
regarding subject’s payments have been reported.
Please note that we
were unable to contact the subject directly during our investigation.
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.61.88 |
|
|
1 |
Rs.93.27 |
|
Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
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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 |
|
|
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 |
-- |
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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.