MIRA INFORM REPORT

Report No. :	329677
Report Date :	06.07.2015

IDENTIFICATION DETAILS

Name :	EGYPT FOR TRADING AND MANUFACTURING SPECIALITY CHEMICALS

Registered Office :	Building No. 68, 4^th Floor, Flat No. 4, Central Axis, 5^th District, Giza, 6^th of October City,

Country :	Egypt

Financials (as on) :	31.12.2014

Date of Incorporation :	19.06.2011

Com. Reg. No.:	52440

Legal Form :	Egyptian Joint Stock Company

Line of Business :	Manufacture of Chemicals involved in Paints, Colours and Related Applications.

No. of Employees :	150

RATING & COMMENTS

MIRA’s Rating :

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 – 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

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. Egypt's current Constitution passed in a referendum that took place in January 2014.

Source : CIA

SUMMARY

Company Name : EGYPT FOR TRADING AND MANUFACTURING SPECIALITY

CHEMICALS

Also Known As : PAN EGYPT

Country of Origin : Egypt

Legal Form : Egyptian Joint Stock Company

Registration Date : 19^th June 2011

Commercial Registration Number : 52440

Authorised Capital : £E 2,500,000

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Total Workforce : 150

Activities : Manufacturers of chemicals involved in paints, colours and related

applications

Financial Condition : Fair

Payments : Nothing detrimental uncovered

Operating Trend : Steady

COMPANY NAME

EGYPT FOR TRADING AND MANUFACTURING SPECIALITY CHEMICALS

ALSO KNOWN AS

PAN EGYPT

ADDRESS

Registered & Physical Address

Building : Building No. 68, 4^th Floor, Flat No. 4

Area : Central Axis, 5^th District, Giza

Town : 6^th of October City

Country : Egypt

Telephone : (20-2) 23832335

Facsimile : (20-2) 23832335

Premises

Subject operates from a medium sized suite of offices that are rented and located in the Central Business Area of 6^th of October City.

Branch Office (s)

Location Description

· Building No. 32 Factory premises

10^th District

Giza

6^th of October City

KEY PRINCIPALS

Name Position

· Mohamed Abdel Moneam Mohamed Abdel Hamid Chairman

· Wael Mohamed Rashad Mohamed Sherif Ramadan Vice Chairman

· Ghada Salem Salem Mohamed Director

· Amany Hosny Mahmoud Darwish Director

LEGAL FORM & OWNERS

Date of Establishment : 19^th June 2011

Legal Form : Egyptian Joint Stock Company

Commercial Reg. No. : 52440

Authorised Capital : £E 2,500,000

Issued Capital : £E 250,000

Paid up Capital : £E 250,000

Name of Shareholder (s)

· Mohamed Abdel Moneam Mohamed Abdel Hamid

· Wael Mohamed Rashad Mohamed Sherif Ramadan

· Ghada Salem Salem Mohamed

· Amany Hosny Mahmoud Darwish

OPERATIONS

Activities: Engaged in the manufacture of chemicals involved in paints, colours and related applications.

Import Countries: Europe and the Far East.

Subject has a workforce of 150 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 12,800,000 £E 14,250,000

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

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

BANKERS

· Export Development Bank of Egypt

Plot 3/1

4^th Industrial Region

Giza

6^th of October City

Tel: (20-2) 38330599

Fax: (20-2) 38330570

PAYMENT HISTORY

No complaints regarding subject’s payments have been reported.

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 company is considered to be a fair trade risk.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.63.40
UK Pound	1	Rs.98.94
Euro	1	Rs.70.33

INFORMATION DETAILS

Analysis Done by :	DIV

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
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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