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Report No. : |
332385 |
|
Report Date : |
29.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
MADAR GROUP MISR
CHEMICALS SAE |
|
|
|
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Registered Office : |
Block 16, 4th
Industrial Zone, Borg El Arab, Alexandria 21500 |
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|
|
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
2012 |
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|
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of
Cleaning Products, Primary Chemicals and Nappies. |
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No. of Employees : |
150 |
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 |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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. Egypt's current
Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name : MADAR
GROUP MISR CHEMICALS SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 2012
Issued Capital : £E
250,000
Paid up Capital : £E
250,000
Total Workforce : 150
Activities :
Manufacturers of cleaning products, primary chemicals and nappies
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
MADAR GROUP MISR
CHEMICALS SAE
Location : Block 16, 4th Industrial Zone, Borg
El Arab
Town : Alexandria 21500
Country : Egypt
Telephone : (20-3) 5890071 / 5890072 / 5890073
Facsimile : (20-3) 5890076
Mobile : (20-11) 55557060
Email : info@madargroup-eg.com
Subject operates from
a large suite of offices and a factory that are rented and located in the
Industrial Area of Alexandria.
Name Position
·
Amer Daaboul Managing
Director
·
Khalid Daaboub Director
·
Hesham Awad Finance
Manager
·
Ahmed Hamami Executive
Manager
Date of Establishment : 2012
Legal Form :
Egyptian Joint Stock
Company
Issued Capital : £E 250,000
Paid up Capital : £E 250,000
·
Amer Daaboul
·
Khalid Daaboub
Activities: Engaged in the manufacture of cleaning
products, primary chemicals and nappies.
Import
Countries: Europe and the
Far East.
Operating Trend: Steady
Subject has a
workforce of 150 employees.
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 21,400,000 £E 21,925,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Bank of
Alexandria
6 Salah Salem Street
Alexandria
Tel: (20-3) 4824056
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.64.03 |
|
|
1 |
Rs.99.72 |
|
Euro |
1 |
Rs.70.88 |
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 |
|
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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 |
-- |
|
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.