MIRA INFORM REPORT

 

 

Report No. :

320427

Report Date :

06.05.2015

 

IDENTIFICATION DETAILS

 

Name :

ALEXANDRIA CO FOR SPECIALISED INK & CHEMICALS SAE

 

 

Registered Office :

6 Aziz Fahmy Street Sporting Alexandria

 

 

Country :

Egypt

 

 

Date of Incorporation :

2010

 

 

Com. Reg. No.:

4274, Alexandria

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Engaged in the manufacture of acrylic and water-based inks, pastes, varnishes and specialised chemicals for the printing industry.

 

 

No. of Employee :

45

 

 

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                                    : ALEXANDRIA CO FOR SPECIALISED INK & CHEMICALS SAE

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 2010

Commercial Registration Number           : 4274, Alexandria

Tax Card Number                                  : 374-197-945

Issued Capital                                       : £E 380,000

Paid up Capital                                     : £E 380,000

Total Workforce                                     : 45

Activities                                               : Manufacturers of acrylic and water-based inks, pastes, varnishes and

                                                  specialised chemicals for the printing industry

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Emad Ali Abdul Jaleel, Managing Director

 

 

 

COMPANY NAME

 

ALEXANDRIA CO FOR SPECIALISED INK & CHEMICALS SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 6 Aziz Fahmy Street

Area                 : Sporting

 

Town                : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 5469692

Facsimile          : (20-3) 5469692

Mobile              : (20-100) 481486 / (20-111) 152555 / (20-102) 0977750

Email                : info@alexinkegypt.com / info@alexinkegypt.net

 

Premises

 

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

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       Alexandria Cairo Desert Rd, Km 27                                                    Factory premises covering

Mergham                                                                                          1,500 square metres

Alexandria

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Emad Ali Abdul Jaleel                                                                       Managing Director

 

·       Mohamed Ali Abdul Jaleel                                                                 Director

 

·       Sara Ali                                                                                            Financial Controller

·       Marwa El Sayed                                                                               Sales Executive

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2010

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 4274, Alexandria

 

Tax Card No.                : 374-197-945

 

Issued Capital              : £E 380,000

 

Paid up Capital            : £E 380,000

 

Name of Shareholder (s)

 

·       Emad Ali Abdul Jaleel

 

·       Mohamed Ali Abdul Jaleel

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of acrylic and water-based inks, pastes, varnishes and specialised chemicals

     for the printing industry.

 

Import Countries: China, India and Germany.

 

Local Suppliers:

 

·       Brilliant Chemical                  China

·       Hanghzu Pigments                China

·       Sohor Chemical                    China

·       Union Colour                        India

·       BASF                                   Germany

·       Scott Bader                          Germany

·       Cogness                              Germany

 

Operating Trend: Steady

 

Subject has a workforce of approximately 45 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 22,835,000                           £E 23,200,000

 

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

 

The above figures were provided by Mr Emad Ali Abdul Jaleel, Managing Director

 

 

BANKERS

 

·       National Bank of Abu Dhabi

28 Salah Salem Street

Alexandria

Tel: (20-3) 4829175

Fax: (20-3) 4847114

 

·       BNP Paribas

11 Dr Ibrahim Abdel Sayed Street

Bab Shark

Alexandria

Tel: (20-3) 3938963

Fax: (20-3) 3938959

 

 

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.63.52

UK Pound

1

Rs.95.96

Euro

1

Rs.70.54

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAR

 

 

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.