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Report No. : |
322159 |
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Report Date : |
20.05.2015 |
IDENTIFICATION DETAILS
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Name : |
SMARTCHEM FOR
CHEMICAL TRADING AND IMPORT AND EXPORT |
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Registered Office : |
Soliman El Farsy Street Local 8, Zone 22, El Obour CityCairo |
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Country : |
Egypt |
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Date of Incorporation : |
01.12.2011 |
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Legal Form : |
Limited Liability
Partnership |
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Line of Business : |
Engaged in the import
and distribution of raw material chemicals for textiles, printing and dyeing. |
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No. of Employee : |
6 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Egypt |
B2 |
B2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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.
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Source
: CIA |
Company Name :
SMARTCHEM FOR CHEMICAL TRADING AND IMPORT AND
EXPORT
Country of Origin : Egypt
Legal Form :
Limited Liability Partnership
Registration Date : 1st
December 2011
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
Total Workforce :
6
Activities :
Distributors of raw material chemicals for textiles, printing and dyeing
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Samer Farooq
Saudi, Managing Partner
SMARTCHEM FOR
CHEMICAL TRADING AND IMPORT AND EXPORT
Street : Soliman El Farsy Street
Area : Local 8, Zone 22, El Obour
City
Town : Cairo
Country : Egypt
Mobile : (20-122) 4514506 / (20-128)
0099289
Email : smartchem12@yahoo.com
Subject operates
from a small suite of offices that are rented and located in the Central Business
Area of Cairo.
Name Position
·
Samer
Farooq Saudi Managing
Partner
·
Mirvat
Saad Amin Partner
Date of Establishment : 1st
December 2011
Legal Form :
Limited Liability
Partnership
Issued Capital : £E 50,000
Paid up Capital : £E 50,000
·
Samer
Farooq Saudi
·
Mirvat
Saad Amin
Activities: Engaged in the import and distribution of raw
material chemicals for textiles, printing and dyeing.
Import
Countries: India
International Suppliers:
·
Adgums Pvt Ltd India
·
Transbek India
Operating Trend: Steady
Subject has a
workforce of 6 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 6,100,000 £E 6,385,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Credit
Lyonnais Bank
3 El Yemen Street
Dokki, Giza
PO Box: 41, Giza
Cairo
Tel: (20-2) 33375624 / 33375638 / 33379622
Fax: (20-2) 33606458
No complaints regarding
subject’s payments have been reported.
Local sources
report that the subject’s operating history is clear with payment obligations
met in a generally timely manner. The financial position is satisfactory and
the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.69 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.71.90 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.