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Report No. : |
342606 |
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Report Date : |
01.10.2015 |
IDENTIFICATION DETAILS
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Name : |
DECOMIX FOR
DEVELOPING, PRODUCING BUILDING MATERIALS SAE |
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Registered Office : |
43 El Haram Street Giza 223 Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2008 |
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Com. Reg. No.: |
6042, Cairo |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Subject is
engaged in the manufacture of chemicals for the construction industry. |
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No. of Employee : |
450 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Egypt |
B2 |
B2 |
|
Risk Category |
ECGC
Classification |
|
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. Egypt's current Constitution passed in a referendum that took place in January 2014.
|
Source
: CIA |
Company Name :
DECOMIX FOR DEVELOPING, PRODUCING BUILDING MATERIALS SAE
Country of Origin : Egypt
Legal Form : Egyptian
Joint Stock Company
Registration Date : 2008
Commercial
Registration Number : 6042,
Cairo
Tax Card Number : 613-497-074
Issued Capital : £E
1,000,000
Paid up Capital : £E
1,00,0000
Total Workforce :
450
Activities :
Manufacturers of chemicals for the construction industry.
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Samirah
Fayadil, Finance Manager
DECOMIX FOR DEVELOPING, PRODUCING BUILDING
MATERIALS SAE
Street : 43 El Haram Street
Area : Giza
PO Box : 223
Town : Cairo
Country : Egypt
Telephone : (20-2) 33858425 / 35828534
Facsimile : (20-2) 33858425 / 35859858
Email : info@advechems.com
Subject operates
from a medium sized suite of offices that are rented and located in the Central
Business Area of Cairo.
Branch Office
(s)
Location Description
·
Zone
No. 4 Factory
premises
Sadat City
Name Position
·
Bahgat
Al Naseer Chairman
·
Dr
Kamal El Sayed Mostafa Chief
Executive Officer
·
Samirah
Fayadil Finance
Manager
·
Alaa
Naser Commercial
Manager
Date of Establishment : 2008
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 6042, Cairo
Tax Card No. : 613-497-074
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
·
Bonafoam
Co 49.50%
·
Advechems
Co 49.00%
Cairo
·
Bahgat
Al Naseer 1.00%
·
Dr
Kamal El Sayed Mostafa 0.50%
Activities: Engaged in the manufacture of chemicals for
the construction industry.
Operating Trend: Steady
Subject has a
workforce of approximately 450 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 46,850,000 £E 50,000,000
Local sources
consider subject’s financial condition to be Fair.
The above figures
were provided by Mrs Samirah Fayadil, Finance Manager
·
Commercial
International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.65.74 |
|
|
1 |
Rs.99.53 |
|
Euro |
1 |
Rs.73.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
ANK |
RATING EXPLANATIONS
|
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 |
|
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.