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Report No. : |
339429 |
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Report Date : |
09.09.2015 |
IDENTIFICATION DETAILS
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Name : |
ABU ZAABAL
FERTILIZER & CHEMICAL CO SAE |
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Registered Office : |
17 Kasr El Nil Street, P O Box: 11518, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2014 |
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Year of Establishment : |
1947 |
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Com. Reg. No.: |
101622 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of
Solid and Liquid Fertilizers, Lubricants and Boiler Treatment Chemicals. |
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No. of Employees : |
1,700 |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 |
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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 : ABU ZAABAL
FERTILIZER & CHEMICAL CO SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1947
Commercial
Registration Number : 101622
Chamber Licence
Number : 0038
Issued Capital : £E
300,712,500
Paid up Capital : £E
300,712,500
Total Workforce :
1,700
Activities :
Manufacturers of solid and liquid fertilizers, lubricants and
boiler treatment chemicals.
Financial Condition : Good
Payments :
Regular
Operating Trend : Steady
Person Interviewed : Mohamed Selim,
Finance Manager
ABU ZAABAL FERTILIZER
& CHEMICAL CO SAE
Location : 17 Kasr El Nil Street
PO Box : 11518
Town : Cairo
Country : Egypt
Telephone : (20-2) 23921324 / 23921121 / 23938795
/ 23905484
Facsimile : (20-2) 23921324 / 23921177
Mobile : (20-122) 4366095 / 7859819 / 7902985 / 2382466 / 2300806 / 7379858 /
(20-111) 7000670
Email : m.selim@afzc.com.eg
Subject operates from
a large suite of offices that are rented and located in the Central Business
Area of Cairo.
Branch Office
(s)
Location Description
·
El
Moahda Road Factory
premises
Abu Zaabal
Kaliubeya
Tel: (20-2) 44621931 / 44620842 / 44620082
Fax: (20-2) 44620844 / 44620842 / 44621931
·
5 Abd
El Hamid Badawy Street Office
premises
Alexandria
Tel: (20-3) 4852594
Name Position
·
Dr
Sherif Moustafa El Gabaly Chairman
·
Abd El
Salam El Gabaly Vice
Chairman
·
Nafie
Fahmy Director
·
Mahmoud
Ibrahim Mahmoud Director
·
Nabil
Abd El Aziz Director
·
Mohamed
Selim Finance
Manager
·
Tahany
Mahmoud Hussein Dohan Investor
Relations Manager
·
Nabil
Khalil Public
Relations Manager
·
Mahmoud Ibrahim Senior
Accountant
Date of Establishment : 1947
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 101622
Chamber Licence No. : 0038
Issued Capital : £E 300,712,500
Paid up Capital : £E 300,712,500
· Polyserve for Fertilizers & Chemicals, Cairo 99.03%
·
Local
businessmen and private investors 0.89%
·
Kafr El
Sheikh for Investment & Development 0.08%
Activities: Engaged in the manufacture of solid and
liquid fertilizers, lubricants and boiler treatment chemicals.
Subject is ISO 9000, 9001,
9002 and 19011 accredited.
Import
Countries: Africa and the
Far East.
Export
Countries: Bangladesh,
Sudan, Saudi Arabia, Australia, Brazil, Syria, Yemen and Sri Lanka.
Operating Trend: Steady
Subject has a
workforce of approximately 1,700 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 926,500,000 £E 970,000,000
Local sources
consider subject’s financial condition to be Good.
The above figures
were provided by Mr Mohamed Selim, Finance Manager
·
Al
Watany Bank of Egypt
PO Box: 750
Cairo
Tel: (20-2) 33379363
Fax: (20-2) 33772959
·
Misr
International Bank (MIBANK)
14 Alfy Street
PO Box: 631
Cairo
Tel: (20-2) 25931002
Fax: (20-2) 25912306
Regular
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.66.61 |
|
|
1 |
Rs.102.30 |
|
Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
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|
-- |
NB |
New Business |
-- |
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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.