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MIRA
INFORM REPORT
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Report Date : |
31.07.2007 |
IDENTIFICATION DETAILS
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Name : |
RAGHADAN CO FOR
PAINT INDUSTRIAL (RAGHADAN PAINT CO) |
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Registered Office : |
4 Ramos Building,
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Country : |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the
manufacture of domestic and industrial paints. |
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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
SUMMARY
Company Name : RAGHADAN CO FOR PAINT INDUSTRIAL (RAGHADAN PAINT CO)
Country of Origin :
Legal Form : Egyptian Joint Stock Company
Registration Date : 2000
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Total Workforce : 70
Line of Business : Manufacturers of domestic and industrial paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
RAGHADAN CO FOR
PAINT INDUSTRIAL (RAGHADAN PAINT CO)
ADDRESS
Registered & Physical Address
Building : 4 Ramos Building
Street :
Area :
Town :
Country :
Telephone : (20-2) 24149130 / 24148792
Facsimile : (20-2) 24148792
Premises
Subject operates
from a medium sized suite of offices and a factory that are rented and located
in the Central Business Area of Cairo.
KEY PRINCIPALS
·
Mostafa
Ibrahim Ali Managing
Director
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Majid Ibrahim
Ali Director
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Ahmed
Abdullah Al Naeel Director
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Kamal
Eddine Roshdy General
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 2000
Legal Form :
Societe Anonyme Egyptienne -
SAE (Egyptian Joint Stock Company)
Issued Capital : £E 2,000,000
Paid up Capital : £E 2,000,000
Name of Shareholder
(s)
·
Mostafa
Ibrahim Ali
·
Majid Ibrahim
Ali
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Ahmed
Abdullah Al Naeel
Note to the Legal Form
The Egyptian Company Law provides that the capital of a Societe Anonyme Egyptienne - SAE – should not be less than £E 500,000 if shares are offered to the public and £E 250,000 if not. If shares are offered to the public they are freely transferable, if not, transfer may be restricted. Liability of shareholders is limited.
LINE OF BUSINESS
Operations : Engaged in the manufacture of domestic and
industrial paints.
Import Countries
: Europe and the
Operating Trend
: Steady
Subject has a
workforce of 70 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pound (£E)
Year
Ending 31/12/05 : Year
Ending 31/12/06 :
Total Revenue £E 13,860,000 £E 15,000,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Arab
Bank Plc
PO Box : 68
Tel : (20-2) 23029069 / 23029070
Fax : (20-2) 23029068
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 100,000:
Established in
2000, subject is involved in the manufacture of domestic and industrial paints.
Local sources report that payment obligations are met in a generally timely
manner and the operating history is clear. As such the company is deemed a fair
trade risk and the above credit figure is considered to be within subject’s
financial means.
Maximum suggested
credit figure: US$ 250,000
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)