MIRA
INFORM REPORT
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Report Date : |
22.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SIKA FOR BUILDING MATERIALS INDUSTRY |
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Registered Office : |
Cairo
- Ismailia Road, 1st Industrial Zone, Plot No. 1, Block 13035, Section 10 E,
El Obour City, P O Box 13035, Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2006 |
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Date of Incorporation : |
1999 |
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Com. Reg. No.: |
1775 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged
in the manufacture and export of chemicals for building materials, concrete
mixture mortar and paints. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
US$ 250,000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
SUMMARY
Company Name : SIKA FOR BUILDING MATERIALS INDUSTRY
Also Known As : SIKA INDUSTRIES
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration Number : 1775
Tax Card Number : 205-142-605
Issued Capital : £E 5,440,000
Paid up Capital : £E 5,440,000
Total Workforce : 20
Line of Business : Manufacture and export of chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
COMPANY NAME
SIKA FOR BUILDING MATERIALS INDUSTRY
ALSO KNOWN AS
SIKA INDUSTRIES
ADDRESS
Registered & Physical Address
Street : Cairo
- Ismailia Road
Location : 1st
Industrial Zone, Plot No. 1, Block 13035, Section 10 E
Area : El
Obour City
PO Box : 13035
Town : Cairo
Country : Egypt
Telephone : (20-2) 6100714
/ 6100715 / 6100716 / 6100717 / 6100718 / 6100719
Facsimile : (20-2) 6100759
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of Cairo.
KEY PRINCIPALS
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George
Emile Ghazawi Chairman
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Reto
Monginy Director
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Rena
Roy Director
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Karel
Kerss Director
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Subu
Vankatraman Finance
Manager
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Nagwa
Zaghloul Accounts
Manager
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Ahmed
Medhat Sales
Manager
LEGAL FORM &
OWNERS
Date of Establishment : 1999
Legal Form :
Societe Anonyme Egyptienne
– SAE (Egyptian Joint Stock Company)
Commercial Reg. No. : 1775
Tax Card No. : 205-142-605
Issued Capital : £E 5,440,000
Paid up Capital : £E 5,440,000
Name of Shareholder
(s) Percentage
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Sika
Finance & Investment 98%
Switzerland
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Sika
Anertol 1%
Switzerland
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Sika
AG 1%
Switzerland
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 and export of chemicals for building materials, concrete mixture
mortar and paints under license of Sika, Switzerland.
Import Countries
: Switzerland
Export Countries
: Saudi
Arabia and the United Arab Emirates
Brand Names : SIKA
Operating Trend
: Steady
Subject has a
workforce of 20 employees.
FINANCIAL HIGHLIGHTS
Financial
highlights provided by outside sources are given below :
Currency : Egyptian
Pounds (£E)
Year Ending 31/12/05: Year Ending 31/12/06:
Total Revenue £E 7,400,000 £E 8,900,000
Local sources
consider subject’s financial condition to be Fair.
BANKERS
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Misr
International Bank (MIBANK)
14, Alfy Street
PO Box : 631
Cairo
Tel : (20-2) 5931002
Fax : (20-2) 5912306
PAYMENT HISTORY
No complaints
regarding subject’s payments have been reported.
GENERAL COMMENTS
Opinion on the
credit figure of US$ 150,000
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 and the above credit figure is
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%)