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MIRA
INFORM REPORT
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Report Date : |
02.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
EL GAMMAL CO FOR PAINTS, CHEMICAL INDUSTRIES & SPRAY PRODUCTS
(EGC) |
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Registered Office : |
1st Industrial Zone, Area 220, Street No. 31, Giza, 34, Sixth of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2007 |
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Date of Incorporation : |
1986 |
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Com. Reg. No.: |
71562, Giza |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of paints and varnishes |
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$ 700,000 |
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Status : |
Good |
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Payment Behaviour : |
No complaints |
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Litigation : |
Clear |
SUMMARY
Company Name :
EL GAMMAL CO FOR PAINTS, CHEMICAL INDUSTRIES
& SPRAY
PRODUCTS (EGC)
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1986
Commercial Registration Number : 71562, Giza
Industrial Registration Number : 15013
Issued Capital : £E 3,500,000
Paid up Capital : £E 3,500,000
Total Workforce : 155
Activities : Manufacture of paints and varnishes
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 700,000
COMPANY NAME
EL GAMMAL CO FOR PAINTS, CHEMICAL
INDUSTRIES & SPRAY PRODUCTS (EGC)
ADDRESS
Registered & Physical Address
Location : 1st Industrial Zone, Area 220, Street No. 31
Area : Giza
PO Box : 34
Town : Sixth of
October City
Country : Egypt
Telephone : (20-2) 38330480 / 38330902
Facsimile : (20-2) 38330737
Mobile : (20-10) 6672745 / 6672568
Email : egc@internetegypt.com
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of the Sixth of October City.
Branch Office (s)
Location Description
· 20 El
Tahrir Street, Dokki, Giza Rented
office premises
Cairo
Tel:
(20-2) 33358299 / 37619241 / 37483476
Fax:
(20-2) 37492816
KEY PRINCIPALS
Name Position
· Mohamed
Essam El Gammal Managing
Director
· Mohamed
Said El Gammal Director
· Kassem
Mohamed Ali Khatter Director
· Raafat
El Gamal Commercial
Manager
· Ahmed
Ali Accounts
Manager
· Adel
Ali El Badry Export
Manager
· Adel
Al Tayar Production
Manager
LEGAL FORM & OWNERS
Date of
Establishment : 1986
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 71562, Giza
Industrial Reg.
No. : 15013
Issued Capital : £E 3,500,000
Paid up Capital : £E 3,500,000
Name of Shareholder (s) Percentage
· Adel
Abd El Moneim Khamis 25.0%
· Kassem
Mohamed Ali Khatter 12.5%
· Mohamed
Essam El Gammal 10.0%
· Adel
Mohamed Nawar 10.0%
· Mahmoud
Ahmed Taif 10.0%
· Mohamed
Said El Gammal 8.0%
· Ahmed
El Gammal 7.0%
· Amal
Abu El Fadl 5.0%
· Mai El
Gammal 5.0%
· Marwa
El Gammal 5.0%
· Ahmed
Kawther 2.5%
OPERATIONS
Activities: Engaged in the
manufacture and export of paints, varnishes, spray products for motor vehicles
and stove repairs (including cooker paints top coating 60-80C, air dry top
coat, clear coat, primers, putties, wax, under body coats, thinners, hardeners,
spray products, wood finishes, and sealants).
Subject manufactures paints and
varnishes under licence from PPG of the United States of America.
Import Countries: United
States of America, United Kingdom and Belgium.
Export Countries: Saudi Arabia, Jordan, Libya, Kenya, Uganda, Nigeria and
Russia.
Operating Trend: Steady
Subject has a workforce of approximately 155 employees.
FINANCIAL DATA
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/06: Year
Ending 31/12/07:
Total Sale £E
45,500,000 £E
49,685,000
Local sources consider subject’s financial condition to be Fair.
BANKERS
·
Al Watany Bank of Egypt
PO Box : 750
Cairo
Tel : (20-2)
3379363
Fax : (20-2)
3772959
·
Bank of Alexandria
49 Kasr El Nile
Street
Cairo
Tel :
(20-2) 4824056 / 4836073
Fax :
(20-2) 4837468
·
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box : 2430
Cairo
Tel : (20-2) 5703043
Fax : (20-2) 5703172 / 5072691
PAYMENT HISTORY
No complaints regarding subject’s payments have been reported.
Date of
transaction February
2006
Credit amount 42,000
Amount overdue 0
Payment terms 90
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency Pounds
Sterling
GENERAL COMMENTS
El Gammal Co For Paints, Chemical
Industries & Spray Products (EGC) has been in business for 20 years
and manufactures paints and varnishes under licence from PPG of
the United States of America.
During the course of this investigation nothing detrimental was
uncovered regarding the manner in which payment obligations are fulfilled. The
operating history is clear and the financial situation is satisfactory. As such
we are of the opinion that the subject is a fair trade risk and the above
credit figure is within subject’s financial means.
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. |
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%)