MIRA
INFORM REPORT
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Report Date : |
08.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
PACHIN INK COMPANY SAE |
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Registered Office : |
1 Factories Street, Al Amireyah, Cairo |
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Country : |
Egypt |
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Date of Incorporation : |
2003 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of Ink |
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$ 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
SUMMARY
Company Name : PACHIN INK COMPANY SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2003
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Total Workforce : 10
Line of Business : Manufacturers of ink.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
COMPANY NAME
PACHIN INK COMPANY SAE
ADDRESS
Registered & Physical Address
Street : 1 Factories
Street
Area : Al Amireyah
Town : Cairo
Country : Egypt
Telephone : (20-2) 22828980
/ 22836300
Facsimile : (20-2)
22833712
Mobile : (20-12)
2262900 / 3942966
Premises
Subject operates from a small suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· 1st
Industrial Area Factory
premises
El Obour City
Tel : (20-2)
22834047
KEY PRINCIPALS
· Shawkat Mamdouh
Tawfiq General
Manager
· Sayed Gowida Finance
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2003
Legal Form : Societe Anonyme
Egyptienne - SAE (Egyptian Joint Stock
Company)
Issued Capital : £E 100,000,000
Paid up Capital : £E 100,000,000
Name of Shareholder (s) Percentage
· Paint &
Chemical Industries SAE 95%
· Holding Co for
Chemical Industries ]
]
5%
· Labour Insurance
Fund ]
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 offset and water
based ink.
Subject plans to begin production by
May 2008.
Import Countries : Europe and the Far East.
Subject has a workforce of 10 employees.
FINANCIAL HIGHLIGHTS
Companies registered in Egypt are not legally required to make their accounts
public and no financial information was released by the company or submitted by
outside sources.
BANKERS
·
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.
GENERAL COMMENTS
Opinion on the credit figure of US$ 100,000:
Established in 2003, subject is involved in the manufacture of offset
and water based ink.
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.
Maximum suggested credit figure: US$ 100,000
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. |
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%)