MIRA INFORM REPORT

 

 

Report Date :           

20.07.2011

 

IDENTIFICATION DETAILS

 

Name :

TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

 

 

Registered Office :

Industrial Zone No. 3, Plot No. 130/1, P O Box 163, Sixth of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

March 1998

 

 

Com. Reg. No.:

1687, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of paints

 

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

 

Maximum Credit Limit :

US$ 1,000,000

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Egypt

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

SUMMARY

 

Company Name                                     : TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : March 1998

Commercial Registration Number            : 1687, Cairo

Issued Capital                                        : £E 25,000,000

Paid up Capital                                      : £E 25,000,000

Total Workforce                                     : 125

Activities                                               : Manufacture of paints

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 1,000,000

Person Interviewed                                 : Thamer Hamed, Public Relations Manager

 

COMPANY NAME

 

TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

 

 

company ADDRESS

 

Registered & Physical Address

Location            : Industrial Zone No. 3, Plot No. 130/1

PO Box             : 163

Town                 : Sixth of October City

Country             : Egypt

Telephone         : (20-2) 38320180 / 38320164 / 38320162 / 38330737 / 38320178

Facsimile          : (20-2) 38320160

Email                : tci@elgammalgroup.com / info@technopaintsegypt.com

 

Premises

Subject operates from a factory, with an integrated suite of offices and extensive storage facilities that are owned and located in the Industrial Area of the Sixth of October City.

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       20 El Tahrir Street                                                                             Rented administrative offices

Dokki, Giza

     Cairo

     Tel: (20-2) 33358299 / 33492816

     Fax: (20-2) 37492816 / 33378299

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Essam Ahmed El Gammal                                                                 Chairman

 

·       Mohamed Essam El Gammal                                                 Managing Director

 

·       Hassan Mohamed Darwish                                                                 Director

 

·       Sheikh Mohamed Al Khafra                                                                Director

 

·       Mohamed Nasef                                                                                General Manager

 

·       Alaa Abdul Daem                                                                              Finance Manager

 

·       Islam Ahmed Esmat                                                                          Factory Manager

 

·       Mohamed Al Deeb                                                                             Commercial Manager

 

·       Thamer Hamed                                                                                 Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : March 1998 (Production began on 31st January 2000)

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1687, Cairo

 

Issued Capital              : £E 25,000,000

 

Paid up Capital            : £E 25,000,000

 

Name of Shareholder (s)

                          

·       Essam Ahmed El Gammal

 

·       Mohamed Essam Ahmed El Gammal

 

·       El Gammal Group

Cairo

 

 

AFFILIATED COMPANIES

 

·       El Gammal Co for Paints

20 El Tahrir Street

Dokki

Cairo

Tel: (20-2) 33358299 / 33492816

Fax: (20-2) 33492816 / 33378299

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of decoration paints, paints for the motor vehicle industry and printing inks.

 

In September 2000 subject was granted a licence by BASF Coatings AG to manufacture its branded automotive refinish paints. Subject is also sole agents for RM car paints from France.

 

Import Countries: Germany, France, Spain and Italy.

 

Export Countries: Kenya, Uganda, Tanzania, Burundi, Rwanda and Zambia.

 

Brand Names: TECHNOPAINT and TECHNOPRINT

 

Operating Trend: Steady

 

Subject has a workforce of approximately 125 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: Egyptian Pounds (£E)

 

                                                Year Ending 31/12/09:                Year Ending 31/12/10:

 

Total Sales                                £E 81,700,000                           £E 90,000,000

 

Local sources consider subject’s financial condition to be Fair.

 

The above figures were provided by Mr Thamer Hamed, Public Relations Manager

 

 

BANKERS

 

·       Al Watany Bank of Egypt

PO Box 750

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

 

·       National Societe Generale Bank SAE

Evergreen Building

10 Talaat Harb Street

Cairo

Tel: (20-2) 35749376

Fax: (20-2) 35776249

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              March 2000                              June 2004

Credit amount                                        200,000                         100,000

Amount overdue                         0                                              0

Payment terms                                      180 days                                   60 days

Payment Method                                   Letters of Credit                         Letters of Credit

Paying record                                        No Complaints                           No Complaints

Currency                                               US Dollars                                 US Dollars

 

 

GENERAL COMMENTS

 

Technology Co For Chemical Industries SAE (TCI) was established in March 1998 and specialises in the production of paints for the motor vehicle industry and printing inks. In September 2000 subject signed a licensing agreement with well known BASF Coatings AG of Germany.

 

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.

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.62

Euro

1

Rs.62.78

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.