MIRA INFORM REPORT

 

 

Report Date :

04.03.2011

 

IDENTIFICATION DETAILS

 

Name :

EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

 

 

Registered Office :

Cairo - Ismailia Road 1st Industrial Zone, Obour City PO Box 1 Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1999

 

 

Com. Reg. No.:

1063

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of paints and printing inks.

 

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$ 1,500,000

Status :

Good

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 – December 31, 2010

 

Country Name

Previous Rating

(30.09.2010)

Current Rating

(31.12.2010)

Egypt

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

SUMMARY

 

Company Name                         : EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1999

Commercial Registration Number            : 1063

Industrial Registration Number                 : 28315

Tax Card Number                                   : 205-034-586

Issued Capital                                        : £E 200,000,000

Paid up Capital                                      : £E 200,000,000

Total Workforce                         : 800

Activities                                               : Manufacture and export of paints and printing inks.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

Recommended Credit Limit                     : US$ 1,500,000

 

COMPANY NAME

 

EL OBOUR PAINTS & CHEMICAL INDUSTRIES SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : Cairo - Ismailia Road

Area                 : 1st Industrial Zone, Obour City

 

PO Box             : 1

 

Town                 : Cairo

Country : Egypt

 

Telephone         : (20-2) 46100260 / 46100261 / 46100263

Facsimile          : (20-2) 46100555

Email                : shawkatm@intouch.com

 

Premises

 

Subject operates from a large suite of offices and a factory that are owned and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       1 Massanaa El Ameryia Street                                                           Rented office premises

El Matariya

Cairo

Tel: (20-2) 22574047 / 24546731 / 22586938

Fax: (20-2) 22574473 / 24539953

 

·       110 El Fostat Street                                                                          Owned factory premises

     Misr El Qadima

     Cairo

     Tel: (20-2) 33639609 / 33639549

 

·       27 Victor Emanuael City                                                                    Rented office premises

Smouha

     Alexandria

     Tel: (20-3) 4274466

     Fax: (20-3) 4274466

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Samir Youssef El Sayad                                                                    Chairman

 

·       Sherif Mahmoud Ahmed Shawki                                                         Director

 

·       Ayman Fouad                                                                                   Director

 

·       Dr Hoda Salah El Din                                                             Director

 

·       Dr Naglaa Saad Nasar                                                                       Director

 

·       Adel Fatouh Hamad                                                                           Director

 

·       Mohamed Saleh Youness                                                                  Director

 

·       Magdy Kamel                                                                                   Director

 

·       Ashraf El Khaky                                                                                Finance Manager

 

·       Moustafa Abd El Rahman                                                                  Marketing Manager

 

·       Heyam Mohamed Sedik                                                                     Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1063

 

Industrial Reg. No.       : 28315

 

Tax Card No.               : 205-034-586

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)                                     Percentage

 

·       Pachin Paints & Chemicals Co                                      99.95%

 

·       Employee’s Association of Pachin                                   0.05%

OPERATIONS

 

Activities: Engaged in the manufacture and export of all kinds of paints and printing inks.

 

                 Subject is ISO 9000 and 9002 accredited.

 

Production Capacity : 50,000 tonnes per annum

 

Import Countries: India, Belgium, Denmark and Saudi Arabia

 

Export Countries: Tunisia, Kenya, Sudan and Libya.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 800 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 592,000,000                         £E 643,000,000

 

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

 

The above financial figures are based on estimations by our local sources.

 

 

BANKERS

 

·       Export Development Bank of Egypt

71 Messadak Street

Dokki

Cairo

Tel: (20-2) 33386810 / 33386811

Fax: (20-2) 33386814 / 33386813

 

·       Societe Arabe Internationale de Banque

PO Box: 124

Cairo

Tel: (20-2) 33499464 / 33603489

Fax: (20-2) 33603497 / 33603487

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

El Obour Paints & Chemical Industries SAE was established in 1999 and enjoys a good reputation for the quality of its products.

 

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.44.96

UK Pound

1

Rs.73.37

Euro

1

Rs.62.33

 

 

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.