MIRA INFORM
REPORT
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Report Date : |
15.03.2011 |
IDENTIFICATION DETAILS
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Name : |
PHAROS FOR PAINTS & CHEMICAL INDUSTRIES |
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Registered Office : |
El |
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Country : |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.10.2004 |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacturers of decorative and industrial paints |
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$ 200,000 |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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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) |
|
|
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
SUMMARY
Company Name : PHAROS FOR PAINTS & CHEMICAL INDUSTRIES
Country of Origin :
Legal Form : Limited Liability Partnership
Registration Date : 21st October 2004
Commercial Registration Number : 1984
Issued Capital : £E 11,500,000
Paid up Capital : £E 11,500,000
Total Workforce : 110
Activities : Manufacturers of decorative and industrial paints
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 200,000
Person Interviewed : Ahmed Fathi, Finance Manager
COMPANY NAME
PHAROS FOR PAINTS
& CHEMICAL INDUSTRIES
company address
Registered & Physical Address
Building : El
Street : 314 Street
Area : Smouha
Town :
Country :
Telephone : (20-3) 4210316 / 4210317
Facsimile : (20-3) 4210315
Email : yahia.ismail@midoco.com / marketing@midoco.com
Premises
Subject operates
from a small suite of offices that are rented and located in the Central
Business Area of Alexandria.
Branch Office (s)
Location Description
·
New
Borg El Arab City Office
and factory premises
2nd Industrial Zone
Tel: (20-3) 4593555
Fax: (20-3) 4592655
KEY PRINCIPALS
Name Position
·
Dr Ali
Ghaly Managing
Partner
·
Omar
Ali Ghaly Partner
·
Mohamed
Ali Ghaly Partner
·
Ahmed
Fathi Finance
Manager
·
Yahia
Ismail Chief
Financial Officer
·
Yasser
Salah Purchasing
Manager
·
Samy
Galal Sales
Manager
·
Abdul
Nabi Abu Qumsan Factory
Manager
LEGAL FORM & OWNERS
Date of Establishment : 21st
October 2004
Legal Form :
Limited Liability
Partnership
Commercial Reg. No. : 1984
Issued Capital : £E 11,500,000
Paid up Capital : £E 11,500,000
Name of Shareholder
(s)
·
Dr Ali
Ghaly
·
Omar
Ali Ghaly
·
Mohamed
Ali Ghaly
AFFILIATED COMPANIES
·
International
Group For Modern Coating SAE
CR No. 117481
·
Euro
for Paints
CR No. 949
OPERATIONS
Activities: Engaged in the manufacture of decorative and industrial paints, including
primers, alkyd paints, varnishes, synthetic products and universal colorants.
Import
Countries: Europe and the
Export
Countries:
Operating Trend: Steady
Subject has a
workforce of 110 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 18,375,000 £E 19,500,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
BANKERS
·
Commercial
International Bank (CIB)
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
PAYMENT HISTORY
No complaints regarding
subject’s payments have been reported.
GENERAL COMMENTS
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 and
the above credit figure is considered to be within subject’s financial means.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.15 |
|
|
1 |
Rs.72.59 |
|
Euro |
1 |
Rs.62.95 |
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 |
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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 |
|
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 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.