MIRA INFORM REPORT

 

 

Report Date :           

24.05.2011

 

IDENTIFICATION DETAILS

 

Name :

SCIB CHEMICALS SAE

 

 

Registered Office :

4th Industrial Area, Part 1/3/B, Plot No. 49, Giza, P O Box: 51, Sixth of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1980

 

 

Com. Reg. No.:

1025, Giza

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturer of chemicals for use in the paint, concrete and adhesive  industries

 

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$ 750,000

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                                     : SCIB CHEMICALS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1980

Commercial Registration Number                        : 1025, Giza

Industrial Registration Number                 : 26215

Authorised Capital                                  : £E 50,000,000

Issued Capital                                        : £E 18,000,000

Paid up Capital                                      : £E 18,000,000

Total Workforce                                     : 300

Activities                                               : Manufacture of chemicals for use in the paint, concrete and adhesive

                                                              industries.

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 750,000

 

 

COMPANY NAME

 

SCIB CHEMICALS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Location            : 4th Industrial Area, Part 1/3/B, Plot No. 49, Giza

PO Box             : 51

Town                 : Sixth of October City

Country             : Egypt

Telephone         : (20-2) 38281090 / 38281099 / 38281092 / 38281020

Facsimile          : (20-2) 38331271 / 38331275

 

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

 

·       48 Mohamed Mazher                                                             Office premises

     El Zamalek

     Cairo

     Tel: (20-2) 27350112 / 27363695

 

·       4 Nashat Mosque Street                                                                    Office premises

El Zamalek

       Cairo

       Tel: (20-2) 27361973 / 27355838

 

·       39 El Gezira El Wasta Street                                                             Office premises

Zamalek

Cairo

Tel: (20-2) 27355838

Fax: (20-2) 27350104

 

·       17 Bahgat Ali Street                                                                          Showroom premises

Zamalek

Cairo

Tel: (20-2) 27353898

Fax: (20-2) 27352794

 

·       8 El Kenissa El Engliyaa                                                                   Showroom premises

Ramleh

Alexandria

Tel: (20-3) 5465716

Fax: (20-3) 5465716

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Manish Mahara                                                                                 Chairman

 

·       Khalil Hafez                                                                                      Director

 

·       Fady Micheal Qiama                                                                         Director

 

·       Pangualury Mohan Murly                                                                   Director

 

·       Ali Moustafa Moussa                                                                         Director

 

·       Dr Khalil Hafez Hassan Khalil                                                 Director

 

·       A S Sundare                                                                                     Director

 

·       Saleh Barsoum Abd El Aziz                                                               Director

 

·       Badr Sednaoui                                                                                  General Manager

 

·       Amit Bose                                                                                        Finance Manager

 

·       Wafik Sadek                                                                                     Purchasing Manager

 

·       Youssef Makary                                                                                Production Manager

 

·       Nagui Iskander                                                                                  IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1980

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1025, Giza

 

Industrial Reg. No.       : 26215

 

Authorised Capital       : £E 50,000,000

 

Issued Capital              : £E 18,000,000

 

Paid up Capital            : £E 18,000,000

 

Name of Shareholder (s)                                               Percentage

 

·       Asian Paints                                                                  60%

India

 

·       Orascom Construction Industries                                     15%

 

·       Manish Mahara                                             ]

                                                                               ]

·       Khalil Hafez                                                  ]

]

·       Fady Micheal Qiama                                     ]

]

·       Pangualury Mohan Murly                               ]

]                25%

·       Ali Moustafa Moussa                                     ]

]

·       Dr Khalil Hafez Hassan Khalil             ]

]

·       A S Sundare                                                 ]

]

·       Saleh Barsoum Abd El Aziz                           ]

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of chemicals for use in the paint, concrete and adhesive industries.

 

                 Subject also acts as building finishing contractors.

 

Import Countries: Belgium, Germany, Austria, Denmark, Finland and Japan.

 

Export Countries: Kuwait, Libya, Algeria, Netherlands and the United Arab Emirates.

 

Agencies Held:

 

·       Tricosal

·       FEB

·       Green Streak

·       Zolpan

·       Martin Senor

·       Tikkurila

·       V33

·       Tilecare

·       Artilin

·       MBT

 

Brand Names: SCIB

 

Operating Trend: Steady

 

Subject has a workforce of approximately 300 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 320,000,000                         £E 328,000,000

 

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)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.28

UK Pound

1

Rs.73.30

Euro

1

Rs.63.61

 

 

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.