MIRA INFORM REPORT

 

 

Report Date :           

04.11.2011

 

IDENTIFICATION DETAILS

 

Name :

PAINTS & CHEMICAL INDUSTRIES SAE (PACHIN)

 

 

Registered Office :

1 El Massanaie Street, Hadayek El Qobba, Amireya, P O Box 11887, Cairo

 

 

Country :

Egypt 

 

 

Financials (as on) :

31.12.2010

 

 

Date of Incorporation :

28.08.1958

 

 

Com. Reg. No.:

308429, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export 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$ 4,000,000

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

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                                     : PAINTS & CHEMICAL INDUSTRIES SAE (PACHIN)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 28th August 1958

Commercial Registration Number            : 308429, Cairo

Issued Capital                                        : £E 200,000,000

Paid up Capital                                      : £E 200,000,000

Total Workforce                                     : 1,500

Activities                                               : Manufacture and export of paints.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 4,000,000

 

COMPANY NAME

 

PAINTS & CHEMICAL INDUSTRIES SAE (PACHIN)

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 1 El Massanaie Street

Area                 : Hadayek El Qobba, Amireya

PO Box             : 11887

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 22826730 / 22825642 / 22827906 / 22834047

Facsimile          : (20-2) 22844473 / 22833712

Email                : it@pachin.com

 

Premises

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

 

Branch Office (s)

 

     Location                                                                                          Description

 

·       47 Sultan Hussein Street                                                                   Rented office premises

Azarita

     Alexandria

     Tel: (20-3) 4868182 / 4877365

     Fax: (20-3) 4871196

 

·       110 El Fostat Street                                                                          Owned factory premises

     Misr El Qadima

     Cairo

     Tel: (20-2) 3639549 / 3639609

 

·       Cairo - Ismailia Road                                                                         Owned factory premises

     1st Industrial Area

El Obour City

Cairo

Tel: (20-2) 6100262

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Sherif Mahmoud Shawky                                                                   Chairman

 

·       Mohsen Mohamed Abd El Rahman Hassaan                                       Managing Director

 

·       Dr Fathi Ismail Wali                                                                           Director

 

·       Dr Samir Youssef El Sayad                                                                Director

 

·       Magdy El Sewify                                                                               Director

 

·       El Moatez Adel Mahmoud El Alfy                                                       Director

 

·       Dr Moawad Hassanein                                                                       Director

 

·       Adel Fatoh                                                                                        Director

 

·       Ashraf El Khaky                                                                                Finance Manager

 

·       Moustafa El Shal                                                                               Accounts Manager

 

·       Sherif El Attar                                                                                   Sales Manager

 

·       Dr Abd El Aziz Gomaa                                                                      Research Manager

 

·       Hamdy Hussein                                                                                Administration Manager

 

·       Dr Ahmed Maher                                                                               IT Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 28th August 1958

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 308429, Cairo

 

Industrial Reg. No.       : 15360

 

Chamber Licence No.  : 0005

 

Issued Capital              : £E 200,000,000

 

Paid up Capital            : £E 200,000,000

 

Name of Shareholder (s)                                              Percentage

 

·       Chemical Industries Holding Co                                     39.75%

5 Tolombat Street

Garden City

Cairo

Tel: (20-2) 3552692

Fax: (20-2) 3557475

 

·       Deustche Bank(GDR)                                                     9.09%

 

·       Private individuals                                                         24.32%

 

·       Funds                                                                        18.45%

 

·       Private institutions                                                          8.39%

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of paints used in the decorative and industrial sectors, including:  oil lacquers, plastic anti-corrosion coatings, paints for wood works and furniture, electrostatic for refrigerators and electrical equipment, paints for cars, in addition to inks for offset printing, engraving and  metals and used resins grease and oil.

 

Production Capacity: 62,933 tonnes per annum

 

Import Countries : Germany, Italy, Spain, China, India and Pakistan.

 

Export Countries : Syria, Libya, Kenya and Ethiopia.

 

Brand Names : PACHIN, SANITON, SYNTAL, DYROTON, FLOTT and MATTAT

 

Operating Trend : Steady

 

Subject has a workforce of approximately 1,500 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 611,198,000                         £E 618,944,000

 

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

 

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

 

 

BANKERS

 

·       National Bank of Egypt

24 Sherif Street

     Cairo

     Tel: (20-2) 33924175

     Fax: (20-2) 33924143

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

     Fax: (20-2) 25912306

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Export Development Bank of Egypt

108 Mohi El Din Abu El Ezz Street

     Mohandessin

     Cairo 11111

     Tel: (20-2) 33619005 / 33385877

     Fax: (20-2) 33385940 / 33385938

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

Established in 1958, Paints & Chemical Industries SAE (PACHIN) is a leading concern in the Egyptian paints market with a 41% share of the market.

 

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.49.37

UK Pound

1

Rs.78.50

Euro

1

Rs.67.59

 

 

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.