MIRA INFORM REPORT
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Report Date : |
15.11.2011 |
IDENTIFICATION DETAILS
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Name : |
PHAROS FOR PAINTS & CHEMICAL INDUSTRIES |
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Registered Office : |
El Kodaa
Building, 314 Street, Smouha, Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Date of Incorporation : |
21.10.2004 |
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Com. Reg. No.: |
1984 |
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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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Egypt |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 : Egypt
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 Kodaa Building
Street : 314 Street
Area : Smouha
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4210316 / 4210317
Facsimile : (20-3) 4210315
Email : yahia.ismail@midoco.com / marketing@midoco.com
Premises
Subject operates
from a medium sized 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
Alexandria
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
Alexandria
CR No. 117481
·
Euro
for Paints
Alexandria
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
Far East.
Export
Countries: Turkey, China,
GCC countries and Africa
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)
61 Sultan Hussein Street
Alexandria
Tel: (20-3) 4824643 / 4834255
Fax: (20-3) 4832240
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.50.85 |
|
UK Pound |
1 |
Rs.80.36 |
|
Euro |
1 |
Rs.68.83 |
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 |
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NB |
New Business |
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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.