MIRA INFORM REPORT
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Report Date : |
16.09.2011 |
IDENTIFICATION DETAILS
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Name : |
TECHNOLOGY FOR CHEMICAL INDUSTRIES SAE |
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Registered Office : |
3rd
Industrial Zone, Plot 130/1, Giza, 6th of October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2010 |
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Year of Establishment : |
2000 |
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Com. Reg. No.: |
1678, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturer of printing inks, wood coatings, polyester sealer and decorative 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$ 250,000 |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Egypt |
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 : TECHNOLOGY FOR CHEMICAL INDUSTRIES SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 2000
Commercial Registration Number : 1678, Cairo
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 130
Activities : Manufacturer of printing inks, wood coatings, polyester sealer and
decorative paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 250,000
COMPANY NAME
TECHNOLOGY FOR CHEMICAL INDUSTRIES SAE
company ADDRESS
Registered &
Physical Address
Location : 3rd Industrial Zone,
Plot 130/1
Area : Giza
Town : 6th of October City
Country : Egypt
Telephone : (20-2) 38320162 / 38320178 / 38820180
/ 38320160 / 38320164
Facsimile : (20-2) 38320160 / 38320164
Mobile : (20-12) 6481190
Email : h_darwish4@hotmail.com
Premises
Subject operates
from a medium sized suite of offices and a factory that are owned and located
in the Industrial Area of 6th of October City.
KEY PRINCIPALS
Name Position
·
Mohamed Essam El Gammal Chairman
·
Mohamed
Ali Nassef Managing
Director
·
Alaa Abd El Dayem Finance
Manager
·
Sayed
El-Shemy Administration
Manager
·
Mohamed El-Deep Marketing
Manager
·
Hesham
Mohamed IT
Manager
LEGAL FORM & OWNERS
Date of Establishment : 2000
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 1678, Cairo
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Name of
Shareholder (s)
·
Mohamed Essam El Gammal Group
·
Egyptian
businessmen & private investors
OPERATIONS
Activities: Engaged in the manufacture of printing
inks, wood coatings, polyester sealer and decorative paints.
Subject also
manufactures automotive refinish paints & colour matching system under
license from BASF Coating AG Co (France).
Import
Countries: France, Malaysia
and Germany
Export Countries: Libya, Kenya and Saudi Arabia
Brand Names: TECHNOPAINT, TECHNO PRINT and RM-BASF
Operating Trend: Steady
Subject has a
workforce of approximately 130 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 24,000,000 £E 30,000,000
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)
Plot No. 1/1, Giza
6th of October City
Tel: (20-2) 38330620
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.47.84 |
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UK Pound |
1 |
Rs.75.40 |
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Euro |
1 |
Rs.65.68 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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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 |
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<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.