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Report Date : |
17.02.2012 |
IDENTIFICATION DETAILS
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Name : |
MODERN CHEMICAL INDUSTRIES SAE (MCI) |
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Formerly Known As : |
MCI PAINTS |
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Registered Office : |
12 El Obour Building Salah Salam Street Nasr City Cairo |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1978 |
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Com. Reg. No.: |
47685 |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacturers of paint, adhesives, putties and varnishes. |
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No. of Employees : |
250 |
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$ 500,000 |
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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 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
Company Name : MODERN CHEMICAL INDUSTRIES SAE (MCI)
Also Known As : MCI PAINTS
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1978
Commercial Registration Number : 47685
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
Total Workforce : 250
Activities : Manufacturers of paint, adhesives, putties and varnishes.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Recommended Credit Limit : US$ 500,000
MODERN CHEMICAL INDUSTRIES SAE (MCI)
ALSO KNOWN AS: MCI PAINTS
Building : 12 El Obour
Building
Street : Salah Salam
Street
Area : Nasr City
Town : Cairo
Country : Egypt
Telephone : (20-2) 24018794
/ 22638692 / 22609103
Facsimile : (20-2)
22633637
Mobile : (20-100)
3880359
Email : mohamed-s@mcipaints.org
/ pr@mcipaints.org
Subject operates from a large suite of offices that are rented and
located in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· El Warak Road Factory
premises
Gezeret Mohamed
Embaba
Giza
Cairo
Tel: (20-2)
35407043
Fax: (20-2)
35407043
Name Position
· Ismail Ahmed Chairman
· Saleh Ali Saleh Director
· Fatma Ali Saleh Director
· Fathi Abd El Alim Finance
Manager
· Hazem Zaazaa Sales
Manager
· Tamer Abd El Gawad Factory
Manager
· Moustafa El
Fakharany Human
Resources Manager
Date of
Establishment : 1978
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 47685
Issued Capital : £E 25,000,000
Paid up Capital : £E 25,000,000
· Ismail Ahmed
· Saleh Ali Saleh
· Fatma Ali Saleh
· Local businessmen
and private investors
Activities: Engaged in the manufacture of paint, adhesives, putties and varnishes.
Production Capacity: 70,000 tons per year.
Import Countries: Europe and the Far East.
Brand Names: TRIX, WINGS, FLASH, ZOOM, QUALITY, PRIME, LEVELY,
SICON, BING and PLASTOBEST
Operating Trend: Steady
Subject has a workforce of approximately 250 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year
Ending 31/12/10: Year
Ending 31/12/11:
Total Sales £E
31,846,116 £E
35,587,783
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Misr International Bank (MIBANK)
14 Alfy Street
PO Box:
631
Cairo
Tel:
(20-2) 25931002
Fax:
(20-2) 25912306
No complaints regarding subject’s payments have been reported.
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.49.25 |
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|
1 |
Rs.77.45 |
|
Euro |
1 |
Rs.64.89 |
RATING EXPLANATIONS
|
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 |
-- |
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.