MIRA INFORM REPORT

 

 

Report Date :           

14.01.2012

 

IDENTIFICATION DETAILS

 

Name :

SIAG CHEMICALS COMPANY SAE

 

 

Registered Office :

871 Port Said Street, Hadayek El Qobba, P O Box 1037, Cairo 11511

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2010

 

 

Year of Establishment :

1958

 

 

Com. Reg. No.:

54638, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of decorative paints, household items, cosmetics and personal care products and consumer adhesives

 

 

No. of Employees :

250

 

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$ 500,000

 

 

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 – 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                                     : SIAG CHEMICALS COMPANY SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1958

Commercial Registration Number            : 54638, Cairo

Issued Capital                                        : £E 4,000,000

Paid up Capital                                      : £E 4,000,000

Total Workforce                                     : 250

Activities                                               : Manufacture and export of decorative paints, household items,

cosmetics and personal care products and consumer adhesives.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Recommended Credit Limit                     : US$ 500,000

 

COMPANY NAME

 

SIAG CHEMICALS COMPANY SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 871 Port Said Street

Area                 : Hadayek El Qobba

PO Box             : 1037

Town                 : Cairo 11511

Country             : Egypt

Telephone         : (20-2) 24858350 / 24828566 / 24826620

Facsimile          : (20-2) 26833364

Email                : siag@siag.org

 

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

 

·       26 of July street, No. 10                                                                     Sales office

Cairo

     Tel: (20-2) 3904775 / 3912017

     Fax: (20-2) 3920831

 

·       70 Al Gomhoria Street                                                                       Sales office

     Cairo

 

·       1 Al Manshia Central Street                                                               Sales office

     Alexandria

 

·       3rd Industrial Zone A1, Plot 21/22, El Nasr Street                                  Owned factory

     Sharkeya

     10th of Ramadan City

     Tel: (20-15) 410246 / 410247

     Fax: (20-15) 410248

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Noha Alber Siag                                                                                Managing Director

 

·       Nina Alber Siag                                                                                 Director

 

·       Azmy Halim                                                                                      Finance Manager

 

·       Ashraf Abd El Messih                                                                        Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1958

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 54638, Cairo

 

Issued Capital              : £E 4,000,000

 

Paid up Capital            : £E 4,000,000

 

Name of Shareholder (s)

·       Noha Alber Siag

·       Nina Alber Siag

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of decorative paints, household items, cosmetics and personal care products and consumer adhesives.

 

Import Countries: Japan, Italy and Spain.

 

Export Countries: Romania and Libya.

 

Brand Names: OKAY

 

Operating Trend: Steady

 

Subject has a workforce of approximately 250 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 23,000,000                           £E 25,000,000

 

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

 

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

 

·       Arab African Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.51.43

UK Pound

1

Rs.79.10

Euro

1

Rs.66.17

 

 

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.