MIRA INFORM REPORT

 

Report Date :

27.06.2012

 

IDENTIFICATION DETAILS

 

Name :

UNIVERSAL FOR BUILDING MATERIALS & CHEMICALS (UBMC)

 

 

Registered Office :

104 El Thawra Street Heliopolis PO Box  11341 Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Year of Establishment :

1989

 

 

Com. Reg. No.:

313412, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of paints and varnishes.

 

 

No. of Employees :

440

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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                                     : UNIVERSAL FOR BUILDING MATERIALS & CHEMICALS (UBMC)

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1989

Commercial Registration Number            : 313412, Cairo

Industrial Registration Number                 : 21855

Tax Card Number                                   : 205-087-027

Authorised Capital                                  : £E 30,000,000

Issued Capital                                        : £E 30,000,000

Paid up Capital                                      : £E 30,000,000

Total Workforce                                     : 440

Activities                                               : Manufacture and export of paints and varnishes.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

 

 

COMPANY NAME

 

UNIVERSAL FOR BUILDING MATERIALS & CHEMICALS (UBMC)

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 104 El Thawra Street

Area                 : Heliopolis

 

PO Box             : 11341

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 26905015

Facsimile          : (20-2) 26905018

Email                : mail@sipes.net

 

Premises

 

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

 

·       A1 Industrial Zone                                                                             Owned factory premises

Sharkeya

     Tenth of Ramadan City

     Tel: (20-15) 410451 / 412711 / 412712 / 412713

     Fax: (20-15) 410452

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

    

·       Essam Bedeir                                                                                   Chairman

    

·       Mohamed Waguih Bazry                                                                    Managing Director

 

·       Moustafa El Nahas                                                                            Director

 

·       Hafez Moustafa Ragheb                                                                     Director

 

·       Mahmoud Bdeir                                                                                 General Manager

 

·       Abd El Hamid Edleby                                                                                    Commercial Manager

 

·       Nasser Rashad                                                                                 Finance Manager

 

·       Ibrahim Ishak                                                                                                Sales Manager

 

·       Mohamed El Khodary                                                                        Marketing Manager

 

·       Nasr El Din Bougy                                                                             Production Manager

 

·       Toros Arakel                                                                                     Factory Manager

 

·       Shereen Youssef                                                                               Human Resources Manager

 

·       Albert Louis                                                                                      Purchasing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1989

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 313412, Cairo

 

Industrial Reg. No.       : 21855

 

Tax Card No.               : 205-087-027

 

Authorised Capital       : £E 30,000,000

 

Issued Capital              : £E 30,000,000

 

Paid up Capital            : £E 30,000,000

 

Name of Shareholder (s)                                            Percentage

 

·       Bevin International                                                                 43.3%

Lebanon

 

·       Members of the Bedeir family                                                 43.3%                                      

 

·       Arab Investment Group                                                          13.3%

Cairo

 

·       Local businessmen and private investors                                   0.1%  

 

AFFILIATED COMPANIES

 

·       Universal Paints Co SAE (Sipes)

     222 El Hegaz Street

     Heliopolis

     Cairo

     Tel: (20-2) 22458064 / 22418244 / 26240147

     Fax: (20-2) 22421705 / 26905018

 

·       Jordanian Sipes Paints Co

PO Box: 276

Amman 11118

Jordan

Tel: (962-6) 4201292

Fax: (962-6) 4202620

Email: jordan@sipes.net

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of paints, including decorative and ornamentation paints, marine  paints for ships and steamers, industrial paints (motor vehicles & machines) and varnishes for timber.

 

         Subject operates under license of Sipes Int'l Co., of the USA.

 

Import Countries: United States of America and India.

 

Export Countries: Libya and Jordan.

 

Brand Names: SIPES

 

Operating Trend: Steady

 

Subject has a workforce of approximately 440 employees.

 

 

FINANCIAL DATA

 

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 367,196,000                         £E 373,465,000

 

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

 

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

 

 

BANKERS

 

·       Arab Bank Plc

PO Box: 68

Cairo

Tel: (20-2) 33029069 / 33029070

Fax: (20-2) 33029068

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                              October 2005

Credit amount                                        100,000

Amount overdue                                     0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                        No Complaints

Currency                                               US Dollars

 

 

GENERAL COMMENTS

 

Universal For Building Materials & Chemicals (UBMC) enjoys a good reputation in the local market and is engaged in the manufacture and export of paints and varnishes.

 

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.57.07

UK Pound

1

Rs.88.96

Euro

1

Rs.71.40

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.