MIRA INFORM REPORT

 

 

Report Date :

02.05.2012

 

IDENTIFICATION DETAILS

 

Name :

RAGHADAN PAINT COMPANY

 

 

Registered Office :

Ramo Buildings, 4 El Nasr Road, Nasr City, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2011

 

 

Date of Incorporation :

1991

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of plastic, oil and industrial and decorating paints

 

 

No. of Employees :

100

 

 

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

 

Status :

Satisfactory

Payment Behaviour :

Usually correct

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

(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                         : RAGHADAN PAINT COMPANY

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1991

Issued Capital                                        : £E 10,000,000

Paid up Capital                                      : £E 10,000,000

Total Workforce                                     : 100

Activities                                               : Manufacturers of plastic, oil and industrial & decorating paints

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

 

COMPANY NAME

 

RAGHADAN PAINT COMPANY

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Ramo Buildings

Street               : 4 El Nasr Road

Area                 : Nasr City

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 24149130

Facsimile          : (20-2) 24142792

 

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

 

·       Industrial Zone 6                                                                                Factory premises

Piece No. 52

10 Badr City

Helwan

Tel: (20-2) 28640971

Fax: (20-2) 28642389

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Abdallah El Naaem                                                                            Chairman

 

·       Kamal Roushdy                                                                                General Manager

 

·       Faheem El Baz                                                                                 Financial Manager

 

·       Sayed Abd El Latif                                                                            Technical Manager

 

·       Nader Galal                                                                                      Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1991

 

Legal Form                  : Egyptian Joint Stock Company

 

Issued Capital              : £E 10,000,000

 

Paid up Capital            : £E 10,000,000

 

Name of Shareholder (s)                                    

 

·       Raghadan Paint

Saudi Arabia

 

·       Members of the El Naaem family

 

 

OPERATIONS

 

Activities: Engaged in the manufacture of plastic, oil and industrial and decorating paints.

 

Import Countries: United States of America, Germany, Turkey and Saudi Arabia.

 

Export Countries: Libya and Sudan.

 

Operating Trend: Steady

 

Subject has a workforce of 100 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 24,300,000                           £E 25,700,000

 

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

 

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.

 

 

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.52.51

UK Pound

1

Rs.85.49

Euro

1

Rs.69.61

 

 

INFORMATION DETAILS

 

Report Prepared by :

PDT

 

 

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.