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Report Date : |
11.10.2012 |
IDENTIFICATION DETAILS
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Name : |
ER LAC EGYPT FOR MANUFACTURING PAINTS AND CHEMICALS SAE |
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Registered Office : |
Plot 95 Street No. 45 3rd Industrial Zone 6th of
October City |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2011 |
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Year of Establishment : |
1995 |
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Com. Reg. No.: |
1535, 6th of October City |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture of paints, varnish and industrial resins also the import and distribution of colour mixing machines and paints. |
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No. of Employees : |
55 |
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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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
EGYPT - ECONOMIC OVERVIEW
Occupying the northeast
corner of the African continent, Egypt is bisected by the highly fertile Nile
valley, where most economic activity takes place. Egypt's economy was highly
centralized during the rule of former President Gamal Abdel NASSER but opened
up considerably under former Presidents Anwar EL-SADAT and Mohamed Hosni
MUBARAK. Cairo from 2004 to 2008 aggressively pursued economic reforms to
attract foreign investment and facilitate GDP growth. Despite the relatively high
levels of economic growth in recent years, living conditions for the average
Egyptian remained poor and contributed to public discontent. After unrest
erupted in January 2011, the Egyptian Government drastically increased social
spending to address public dissatisfaction, but political uncertainty at the
same time caused economic growth to slow significantly, reducing the
government's revenues. Tourism, manufacturing, and construction are among the
hardest hit sectors of the Egyptian economy, and economic growth is likely to
remain slow at least through 2012. The government is utilizing foreign exchange
reserves to support the Egyptian pound and Egypt may seek a loan from the
International Monetary Fund.
Source : CIA
Company Name : ER LAC EGYPT FOR MANUFACTURING PAINTS AND CHEMICALS SAE
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1995
Commercial Registration Number : 1535, 6th of October City
Issued Capital : £E 2,500,000
Paid up Capital : £E 2,500,000
Total Workforce : 55
Activities : Manufacture of paints, varnish and industrial resins also the import and
distribution of colour mixing machines and paints.
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
ER LAC EGYPT FOR MANUFACTURING PAINTS AND CHEMICALS SAE
Location : Plot 95
Street : Street No.
45
Area : 3rd
Industrial Zone
Town : 6th
of October City
Country : Egypt
Telephone : (20-2) 38335053
/ 38335036 / 38335086
Facsimile : (20-2)
38335121
Mobile : (20-100) 1003984
Subject operates from a medium sized suite of offices and a factory that
are rented and located in the Industrial Area of 6th of October
City.
Branch Office (s)
Location Description
· Athinom, Lomias,
National Road Factory
premises
Polydenri
Greece
Name Position
· George Demetri
Koutlis Chairman
· Ashraf Youssef General
Manager
· Ahmed Eiwas Production
Manager
· Ibrahim Nagy Financial
Manager
Date of
Establishment : 1995
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 1535, 6th of October City
Issued Capital : £E 2,500,000
Paid up Capital : £E 2,500,000
· Er Lack for
Paints, Varnishes and Automotive Products 100%
Cairo
Egypt
Activities: Engaged in the manufacture of paints, varnish and industrial resins
also the import and distribution of
colour mixing machines and paints.
Subject is ISO 9001 accredited.
Production
Capacity: 40 tonne a day.
Import Countries: Greece
Brand Names: ER LACK
Operating Trend: Steady
Subject has a workforce of 55 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
30,000,000 £E
60,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
National Bank of Egypt
24 Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
No complaints regarding subject’s payments have been reported.
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 and the
above credit figure is deemed to be within subject’s financial means.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.04 |
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1 |
Rs.84.83 |
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Euro |
1 |
Rs.68.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.