|
Report Date : |
14.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
SCIB
CHEMICALS SAE |
|
|
|
|
Registered Office : |
4th
Industrial Area, Part 1/3/B, Plot No. 49, Giza, PO Box: 51,
Sixth of October City |
|
|
|
|
Country : |
Egypt |
|
|
|
|
Date of Incorporation : |
1980 |
|
|
|
|
Com. Reg. No.: |
1025 |
|
|
|
|
Legal Form : |
Egyptian Joint Stock Company |
|
|
|
|
Line of Business : |
Manufacture of chemicals for use in the paint, concrete and adhesive
industries. |
|
|
|
|
No. of Employees : |
300 |
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 : |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Egypt |
B1 |
B1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 backtracked on economic reforms, drastically increasing 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 were among the hardest hit sectors of the Egyptian economy, and economic growth is likely to remain slow during the next several years. The government drew down foreign exchange reserves by more than 50% in 2011 and 2012 to support the Egyptian pound and the dearth of foreign financial assistance - as a result of unsuccessful negotiations with the International Monetary Fund over a multi-billion dollar loan agreement which have dragged on more than 20 months - could precipitate fiscal and balance of payments crises in 2013.
|
Source
: CIA |
Company Name :
SCIB CHEMICALS SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
1980
Commercial Registration Number :
1025, Giza
Industrial
Registration Number : 26215
Authorised Capital : £E 50,000,000
Issued Capital : £E 18,000,000
Paid up Capital :
£E 18,000,000
Total Workforce :
300
Activities :
Manufacture of chemicals for use in the paint, concrete and adhesive
industries.
Financial Condition :
Good
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
SCIB
CHEMICALS SAE
Registered &
Physical Address
Location : 4th Industrial Area, Part 1/3/B, Plot
No. 49, Giza
PO Box : 51
Town : Sixth of
October City
Country : Egypt
Telephone : (20-2) 38281090 / 38281099 / 38281092 /
38281020
Facsimile : (20-2) 38331271 / 38331275
Email : contact@scibpaints.com
Premises
Subject operates from a large suite of offices and a factory that are owned
and located in the Industrial Area of the Sixth of October City.
Branch Office (s)
Location Description
48
Mohamed Mazher Office
premises
El
Zamalek
Cairo
Tel: (20-2) 27350112 / 27363695
4 Nashat
Mosque Street Office
premises
El
Zamalek
Cairo
Tel: (20-2) 27361973 / 27355838
39 El Gezira El Wasta Street Office premises
Zamalek
Cairo
Tel: (20-2) 27355838
Fax: (20-2) 27350104
17 Bahgat Ali Street Showroom
premises
Zamalek
Cairo
Tel: (20-2) 27353898
Fax: (20-2) 27352794
8 El Kenissa El Engliyaa Showroom
premises
Ramleh
Alexandria
Tel: (20-3) 5465716
Fax: (20-3) 5465716
Name Position
Manish Mahara Chairman
Khalil Hafez Director
Fady Micheal Qiama Director
Pangualury Mohan Murly Director
Ali Moustafa Moussa Director
Dr Khalil Hafez Hassan Khalil Director
A S Sundare Director
Saleh Barsoum Abd El Aziz Director
Badr
Sednaoui General
Manager
Amit Bose Finance
Manager
Wafik Sadek Purchasing
Manager
Youssef Makary Production
Manager
Nagui Iskander IT
Manager
Date of Establishment : 1980
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 1025, Giza
Industrial Reg. No. : 26215
Authorised Capital : £E 50,000,000
Issued Capital : £E 18,000,000
Paid up Capital : £E 18,000,000
Name of
Shareholder (s) Percentage
Asian
Paints 60%
India
Orascom Construction Industries 15%
Manish Mahara ]
]
Khalil Hafez ]
]
Fady Micheal Qiama ]
]
Pangualury Mohan Murly ]
]
25%
Ali Moustafa Moussa ]
]
Dr Khalil Hafez Hassan Khalil ]
]
A S Sundare ]
]
Saleh Barsoum Abd El Aziz ]
Activities: Engaged in the manufacture
of chemicals for use in the paint, concrete and adhesive industries.
Subject also acts as building finishing
contractors.
Import Countries: Belgium,
Germany, Austria, Denmark, Finland and Japan.
Export Countries: Kuwait,
Libya, Algeria, Netherlands and the United Arab Emirates.
Agencies Held:
Tricosal
FEB
Green Streak
Zolpan
Martin Senor
Tikkurila
V33
Tilecare
Artilin
MBT
Brand Names: SCIB
Operating Trend: Steady
Subject has a workforce of approximately 300 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/11: Year Ending 31/12/12:
Total Sales £E
320,000,000 £E 327,500,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.43 |
|
|
1 |
Rs.95.76 |
|
Euro |
1 |
Rs.81.76 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.