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Report Date : |
23.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ORIENT CHEMICAL & PAINT CO |
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Registered Office : |
1 Hemi Zain Eddine Street Shubra El Kheima Kaliubeya |
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Country : |
Egypt |
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Date of Incorporation : |
1946 |
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Com. Reg. No.: |
14649, Kaliubeya |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture and export of all kinds of paints, lacquers, varnishes and dyes for wood. |
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No. of Employees : |
350 |
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 |
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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 – 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 |
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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 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 : ORIENT CHEMICAL & PAINT CO
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 1946
Commercial Registration Number : 14649, Kaliubeya
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
Total Workforce : 350
Activities : Manufacture and export of all kinds of paints, lacquers, varnishes and dyes for wood.
Financial Condition : Undetermined
Payments : Nothing detrimental uncovered
ORIENT CHEMICAL & PAINT CO
Street : 1 Hemi Zain
Eddine Street
Area : Shubra El
Kheima
Town : Kaliubeya
Country : Egypt
Telephone : (20-2) 42201658
/ 42221091
Facsimile : (20-2)
42217766
Mobile : (20-100)
8553011
Email : orient8orient@hotmail.com
/ it@orient-paints.com
Please note that subject’s previous address was, 4 El Shawarbi Street,
Flat 25, Cairo.
Subject operates from a large suite of offices, a factory and a
warehouse that are rented and located in the Central Business Area of
Kaliubeya.
Name Position
· Sherif Mohamed El
Ghaish Managing
Partner
· Sayed Helmy Zain
Eddine Partner
· Mohamed Mostafa Purchasing
Manager
Date of
Establishment : 1946
Legal Form : Limited Liability
Partnership
Commercial Reg. No. : 14649, Kaliubeya
Issued Capital : £E 1,000,000
Paid up Capital : £E 1,000,000
· Sherif Mohamed El
Ghaish
· Sayed Helmy Zain
Eddine
Activities: Engaged in the manufacture and export of all kinds of paints, lacquers,
varnishes and dyes for wood.
Import Countries: India
Export Countries : Sudan and Libya
Brand Names : XPAN and ORIENT
Subject has a workforce of approximately 350 employees.
Companies registered in Egypt are not legally required to make their
accounts public and no financial information was released by the company or
submitted by outside sources.
·
National Bank of Egypt
24, Sherif Street
Cairo
Tel:
(20-2) 33924175
Fax:
(20-2) 33924143
·
Industrial Development Bank of Egypt
110 El Galaa
Street
Cairo
Tel: (20-2)
25779188
Fax: (20-2)
25765938
No complaints regarding subject’s payments have been reported.
Local sources report that the subject’s operating history is clear with
payment obligations met in a generally timely manner. The financial position is
satisfactory and the company is deemed a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.42 |
|
|
1 |
Rs.102.09 |
|
Euro |
1 |
Rs.87.32 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.