MIRA INFORM REPORT

 

 

Report Date :

18.02.2013

 

IDENTIFICATION DETAILS

 

Name :

SIAG CHEMICALS COMPANY SAE

 

 

Registered Office :

871 Port Said Street Hadayek El Qobba PO Box  1037 Cairo 11511

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Incorporation :

1958

 

 

Com. Reg. No.:

54638, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and export of decorative paints, household items, cosmetics and personal care products and consumer adhesives.

 

 

No. of Employees :

120

 

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 – June 30th, 2012

 

Country Name

Previous Rating

(31.03.2011)

Current Rating

(30.06.2012)

Egypt

A2

A2

 

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 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

 

SUMMARY

 

Company Name                                     : SIAG CHEMICALS COMPANY SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1958

Commercial Registration Number            : 54638, Cairo

Issued Capital                                        : £E 4,000,000

Paid up Capital                                      : £E 4,000,000

Total Workforce                                     : 120

Activities                                               : Manufacture and export of decorative paints, household items, cosmetics  and personal care products and consumer adhesives.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

 

COMPANY NAME

 

SIAG CHEMICALS COMPANY SAE

 

 

ADDRESS

 

Registered & Physical Address

 

Street               : 871 Port Said Street

Area                 : Hadayek El Qobba

 

PO Box             : 1037

 

Town                 : Cairo 11511

Country             : Egypt

 

Telephone         : (20-2) 24858350 / 24828566 / 24826620

Facsimile          : (20-2) 26833364

Email                : siag@siag.org

 

Premises

 

Subject operates from a large suite of offices that are rented and located in the Suburban Business Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description

 

·       26th of July street, No. 10                                                                   Sales office

Cairo

     Tel: (20-2) 23904775 / 23912017

     Fax: (20-2) 23920831

 

·       70 Al Gomhoria Street                                                                       Sales office

     Cairo

 

·       1 Al Manshia Central Street                                                               Sales office

     Alexandria

 

·       3rd Industrial Zone A1, Plot 21/22, El Nasr Street                                  Owned factory

     Sharkeya

     10th of Ramadan City

     Tel: (20-15) 410246 / 410247

     Fax: (20-15) 410248

 

 

KEY PRINCIPALS

 

     Name                                                                                               Position

 

·       Noha Alber Siag                                                                                Managing Director

 

·       Nina Alber Siag                                                                                 Director

 

·       Azmy Halim                                                                                      Finance Manager

 

·       Ashraf Abd El Messih                                                                        Accountant

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1958

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 54638, Cairo

 

Issued Capital              : £E 4,000,000

 

Paid up Capital            : £E 4,000,000

 

Name of Shareholder (s)

 

·       Noha Alber Siag

 

·       Nina Alber Siag

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of decorative paints, household items, cosmetics and personal care products and consumer adhesives.

 

Import Countries: Japan, Italy and Spain.

 

Export Countries: Romania, Iraq, Syria and Libya.

 

Brand Names: OKAY

 

Operating Trend: Steady

 

Subject has a workforce of 120 employees.

 

 

FINANCIAL DATA

 

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 26,300,000                           £E 27,850,000

 

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

 

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

 

 

BANKERS

 

·       Commercial International Bank (CIB)

Nile Tower Building

21-23 Giza Street

PO Box: 2430

Cairo

Tel: (20-2) 25703043

Fax: (20-2) 25703172 / 25072691

 

·       Arab African Bank

5 El Saraya El Kobira Square

     PO Box: 60, Magles El Shaab

     Cairo

     Tel: (20-2) 33545094

     Fax: (20-2) 33558493

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.53.99

UK Pound

1

Rs.83.72

Euro

1

Rs.72.08

 

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.