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Report Date : |
17.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
EL OBOUR PAINTS
& CHEMICAL INDUSTRIES SAE |
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|
|
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Registered Office : |
Cairo - Ismailia
Road, 1st Industrial Zone, Obour City, PO Box 1, Cairo |
|
|
|
|
Country : |
Egypt |
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|
|
|
Financials (as on) : |
31.12.2011 |
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|
|
|
Date of Incorporation : |
1999 |
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|
|
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Com. Reg. No.: |
1063 |
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|
|
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Legal Form : |
Egyptian Joint
Stock Company |
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|
|
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Line of Business : |
Manufacture and distribution
of paints, printing inks, wrapping and metals. |
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|
|
|
No. of Employees : |
800 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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
|
Country Name |
Previous Rating (31.03.2012) |
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 |
Company Name : EL OBOUR PAINTS & CHEMICAL
INDUSTRIES SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 1999
Commercial Registration
Number : 1063
Industrial
Registration Number :
28315
Tax Card Number : 205-034-586
Issued Capital : £E
200,000,000
Paid up Capital : £E
200,000,000
Total Workforce : 800
Activities :
Manufacture and distribution of paints, printing inks, wrapping and metals.
Financial Condition : Good
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
EL OBOUR PAINTS
& CHEMICAL INDUSTRIES SAE
Registered & Physical Address
Street : Cairo - Ismailia Road
Area : 1st Industrial
Zone, Obour City
PO Box : 1
Town : Cairo
Country : Egypt
Telephone : (20-2) 46100260 / 46100261 / 46100263
Facsimile : (20-2) 46100555
Email : shawkatm@intouch.com
Premises
Subject operates
from a large suite of offices and a factory that are owned and located in the
Industrial Area of Cairo.
Branch Office
(s)
Location Description
1 Massanaa El
Ameryia Street Rented
office premises
El Matariya
Cairo
Tel: (20-2) 22574047
/ 24546731 / 22586938 / 22825642
Fax: (20-2)
22574473 / 24539953
110 El Fostat
Street Owned
factory premises
Misr El Qadima
Cairo
Tel: (20-2)
33639609 / 33639549
27 Victor Emanuael
City Rented
office premises
Smouha
Alexandria
Tel: (20-3) 4274466
Fax: (20-3) 4274466
Name Position
Sherif Mahmoud
Ahmed Shawki Director
Ayman Fouad Director
Dr Naglaa Saad
Nasar Director
Adel Fatouh Hamad Director
Mohamed Saleh
Youness Director
Magdy Kamel Director
Mohi El Din Abd El
Razek General
Manager
Ashraf El Khaky Finance
Manager
Moustafa Abd El
Rahman Marketing
Manager
Heyam Mohamed Sedik Sales
Manager
Date of
Establishment : 1999
Legal Form : Egyptian Joint Stock Company
Commercial Reg.
No. : 1063
Industrial Reg.
No. : 28315
Tax Card No. : 205-034-586
Issued Capital : £E 200,000,000
Paid up Capital : £E 200,000,000
Name of Shareholder (s) Percentage
Pachin Paints &
Chemicals Co 99.93%
Employee’s
Association of Pachin
0.05%
Insurance Fund of
Pachin Employees 0.02%
Activities: Engaged
in the manufacture and distribution of all kinds of paint, printing inks
wrapping and metals.
Subject is ISO
9000 and 9002 accredited.
Production
Capacity: 50,000 tonnes per annum
Import
Countries: India, Belgium, Denmark and Saudi
Arabia.
Export
Countries: Tunisia, Kenya, Sudan and Libya.
Operating Trend: Steady
Subject has a
workforce of approximately 800 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 643,000,000 £E 542,000,000
Local sources consider
subject’s financial condition to be Good.
The above financial
figures are based on estimations by our local sources.
Export Development
Bank of Egypt
71 Messadak Street
Dokki
Cairo
Tel: (20-2)
33386810 / 33386811
Fax: (20-2) 33386814
/ 33386813
Societe Arabe
Internationale de Banque
PO Box: 124
Cairo
Tel: (20-2)
33499464 / 33603489
Fax: (20-2)
33603497 / 33603487
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.54.82 |
|
|
1 |
Rs.87.9 |
|
Euro |
1 |
Rs.72.83 |
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.