MIRA INFORM REPORT

 

 

Report Date :

20.01.2013

 

IDENTIFICATION DETAILS

 

Name :

TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

 

 

Registered Office :

Industrial Zone No. 3, Plot No. 130/1, PO Box 163, Sixth of October City

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

March, 1998

 

 

Com. Reg. No.:

1687

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture of paints

 

 

No. of Employees :

150

 

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

(31.03.2012)

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

 

SUMMARY

 

Company Name                                    : TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : March 1998

Commercial Registration Number           : 1687, Cairo

Issued Capital                                       : £E 25,000,000

Paid up Capital                                     : £E 25,000,000

Total Workforce                                     : 150

Activities                                               : Manufacture of paints

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

Person Interviewed                                : Alaa Abdul Daem, Finance Manager

 

 

 

COMPANY NAME

 

TECHNOLOGY CO FOR CHEMICAL INDUSTRIES SAE (TCI)

 

 

ADDRESS

 

Registered & Physical Address

 

Location           : Industrial Zone No. 3, Plot No. 130/1

PO Box            : 163

Town                : Sixth of October City

Country             : Egypt

 

Telephone         : (20-2) 38320180 / 38320164 / 38320162 / 38330737 / 38320178

Facsimile          : (20-2) 38320160

Mobile              : (20-122) 6481190 / (20-100) 1303383

Email                : tci@elgammalgroup.com / info@technopaintsegypt.com

 

Premises

 

Subject operates from a factory, with an integrated suite of offices and extensive storage facilities that are owned and located in the Industrial Area of the Sixth of October City.

 

Branch Office (s)

 

Location                                                                                               Description

 

20 El Tahrir Street                                                                                  Rented administrative offices

Dokki, Giza

Cairo

Tel: (20-2) 33358299 / 33492816

Fax: (20-2) 37492816 / 33378299

 

 

KEY PRINCIPALS

 

            Name                                                                                       Position

 

Mohamed Essam El Gammal                                                                 Managing Director

 

Hassan Mohamed Darwish                                                                     Director

 

Sheikh Mohamed Al Khafra                                                                    Director

 

Mohamed Nasef                                                                                    General Manager

 

Alaa Abdul Daem                                                                                  Finance Manager

 

Islam Ahmed Esmat                                                                              Factory Manager

 

Mohamed Al Deeb                                                                                Commercial Manager

 

Thamer Hamed                                                                                      Public Relations Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : March 1998 (Production began on 31st January 2000)

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 1687, Cairo

 

Issued Capital              : £E 25,000,000

 

Paid up Capital            : £E 25,000,000

 

Name of Shareholder (s)

           

Mohamed Essam Ahmed El Gammal

 

Amal Abu El Fadl

 

Hosny Darwish

 

Mai Mohamed Essam El Gammal

 

Sheikh Mohamed Al Khafra

 

Dr Ahmed Kawathar

 

 

AFFILIATED COMPANIES

 

El Gammal Co for Paints

20 El Tahrir Street

Dokki

Cairo

Tel: (20-2) 33358299 / 33492816

Fax: (20-2) 33492816 / 33378299

 

 

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of decoration paints, paints for the motor vehicle industry and printing inks.

 

In September 2000 subject was granted a licence by BASF Coatings AG to manufacture its branded automotive refinish paints. Subject is also sole agents for RM car paints from France.

 

Import Countries:         Germany, France, Spain, Italy and Malaysia.

 

Export Countries:         Kenya, Uganda, Tanzania, Burundi, Rwanda and Zambia.

 

Brand Names:              TECHNOPAINT, TECHNOPRINT and BASF

 

Operating Trend:          Steady

 

Subject has a workforce of approximately 150 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 61,000,000                           £E 55,000,000

 

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

 

The above figures were provided by Mr Alaa Abdul Daem, Finance Manager

 

 

BANKERS

 

Al Watany Bank of Egypt

PO Box: 750

Cairo

Tel: (20-2) 33379363

Fax: (20-2) 33772959

 

National Societe Generale Bank SAE

Evergreen Building

10 Talaat Harb Street

Cairo

Tel: (20-2) 35749376

Fax: (20-2) 35776249

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                March 2000                               June 2004

Credit amount                                       200,000                                     100,000

Amount overdue                                    0                                              0

Payment terms                                      180 days                                   60 days

Payment Method                                   Letters of Credit                        Letters of Credit

Paying record                                       No Complaints                          No Complaints

Currency                                               US Dollars                                US Dollars

 

 

GENERAL COMMENTS

 

Technology Co for Chemical Industries SAE (TCI) was established in March 1998 and specialises in the production of paints for the motor vehicle industry and printing inks. In September 2000 subject signed a licensing agreement with well known BASF Coatings AG of Germany.

 

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.54.94

UK Pound

1

Rs.86.24

Euro

1

Rs.72.20

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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