MIRA INFORM REPORT

 

 

Report Date :

31.07.2013

 

IDENTIFICATION DETAILS

 

Name :

INTERNATIONAL GROUP FOR MODERN COATING SAE (IGMC)

 

 

Registered Office :

Al Nogom Tower, El Kodaa Building, Street No. 314, Smouha, Alexandria

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Date of Incorporation :

1979

 

 

Com. Reg. No.:

117481

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacturers of specialized paints.

 

 

No. of Employees :

1,680

 

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

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 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

SUMMARY

 

Company Name                                    : INTERNATIONAL GROUP FOR MODERN COATING SAE (IGMC)

Country of Origin                                   : Egypt

Legal Form                                           : Egyptian Joint Stock Company

Registration Date                                  : 1979

Commercial Registration Number           : 117481, Alexandria

Industrial Registration Number                : 143270

Tax Card Number                                  : 202-499-154

Issued Capital                                       : £E 47,000,000

Paid up Capital                                     : £E 47,000,000

Total Workforce                                     : 1,680

Activities                                               : Manufacturers of specialized paints.

Financial Condition                                : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                                    : Steady

 

COMPANY NAME

 

INTERNATIONAL GROUP FOR MODERN COATING SAE (IGMC)

 

 

ADDRESS

 

Registered & Physical Address

 

Building            : Al Nogom Tower, El Kodaa Building

Street               : Street No. 314

Area                 : Smouha

Town                : Alexandria

Country             : Egypt

 

Telephone         : (20-3) 4210316 / 4210317

Facsimile          : (20-3) 4210315

Email                : contact@mideco.com

 

Premises

 

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

 

Branch Office (s)

 

Location                                                                                               Description

 

2nd Industrial Zone, Plot No. 5A, Block 33                                                Factory premises

Borg El Arab

Alexandria

Tel: (20-3) 4593390 / 4593555

Fax: (20-3) 4592655

 

24 Belhars Street                                                                                   Office premises

Sidi Bishr

Alexandria

Tel: (20-3) 5503939

 

3 El Hamamsy Street                                                                             Office premises

Shebin El Kom

Menoufeya

Tel: (20-48) 2237985

 

2 El Shorta Buildings                                                                             Office premises

Bab El Harf

El Nahda Street

Damietta

Tel: (20-57) 2342091

 

Mahmoud Hassanien Street                                                                   Office premises

Mansoura

Tel: (20-50) 2234582

 

653 Gamila Abu Hreid Street                                                                  Office premises

Moharram Bey

Alexandria

Tel: (20-3) 5019112

 

10 Lotfy El Manfalouty Street                                                                 Office premises

Smouha

Alexandria

 

 

KEY PRINCIPALS

 

Name                                                                                       Position

 

Dr Ali Mohamed Mohamed Ghaly                                               Chairman

 

Amr Ali Ghali Mohamed                                                             Vice Chairman

 

Yehia Ismail                                                                              Director

 

Ahmed Fathi Ibrahim                                                                  Finance Manager

 

Mohamed Ali Mohamed Ghaly                                                   Factory Manager

 

Ashraf Ahmed Ali                                                                      Accounting Manager

 

Atef Abd El Nabi                                                                       Production Manager

 

Hossam El Kashef                                                                    IT Manager

 

Ahmed Khalifa                                                                          Sales Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1979

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.   : 117481, Alexandria

 

Industrial Reg. No.       : 143270

 

Tax Card No.                : 202-499-154

 

Issued Capital              : £E 47,000,000

 

Paid up Capital            : £E 47,000,000

 

Name of Shareholder (s)

 

Dr Ali Mohamed Mohamed Ghaly

 

Members of Dr Ali Mohamed Mohamed Ghaly’s family

 

 

AFFILIATED COMPANIES

 

Euro Co For Modern Coatings

10 Lotfy El Manfalouty Street

Smouha

Alexandria

Tel: (20-3) 5226060 / 5226069

Fax: (20-3) 5226067

 

 

OPERATIONS

 

Activities:                     Engaged in the manufacture of specialized paints used for decorative purposes and car coatings.

 

                                    Subject is ISO 9001 accredited.

 

Import Countries:         Switzerland, Turkey and the United States of America

 

Export Countries:         Ethiopia, Ghana, Jordan, Iraq, Saudi Arabia, Kenya, Lebanon, Kuwait, Libya, Madagascar, Iceland, Nigeria, Pakistan, Qatar and Algeria

 

Brand Names:              VERA VERA, SUPERELASTIC, AUTOSTOCK and VNICLAS

 

Operating Trend:          Steady

 

Subject has a workforce of approximately 1,680 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 124,941,334                         £E 119,929,503

 

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

 

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

 

 

BANKERS

 

Citibank

95, 26th July Street

Azarita

Alexandria

Tel: (20-3) 4834363 / 4840342

Fax: (20-3) 4884363

 

Bank of Alexandria

19 Salah Salem Street

El Gomrok, Mansheya

Alexandria

Tel: (20-3) 4827995

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

Date of transaction                                July 2012

Credit amount                                       US$ 100,000

Amount overdue                                    0

Payment terms                                      60 days

Payment Method                                   Letters of Credit

Paying record                                       No Complaints

 

 

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.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.83

UK Pound

1

Rs.91.76

Euro

1

Rs.79.33

 

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.