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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GERMAN LEBANESE
CO FOR PAINTS & CHEMICALS SAE |
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Registered Office : |
62, 15 May Road, Shubra
El Kheima, Kaliubeya |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
10.09.1997 |
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Com. Reg. No.: |
7309, Shubra |
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Legal Form : |
Egyptian Joint
Stock Company |
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Line of Business : |
Manufacture and
Distribution of Paints. |
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No. of Employees : |
200 |
RATING & COMMENTS
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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 |
|
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
Company Name : GERMAN
LEBANESE CO FOR PAINTS & CHEMICALS SAE
Country of Origin : Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date : 10th
September 1997
Commercial
Registration Number : 7309, Shubra
Issued Capital : £E
6,000,000
Paid up Capital :
£E 6,000,000
Total Workforce : 200
Activities :
Manufacture and distribution of paints
Financial Condition : Fair
Payments :
Nothing detrimental uncovered
Operating Trend : Steady
GERMAN LEBANESE CO
FOR PAINTS & CHEMICALS SAE
Street : 62, 15 May Road
Area : Shubra El Kheima
Town : Kaliubeya
Country : Egypt
Telephone : (20-2) 44712800
Facsimile : (20-2) 44712900
/ 46101457
Email : marketing@glc.com.eg / chairman@glc.com.eg / ahmedsamkary@glc.com.eg
Subject operates
from a large suite of offices that are rented and located in the Suburban
Business Area of Kaliubeya.
Branch Office
(s)
Location Description
·
54 Street, Block 13207, 1st Industrial Zone Factory
premises
El
Obour City
Tel:
(20-2) 46101456
Fax: (20-2)
46103225
Name Position
·
Anwar Abd El Fattah Ibrahim El Hout Managing
Director
·
Abd El Fattah Ibarhim El Hout Director
·
Mohamed
Amin Abd El Fattah El Hout Finance
Manager
·
Ahmed
Mohamed Abu El Fottouh Purchasing
Manager
·
Sayed
Masoud Administration
Manager
·
Ghasan
Zantout Marketing
Manager
·
Mohamed
Abd El Fattah Sales
Manager
Date of Establishment : 10th
September 1997
Legal Form :
Egyptian Joint Stock
Company
Commercial Reg. No. : 7309, Shubra
Issued Capital : £E 6,000,000
Paid up Capital : £E 6,000,000
·
Anwar Abd El Fattah Ibrahim El Hout
·
Abd El Fattah Ibarhim El Hout
Activities: Engaged
in the manufacture and distribution of a wide range of paints, including heat resistant, anti-
corrosion, waterproof, water-repellent, gas proof, sun proof, and anti-fouling
paints, as well as primers and related chemicals.
Import
Countries: Germany, Italy, Netherlands, France and
the United States of America.
Export
Countries: Madagascar, Syria, Lebanon and Sudan.
Brand Names: GLC
and GAYGON
Operating Trend: Steady
Subject has a
workforce of approximately 200 employees.
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 131,000,000 £E 150,000,000
Local sources
consider subject’s financial condition to be Fair.
The above financial
figures are based on estimations by our local sources.
·
Suez
Canal Bank
PO Box: 2620
Cairo
Tel: (20-2) 35769296
Fax: (20-2) 35322064
·
Al
Baraka Bank Egypt
60 Mohie Elddin Street
Dokki, Giza
Cairo
Tel: (20-2) 37481222
Fax: (20-2) 37611436
No complaints
regarding subject’s payments have been reported.
Credit amount 43,000
Amount overdue 0
Payment terms 120 days
Payment Method Letters of
Credit
Paying record No
Complaints
Currency Pounds
Sterling
German Lebanese Co
for Paints & Chemicals SAE was established in 1997 and has gained a good
reputation for the quality of its products. The company is owned by members of
the El
Hout family who have many years experience in the paints industry.
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.53.95 |
|
|
1 |
Rs.70.50 |
|
Euro |
1 |
Rs.83.81 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.