MIRA INFORM REPORT

 

 

Report Date :

10.05.2013

 

IDENTIFICATION DETAILS

 

Name :

SIKA FOR BUILDING MATERIALS INDUSTRY

 

 

Formerly Known As :

SIKA INDUSTRIES

 

 

Registered Office :

Plot No. 1, Block 13035, Section 10 E, Cairo - Ismailia Road, El Obour City, 1st Industrial Zone, P O Box 13035, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.12.2012

 

 

Year of Establishment :

1999

 

 

Com. Reg. No.:

1775

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

Manufacture and Export of Chemicals

 

 

No. of Employees :

200

 

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

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

SUMMARY

 

Company Name                         : SIKA FOR BUILDING MATERIALS INDUSTRY

Also Known As                                      : SIKA INDUSTRIES

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 1999

Commercial Registration Number            : 1775

Tax Card Number                                   : 205-142-605

Issued Capital                                        : £E 5,440,000

Paid up Capital                                      : £E 5,440,000

Total Workforce                                     : 200

Activities                                               : Manufacture and export of chemicals

Financial Condition                                 : Fair

Payments                                             : Nothing detrimental uncovered

Operating Trend                         : Steady

 

 

COMPANY NAME

 

SIKA FOR BUILDING MATERIALS INDUSTRY

 

 

ALSO KNOWN AS

 

SIKA INDUSTRIES

 

 

ADDRESS

 

Registered & Physical Address

 

Building             : Plot No. 1, Block 13035, Section 10 E

Street               : Cairo - Ismailia Road

Area                 : El Obour City, 1st Industrial Zone

 

PO Box             : 13035

 

Town                 : Cairo

Country             : Egypt

 

Telephone         : (20-2) 46100714 / 46100715 / 46100716 / 46100717 / 46100718 / 46100719

Facsimile          : (20-2) 46100759

 

Premises

 

Subject operates from a large sized suite of offices and a factory that are owned and located in the Industrial Area of Cairo.

 

Branch Office (s)

 

     Location                                                                                           Description                                           

 

·       222 El Hegaz Street                                                                          Office premises

Heliopolis

Cairo

Tel: (20-2) 26235032 / 26235034 / 26240178

Fax: (20-2) 26235637

 

·       4 Mohamed Masoud                                                                          Office premises

Alexandria

Tel: (20-3) 4244601 / 4344602

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       Nick Varly                                                                                        Chairman

 

·       Reto Monginy                                                                                   Director

 

·       Rena Roy                                                                                         Director

 

·       Karel Kerss                                                                                      Director

 

·       Santosh Mallya                                                                                 Finance Manager

 

·       Ahmed Medhat                                                                                 Sales Manager

 

·       Nagwa Zaghloul                                                                                 Human Resources Manager

 

·       Ashraf El Ziny                                                                                   Technical Manager

 

·       Samir Hesham                                                                                  Export Manager

 

·       Asharaf El Zayat                                                                               Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 1999

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 1775

 

Tax Card No.               : 205-142-605

 

Issued Capital              : £E 5,440,000

 

Paid up Capital            : £E 5,440,000

 

Name of Shareholder (s)                                  Percentage

 

·       Sika                                                                          100%

     Switzerland

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of chemicals for building materials, concrete mixture mortar    and paints under license of Sika, Switzerland.

                

Subject is ISO 9001:14001 accredited.

 

Import Countries: Switzerland and European Union.

 

Export Countries: Saudi Arabia, Sudan, Libya, Ethiopia, Eritrea, Somalia, Jordan, Syria, Lebanon and the United

                              Arab Emirates.

 

Brand Names: SIKA

 

Operating Trend: Steady

 

Subject has a workforce of approximately 200 employees.

 

 

FINANCIAL DATA

 

Companies registered in Egypt are not legally required to make their accounts public and no financial information was released by the company or submitted by outside sources.

 

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 34,000,000                           £E 35,800,000

 

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

 

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

 

·       Misr International Bank (MIBANK)

14 Alfy Street

     PO Box: 631

     Cairo

     Tel: (20-2) 25931002

       Fax: (20-2) 25912306

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.54.24

UK Pound

1

Rs.84.30

Euro

1

Rs.71.36

 

 

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%)

 

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.