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Report Date : |
02.10.2013 |
IDENTIFICATION DETAILS
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Name : |
NATIONAL PAINTS FACTORIES COMPANY SAE |
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Registered Office : |
Cairo - Ismailia Road, Industrial Zone, Plot No. 8/9, Block 22001, El Obour City, PO Box :
3,
Cairo 11846 |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
2004 |
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Com. Reg. No.: |
3423, Cairo |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Manufacture and export of paints and
coating products. |
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No. of Employees : |
160 |
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 |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 :
NATIONAL PAINTS FACTORIES COMPANY SAE
Country of Origin :
Egypt
Legal Form :
Egyptian Joint Stock Company
Registration Date :
2004
Commercial Registration Number :
3423, Cairo
Authorised Capital : £E 100,000,000
Issued Capital :
£E 40,000,000
Paid up Capital :
£E 500,000
Total Workforce :
160
Activities :
Manufacture and export of paints and coating products.
Financial Condition :
Fair
Payments :
Nothing detrimental uncovered
Operating Trend :
Steady
NATIONAL PAINTS FACTORIES COMPANY SAE
Registered &
Physical Address
Street : Cairo - Ismailia Road
Area : Industrial Zone, Plot No. 8/9, Block 22001, El Obour City
PO Box :
3
Town : Cairo 11846
Country : Egypt
Telephone : (20-2) 44791875 / 44791876 / 44791877 / 46110010 / 46110099 / 46110000
Facsimile : (20-2) 46110010 / 46110000 / 44791877 / 46110099
Email : egypt@nationalpaints.com.eg
Premises
Subject operates from a large suite of offices and a factory that are
owned and located in the Industrial Area of Cairo.
Branch Offices
Location Description
9 Moustafa El Nahhas Street Rented
office premises
Nasr City
Cairo
Tel: (20-2) 24791877 / 26716186
Fax: (20-2) 24791877 / 26716186
Name Nationality Position
Michel Fayek Ibrahim El Sayegh Jordanian Managing Director
Selim Fayek Ibrahim El Sayegh Jordanian Director
Ibrahim Fayek Ibrahim El Sayegh Jordanian Director
Fayek Ibrahim El Sayegh - General
Manager
Soad Fahim - Finance
Manager
Said Abd El Rahman - Accounts
Manager
Michael Magdy - Marketing
Manager
Date of Establishment : 2004
Legal Form : Egyptian Joint
Stock Company
Commercial Reg. No. : 3423, Cairo
Authorised Capital : £E 100,000,000
Issued Capital : £E 40,000,000
Paid up Capital : £E 500,000
Name of
Shareholder (s) Percentage
Michel Fayek Ibrahim El Sayegh 33.4%
Selim Fayek Ibrahim El Sayegh 33.3%
Ibrahim Fayek Ibrahim El Sayegh 33.3%
Activities: Engaged in the manufacture and export of paints
and coating products for wood, cars, marine works and the building industry.
Subject is ISO 9001:9002 accredited.
Import Countries: Germany, Italy, United Kingdom, France, Jordan and
Malaysia
Export Countries: United Arab Emirates, Qatar, Sudan, Israel,
Romania, Oman, Algeria, Libya, Morocco, Ghana,
and Senegal
Brand Names: NATIONAL
Operating Trend: Steady
Subject has a workforce of approximately 160 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 Sale £E
67,218,389 £E
85,675,560
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
Commercial International Bank (CIB)
Nile Tower Building
21-23 Giza Street
PO Box: 2430
Cairo
Tel: (20-2) 25703043
Fax: (20-2) 25703172 / 25072691
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
National Bank of Abu Dhabi
Nile Tower, 18th Floor
21, Giza Street
Cairo
Tel: (20-2) 33609724
No complaints regarding subject’s payments have been reported.
Local sources report that subject meets its payments in a timely manner
and is considered to be a fair trade risk.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.35 |
|
|
1 |
Rs.101.20 |
|
Euro |
1 |
Rs.84.54 |
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.