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Report Date : |
07.10.2013 |
IDENTIFICATION DETAILS
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Name : |
UNITED GROUP FOR OIL AND COATINGS |
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Registered Office : |
254 Street El Geish, Stanley Alexandria |
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Country : |
Egypt |
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Financials (as on) : |
31.12.2012 |
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Date of Incorporation : |
05.10.2004 |
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Com. Reg. No.: |
1913, Alexandria |
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Legal Form : |
Limited Liability Partnership |
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Line of Business : |
Manufacture of oil paints, water paints and anti erosion
chemicals |
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No. of Employees : |
350 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 : UNITED GROUP FOR OIL AND COATINGS
Country of Origin : Egypt
Legal Form : Limited Liability Partnership
Registration Date : 5th October 2004
Commercial Registration Number : 1913, Alexandria
Industrial Licence Number : 33135
Tax Card Number : 205-946-259
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
Total Workforce : 350
Activities : Manufacture of oil paints, water paints and anti erosion chemicals
Financial Condition : Fair
Payments : Nothing detrimental uncovered
Operating Trend : Steady
Person Interviewed : Ahmed El Dardery, Purchasing Officer
UNITED GROUP FOR OIL AND COATINGS
Street : 254 Street
Area : El Geish,
Stanley
Town : Alexandria
Country : Egypt
Telephone : (20-3) 4594774
/ 4592442 / 4597470 / 5411824
Facsimile : (20-3) 4592483
Mobile : (20-100)
8336583
Email : purchase.dep@united-coating.com
/ sales@united-coating.com / chairman@united-coating.com
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, Block 20, Plot 7, Borg El Arab Factory
premises
Alexandria
Tel: (20-3)
4592483
Fax: (20-3)
4592483
Name Position
· Ahmed Saber
Mohamed Abu Al Qumsan Managing
Partner
· Mohamed Abu Baker Purchasing
Manager
· Ahmed El Dardery Purchasing
Officer
· Ibrahim Abdul
Majeed Chief
Financial Officer
Date of
Establishment : 5th
October 2004
Legal Form : Limited Liability
Partnership
Commercial Reg.
No. : 1913, Alexandria
Industrial Licence No. : 33135
Tax Card No. : 205-946-259
Issued Capital : £E 5,000,000
Paid up Capital : £E 5,000,000
· Ahmed Saber
Mohamed Abu Al Qumsan
· Local businessmen
and private investors
Activities: Engaged in the manufacture of oil paints, water paints and anti erosion
chemicals.
Subject is ISO 9001 accredited
Import Countries: Italy, Taiwan, India and the United States of
America.
International
Suppliers:
· Colour Jet India
Operating Trend: Steady
Subject has a workforce of approximately 350 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
61,000,000 £E
65,000,000
Local sources consider subject’s financial condition to be Fair.
The above financial figures are based on estimations by our local
sources.
·
Arab African Bank
5 El Saraya El
Kobira Square
PO Box:
60, Magles El Shaab
Cairo
Tel:
(20-2) 33545094
Fax:
(20-2) 33558493
No complaints regarding subject’s payments have been reported.
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.61.41 |
|
|
1 |
Rs.99.29 |
|
Euro |
1 |
Rs.83.68 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.