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Report Date : |
16.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
104 El Thawra Street Heliopolis PO Box 11341 |
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Country : |
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Financials (as on) : |
31.12.2013 |
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Date of Incorporation : |
1989 |
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Com. Reg. No.: |
313412, |
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Legal Form : |
Egyptian Joint Stock Company |
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Line of Business : |
Engaged in the manufacture and export of paints, including decorative
and ornamentation paints, marine paints for ships and steamers, industrial
paints (motor vehicles & machines) and varnishes for timber. |
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No. of Employees |
440 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Egypt |
B1 |
B1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
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 growth. Poor living conditions combined with limited job opportunities for the average Egyptian contribute 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, pushing up unemployment levels, and economic growth remains slow amid political uncertainty, government transitions, unrest, and cycles of violence. Cairo since 2011 has drawn down foreign exchange reserves and depended on foreign assistance, particularly from Gulf countries, to finance imports and energy products and prevent further devaluation of the Egyptian pound, fearing higher inflation from a weaker currency
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Source
: CIA |
Company Name :
Country of Origin : Egypt
Legal Form : Egyptian Joint Stock Company
Registration Date : 1989
Commercial Registration Number : 313412, Cairo
Industrial Registration Number : 21855
Tax Card Number : 205-087-027
Authorised Capital : £E 30,000,000
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
Total Workforce : 440
Activities : Manufacture and export of paints and varnishes.
Financial Condition : Good
Payments : Nothing detrimental uncovered
Operating Trend : Steady
UNIVERSAL FOR BUILDING MATERIALS & CHEMICALS
(UBMC)
Street : 104 El
Thawra Street
Area : Heliopolis
PO Box : 11341
Town : Cairo 11341
Country : Egypt
Telephone : (20-2) 26905015
/ 26905014 / 26905013
Facsimile : (20-2)
26905018
Email : mail@sipes.net
Subject operates from a large suite of offices that are rented and located
in the Central Business Area of Cairo.
Branch Office (s)
Location Description
· A1 Industrial Zone Owned
factory premises
Sharkeya
Tenth of
Ramadan City
Tel:
(20-15) 410451 / 412711 / 412712 / 412713
Fax:
(20-15) 410452
Name Position
· Essam Bedeir Chairman
· Mohamed Waguih
Bazry Managing
Director
· Moustafa El Nahas Director
· Hafez Moustafa
Ragheb Director
· Mahmoud Bdeir General
Manager
· Abd El Hamid
Edleby Commercial
Manager
· Nasser Rashad Finance
Manager
· Ibrahim Ishak Sales
Manager
· Mohamed El Khodary Marketing
Manager
· Nasr El Din Bougy Production
Manager
· Toros Arakel Factory
Manager
· Shereen Youssef Human
Resources Manager
· Albert Louis Purchasing
Manager
Date of
Establishment : 1989
Legal Form : Egyptian Joint
Stock Company
Commercial Reg.
No. : 313412, Cairo
Industrial Reg.
No. : 21855
Tax Card No. : 205-087-027
Authorised Capital : £E 30,000,000
Issued Capital : £E 30,000,000
Paid up Capital : £E 30,000,000
· Bevin
International 43.3%
Lebanon
· Members of the
Bedeir family 43.3%
· Arab Investment
Group 13.3%
Cairo
· Local businessmen
and private investors 0.1%
· Universal Paints
Co SAE (Sipes)
222 El
Hegaz Street
Heliopolis
Cairo
Tel:
(20-2) 22458064 / 22418244 / 26240147
Fax:
(20-2) 22421705 / 26905018
· Jordanian Sipes
Paints Co
PO Box: 276
Amman 11118
Jordan
Tel: (962-6)
4201292
Fax: (962-6)
4202620
Email: jordan@sipes.net
Activities: Engaged in the manufacture and export of paints, including decorative and
ornamentation paints, marine paints for ships and steamers, industrial paints
(motor vehicles & machines) and varnishes for timber.
Subject operates under license of Sipes Int'l Co., of the USA.
Import Countries: United States of America and India.
Export Countries: Libya and Jordan.
Brand Names: SIPES
Operating Trend: Steady
Subject has a workforce of approximately 440 employees.
Financial highlights provided by local sources are given below:
Currency: Egyptian Pounds (£E)
Year Ending 31/12/12: Year Ending 31/12/13:
Total Sales £E
379,047,000 £E
382,677,000
Local sources consider subject’s financial condition to be Good.
The above financial figures are based on estimations by our local
sources.
·
Arab Bank Plc
PO Box: 68
Cairo
Tel: (20-2) 33029069 / 33029070
Fax: (20-2) 33029068
No complaints regarding subject’s payments have been reported.
Credit amount 100,000
Amount overdue 0
Payment terms 60
days
Payment Method Letters
of Credit
Paying record No
Complaints
Currency US
Dollars
Universal For Building Materials & Chemicals
(UBMC) enjoys a good reputation in the local market and is engaged in the manufacture and
export of paints and varnishes.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.