MIRA INFORM REPORT

 

 

Report Date :

29.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TCI SANMAR CHEMICALS SAE

 

 

Registered Office :

111 El Thawra Street, 5th Floor, Apartment No. 601, Heliopolis, Cairo

 

 

Country :

Egypt

 

 

Financials (as on) :

31.03.2014

 

 

Year of Establishments :

2001

 

 

Com. Reg. No.:

40309, Cairo

 

 

Legal Form :

Egyptian Joint Stock Company

 

 

Line of Business :

manufacturer and exporter of Basic Chemical Products, including Sodium Hydroxide, Poly Aluminium Chloride, Hydrochloric Acid and Caustic Soda

 

 

No of Employees :

600 (Approximately)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

With financials

 

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Egypt

b2

b2

 

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                                     : TCI SANMAR CHEMICALS SAE

Country of Origin                                    : Egypt

Legal Form                                            : Egyptian Joint Stock Company

Registration Date                                   : 2001

Commercial Registration Number            : 40309, Cairo

Tax Card Number                                   : 205-151-256

Issued Capital                                        : £E 94,000,000

Paid up Capital                                      : £E 94,000,000

Total Workforce                                     : 600

Activities                                               :  Engaged in the manufacture and export of basic chemical products,

including sodium hydroxide, poly aluminium chloride, hydrochloric acid and caustic soda.

Financial Condition                                 : Good

Payments                                             : Nothing detrimental uncovered

Operating Trend                                     : Steady

Person Interviewed                                 : Mohamed El Kazaz, Finance Manager

 

 

 

COMPANY NAME

 

TCI SANMAR CHEMICALS SAE

 

 

company ADDRESS

 

Registered & Physical Address

Street               : 111 El Thawra Street, 5th Floor, Apartment No. 601

Area                 : Heliopolis

Town                 : Cairo

Country             : Egypt

Telephone         : (20-2) 24142686 / 26904801

Facsimile          : (20-2) 24142686

Mobile               : (20-106) 5526550

Email                : did1t@tci-sanmargroup.com / wems1t@tci-sanmargroup.com / tci@sanmargroup.com

 

Premises

 

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

 

·       Industrial Zone No. 92, South of El-Raswa, Plot 9c                               Owned factory premises

Port Said

Tel: (20-66) 3793799 / 3778002 / 3778004 / 3778005

Fax: (20-66) 3778006 / 3778003

 

 

KEY PRINCIPALS

 

     Name                                                                                              Position

 

·       R Kalidas                                                                                         General Manager

 

·       Mohamed El Kazaz                                                                           Finance Manager

 

·       Ramadan Hana                                                                                 Accountant

 

·       Wessam Mahmoud Saleh                                                                  Sales Manager

 

·       Dipak Daz                                                                                        Marketing Manager

 

 

LEGAL FORM & OWNERS

 

Date of Establishment  : 2001

 

Legal Form                  : Egyptian Joint Stock Company

 

Commercial Reg. No.  : 40309, Cairo

 

Tax Card No.               : 205-151-256

 

Issued Capital              : £E 94,000,000

 

Paid up Capital            : £E 94,000,000

 

Name of Shareholder (s)                                         Percentage

·       Sanmar Group                                                          100%

India

 

 

OPERATIONS

 

Activities: Engaged in the manufacture and export of basic chemical products, including sodium hydroxide, poly

aluminium chloride, hydrochloric acid and caustic soda.

 

TCI Sanmar will pump in US$1.3 billion to produce 275,000 tonnes of caustic soda per year and 400,000           tonnes of poly vinyl chloride (PVC) at its facility.

Import Countries: China, Japan and the United States of America.

International Suppliers:

·       Tricon Chemicals                  United States of America

·       Yoko Goaw                           Japan

 

Export Countries: Turkey, Saudi Arabia, Germany and the United Kingdom.

 

Operating Trend: Steady

 

Subject has a workforce of approximately 600 employees.

 

 

FINANCIAL DATA

 

Financial highlights provided by local sources are given below:

 

Currency: United States Dollars (US$)

 

                                                Year Ending 31/03/13:                Year Ending 31/03/14:

 

Total Revenue                            US$ 150,000,000                       US$ 380,000,000

 

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

 

The above figures were provided by Mr Mohamed El Kazaz, Finance Manager

 

 

BANKERS

 

·       National Bank of Egypt

52 El Gomhouria Street

Port Said

Tel: (20-66) 224816 / 226637

Fax: (20-66) 327008

 

·       Commercial International Bank (CIB)

El Gomhouria Street

Port Said Free Zone

Port Said

Tel: (20-66) 336801

Fax: (20-66) 325956

 

 

PAYMENT HISTORY

 

No complaints regarding subject’s payments have been reported.

 

 

GENERAL COMMENTS

 

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.63.64

UK Pound

1

Rs.98.98

Euro

1

Rs.77.74

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

MNL

 

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.